How to set up Apple’s new savings account on an iPhone

Apple now offers a savings account administered through its iPhone app that allows users to accrue over 4% interest.

Setting up the savings account is straightforward, although users are required to have an active Apple Card. By default, the Apple savings account takes cash back rewards from credit card purchases and places it in an interest-bearing account administered by Goldman Sachs

However, users can put additional money into the savings account once it’s created and gain the current 4.15% annual yield, compounding daily. The yield will shift over time as interest rates change.

The Apple Savings account can hold up to $250,000 in deposits, which are insured by the FDIC. The feature is now available inside Apple’s Wallet app for all Apple Card holders in the U.S.

Here’s what you need to know:

• Have an active Apple Card on your iPhone.
• Open the Wallet app and tap on your Apple Card.
• Press the button with three dots on the upper right corner, and select Daily Cash. Or there may be a promotional button to sign up for Savings on the front page.
• Follow the instructions. It will ask for your social security number and for you to sign several agreements.
• By default, Apple puts your Apple Card cash back into your Savings account, although it’s possible to transfer it back if you want to spend it or send it to a friend.

• You can add money from a linked bank account to your Savings account.
• If you have an Apple card, you likely already have a bank account attached to make payments.
• Open the Wallet App. On the first page, there should be a button with your savings balance.
• Inside the Savings page, there is a button to Add Money from your connected bank account.
• Tap it to add money.
• You can also withdraw from your Savings account to your linked bank account or your Daily Cash account.
• There’s no limit on how many transactions a user can make to take money out or put funds into the Savings account.