- Apple Card has enabled its savings accounts and those of Cupertino assault traditional banks
- Users will receive interest daily or Daily Cash and can leave it there or transfer it
- How to open a savings account in Apple Card and how to see the balance of your box?
After months of waiting and rumors about it, finally Apple Card has enabled its savings accounts. This is probably the latest assault by those from Cupertino on traditional banking, so we should learn more about this service, analyzing its advantages and how to open your own profile.
Basically, it is a platform for those who have an Apple Card and want to capitalize on their money. Indeed, by promising daily profits, the North American firm tries to attract the attention of savers and investors adding income to your wages from an active Apple Card Savings account.
Through this proposal, users will not only receive daily interest, or Daily Cash, but they will also be able to send that money to third-party bank accounts or make deposits within Apple Cash if they want to. Assuming that you are already interested, let us tell you that in addition to the active account does not have any charge.
Who can open an Apple Card savings account?
At the moment, the requirements to open an Apple Card savings account are to be the owner of a previously active account, be at least 18 years old, and be a resident of the United States with a valid physical address.
You will also need a social security number or individual taxpayer identification number. Finally, You will be prompted for two-factor authentication for your Apple ID and the latest version of iOS.
If you have an Apple Card Family, only the owners and co-owners of the account will be able to open their savings account. Each holder of the savings banks will only be able to view the balance and details of the wallet itself.
Set up a savings account step by step
- Open the Wallet app on your iPhone and tap on Apple Card
- Press the More button, followed by Daily Cash
- Select Set up next to Savings and follow the instructions on the screen
During the setup process, you’ll have the option to transfer funds from your Apple Cash balance to your account. If you do, you will start earning interest right away. But, you can send the funds whenever you want.
On the other hand, keep in mind that if your Apple Card or savings account is limited or blocked, it could be due to an anomaly detected by those responsible for the firm. Get in touch with them directly from Apoyo al Ahorro, one of the options visible on the panel that rejects that action.
How to deposit money in Savings?
Once you’ve set up your Apple Card Savings account, you can deposit money into it in two ways. Immediately adding the money received in cash, or manually from third-party bank accounts.
- Open the Wallet app on your iPhone and tap on Apple Card
- Click on Savings account and click on Add money
- Choose the source from Add and confirm with the option
- Confirm the transaction with your Face ID or Touch ID
The money will begin to produce interest from the day you make the transfer or the income is deposited. While, if you deposit money from Apple Cash, it will be available immediately and without any delay.
Conversely, don’t expect to make a profit on money sent from third-party bank accounts quickly. These funds may take a few days to be credited so it is better that you carry out the movements in time.
How to see the balance of your savings account?
To view your Apple Card Savings account balance and the interest you’ve earned, follow these steps:
- Open the Wallet app on your iPhone and tap on Apple Card
- Tap on Savings Account to view your current balance
Remember that the balance can include deposits or pending transactions, so the balance could be partial. When you want to dig a little deeper, tap on Account Details to see the Available Balance. Specifically, that is the balance you have because you can withdraw it and use it however you want.
Lastly, it’s worth noting that the interest you earn is compounded daily and credited monthly.
Now that Apple Card has enabled savings accounts, do you plan to get one when you arrive in Spain? For those who live in the United States, how is your experience with this Apple service?
