Apple's no-fee savings account reportedly nets $1 billion in deposits in a week. How to sign up
Apple recently released its Apple Cash Savings account for Apple Card owners, and now Forbes is reporting that over the first four days of the feature's existence, it racked up almost $1 billion in deposits. That's a staggering number, but it's not too surprising when you take into account the sheer number of iPhone users and that Apple Savings account holders will earn 4.15% annual interest on their account balance.
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Those who sign up have the option to automatically deposit all of the Daily Cash rewards earned with every Apple Card purchase, or they can move money out of a standard bank account and deposit it into their Apple Savings account. Either way, you'll earn the 4.15% annual percentage yield. You can change the destination of your Daily Cash deposits in the Wallet app at any time.
In addition to offering the high-interest rate, Apple isn't collecting any fees, nor is it requiring any sort of minimum deposits or balance.
How to sign up for Apple Cash Savings
I've been a longtime Apple Card and Apple Cash user, so it only makes sense for me to sign up for the Savings account.
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I was able to sign up for the Savings account by opening the Wallet app, selecting my Apple Card, then tapping on the three-dot menu icon in the top-right corner.
From there, I selected Daily Cash. And then under the Daily Cash Election section, I had a new Savings option with Set Up next to it.
From there, I followed the prompts. I had to enter my full Social Security number, agree to the account terms and conditions, and then indicate whether I've ever been informed by the IRS that I'm subject to backup withholding.
About 10 seconds later, my Savings account was open. If you share an Apple Card account with a loved one, you already earn your own Daily Cash rewards, and the same approach applies to Savings. You can sign up for a Savings account, and the account co-owner won't be affected.
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Going forward, any Daily Cash rewards will automatically go to the Savings account. However, if I view my Daily Cash settings, I can switch the deposit option to my Cash card.
Do you plan on signing up for Apple's new Savings account? Let me know why or why not in the comments.