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Savings on Apple Card: How to earn interest on your daily money


Apple Card now has another benefit for cardholders, at least those in the US: a high-yield savings account that gives you daily compounding interest at a 4.15% APY interest rate. Apple Card Savings is billed as a destination for your Daily Cash, the cashback you receive when you make purchases with Apple Card, but you can transfer money into your account from a linked bank account and withdraw money anytime without fees.

Like Apple Card, this is currently only available to users in the United States. You must be 18 years of age, have a Social Security Number or Individual Tax Identification Number, have a valid physical address in the United States, and have two-factor authentication configured on your iPhone. (If you have an Apple Card, you already meet most of these criteria.)

Here’s how to get started setting up your Apple Cash Savings account.

At first sight

Time to complete: 5 minutes Tools required: none Materials required: iPhone with Apple Card account Cost: 0


Open Apple Card and select Daily Cash

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First, open the Wallet app and select your Apple Card.

Then tap the More (…) button in the top right and choose Daily Cash.


Change the Daily Cash option to Savings

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From the Daily Cash section, tap savings under Daily Cash Election. If you’ve been using your Apple Card for some time, you’ve almost certainly selected an Apple Cash card.

You will see a splash screen telling you about Apple Cash Savings. Faucet Continues to start.


Provide information and accept terms and conditions

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You will need to verify your Social Security number or Tax ID number. Apple will not store or read this information – it is only sent to Goldman Sachs as part of your account application.

Once you have provided the necessary information, you have to agree to lengthy terms and conditions.


Open your account and transfer Daily Cash

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You’ll need to declare whether you’re subject to IRS withholding tax (you probably aren’t) and confirm that the information you’ve provided is true and accurate, then tap Confirm and open account.

Your Apple Card savings account will start empty, but you’ll be prompted to transfer the balance from your Apple Cash card to your savings account. After that, your Daily Cash allotments will automatically roll over to your Savings Account unless you change the election in the Dily Cash tab to Apple Cash. Interest will accrue daily and be deposited into your account on the first of each month.

From the Savings screen, great Withdraw AND Add money The buttons do exactly what they say: they let you deposit or withdraw funds from your Apple Cash card or linked bank account.