Apple has introduced a savings account through a collaboration with Goldman Sachs. At the moment, this savings account is exclusively accessible to Apple Card users. If you haven't yet obtained an Apple Card and want to have an Apple Savings account, you will need to apply for the card first.

At present, the Apple Savings account provides a 4.15% yield, which significantly surpasses what most other bank savings accounts offer.

Setting up the Apple Savings account isn't immediately apparent or straightforward, so if you've tried to locate this feature before without success, it's understandable. We'll guide you on how to create an Apple Savings account using the Wallet app on your iPhone.

How to Setup an Apple Savings Account

Once you know where to look, setting up the Apple Savings account is a quick and simple process:

1. Launch the Wallet app on your iPhone

2. Select your Apple Card

3. Tap the (…) more button in the corner, then pick “Daily Cash”

4. Find the “Savings – Set Up” option and tap on it

5. Proceed with the instructions displayed on your screen to open your Apple Savings account

Similar to applying for the Apple Card, opening the Apple Savings account is swift and effortless, taking around a minute.

Your Apple Savings account is fully managed within the Wallet app on your iPhone, and like any standard savings account, you can effortlessly move money into and out of it.

You may transfer your Apple Cash from Apple Card purchases, or, to fully benefit from the impressive 4.15% yield, bring in more funds from another bank.

The 4.15% yield is quite substantial for a savings account in the USA, although it still falls below the inflation rate. The Apple Savings Account is FDIC insured up to $250,000 via Goldman Sachs, and considering Goldman Sachs' Too Big To Fail status, it's safe to assume that your money is secure within the Apple Savings account.

Have you created an Apple Savings account? Are you planning to move money there to make the most of the high yield? What are your thoughts on Apple teaming up with Goldman Sachs to provide credit cards and savings accounts? Share your experiences, views, and opinions in the comments section.

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