d68165adb3e2d571b96fa4e1d3ed552d - What You Need to Know About the Limit on Apple Savings Accounts
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Earlier this year, Apple expanded its reach in the financial services market by offering Apple Card users the ability to grow their Daily Cash rewards in a high-yield savings account. This appears to be something that Apple users were looking for, as over $10 billion in deposits have been made so far this year.

Are you an Apple Card user looking to make the most of your Daily Cash rewards? Here’s everything you need to know about this financial product, the Apple Savings Account limit, and its advantages and disadvantages. Whether you’re a long-time Apple user or just curious about new ways to grow your savings, keep reading to learn more.

What Is the Apple Card Savings Account?

The Apple Card Savings Account allows users to earn interest on Daily Cash rewards that they receive from Apple Card purchases. Since it’s directly linked to your Apple Card, the Apple Card Savings Account is only available to iPhone users with an active Apple Card account. Like all the products in Apple’s ecosystem, the company prides itself on attractive design and a slick user experience. 

How Does It Work?

When you set up the Savings account, you agree to have your future Daily Cash deposited into the account automatically. Your Daily Cash balance and any deposits you make from a linked external bank account will accrue interest until you decide to withdraw.

Currently, the interest rate is set at annual percentage yield, which Apple claims is more than 10 times the national average. When you consider the fact that this interest rate is accompanied by no minimum balances, no fees, and no minimum deposits, the Apple Savings Account presents an attractive option for Apple Card users looking to earn interest on their savings.

While it operates similarly to other online savings accounts, there are a few key differences. For one thing, Apple isn’t a bank, so it has partnered with Goldman Sachs to host the savings accounts. As a result, you can’t withdraw your funds directly from the Apple Savings Account. To access your savings, you can either transfer the money from Savings to Apple Cash or to your linked external bank account.

What Is the Maximum Balance in Apple Savings?

The Apple Savings Account allows a maximum balance of $250,000. If you make a deposit over the maximum, the funds may be declined or returned to your account.

Since the Apple Savings Account is offered through a partnership with Goldman Sachs, it is FDIC-insured. This means that your funds are backed by the federal government against bank failure or theft. Every depositor at an FDIC-backed financial institution is insured up to $250,000.

How Do I Open an Apple Savings Account?

As long as you meet the eligibility requirements, the Apple Savings Account is easy to use and set up. To open an Apple Savings Account, you must: 

  • Be an Apple Card account owner or co-owner
  • Be an iPhone user (running iOS 16.4 or later)
  • Be at least 18 years old
  • Possess a Social Security Number or an individual taxpayer identification number
  • Be a US resident with a valid, physical US address
  • Enable two-factor authentication for your Apple ID

If you meet these requirements, follow these directions to set up your Apple Savings Account:

  1. Open the Wallet app and tap on your Apple Card.
  2. Tap the More button, then select Daily Cash.
  3. Next to Savings, tap Set Up.
  4. Follow the onscreen instructions to set up your account.

Once your account is open, you can transfer funds from your Apple Cash balance and start earning interest right away.

Is the Apple Savings Account Worth It?

Apple Card users will find several good reasons to consider opening an Apple Savings Account. In terms of convenience, any future Daily Cash balance will be automatically deposited into the account, making it easy to earn interest when making purchases with the Apple Card. With a competitive interest rate of APY, this seamless integration with the Apple Card might be enough to convince regular users.

If that’s not enough, Apple has sweetened the deal by doing away with minimum deposits and monthly service fees. So even if you don’t want to hold a large amount of money in the Apple Savings Account, you won’t be penalized for low balances.

However, if you’re not an Apple user or don’t have an Apple Card, then the Apple Savings Account simply isn’t for you.

If that’s the case, you have plenty of alternatives. There are many other financial institutions that offer high-yield savings accounts. Many of these are online banks, which offer similar advantages to Apple, such as no minimum account balances or service fees.

To summarize, here’s a breakdown of the main advantages and disadvantages to consider when deciding whether an Apple Savings Account is worth it.

Competitive interest rate of APYLimited to Apple Card holders
Backed by the FDIC up to $250,000iPhone users only
No monthly service feesNo other financial services
No minimum depositWithdrawing money to an external bank account can take 1-3 days
Integrated with Apple CardThere may be a learning curve for new users
Links to external bank accounts 

Key Takeaways

If you’re already an Apple Card user, the Apple Savings Account is an attractive option that builds upon Apple’s ever-expanding ecosystem of products and services. You’ll be able to seamlessly transfer your Apple Daily Cash to a savings account that offers a competitive interest rate with no required minimum balance or monthly service fees. With a current APY of , the Apple Savings Account’s interest accrual is more than 10 times higher than the national average.

However, if you’re not an Apple user or simply want to find a savings account with the highest possible interest rate, then you might be better served elsewhere. There are many online banks that offer a wider range of financial products and services for you to explore.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 27, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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