Apple launched Savings on 17 April with a variable 4.15% annual percentage yield. The Goldman Sachs account is managed in Wallet, with no minimum deposit or balance requirement.
Future Daily Cash goes there automatically after setup, though users can change its destination.
Photo: Apple logo on an iMac. © Håkan Dahlström, 2010 (CC BY 2.0, via Wikimedia Commons). Resized and cropped.
Individual accounts, separate spending
Savings is available to eligible Apple Card owners and co-owners aged 18 or older, using iOS 16.4 or later.
Each account has one owner, even when Apple Card is shared.
Apple’s launch-day instructions say Daily Cash can’t be split between Savings and Apple Cash. You can’t spend from Savings through Apple Pay or Apple Card: transfer money to Apple Cash or a linked bank first.
Interest can precede withdrawal access
Under Goldman’s agreement effective 17 April, a bank transfer initiated through Wallet generally becomes withdrawable five business days later, possibly sooner. Interest starts on the initiation calendar day if the transfer is completed before 9:30 p.m. Eastern, otherwise the next day.
That makes Wallet’s Current Balance different from its Available Balance: pending money can earn interest before you can move it.
Insurance follows the bank
The agreement assesses FDIC coverage by depositor, bank and ownership category, considering all accounts at Goldman Sachs Bank USA. The $250,000 product deposit limit therefore isn’t an extra insurance allowance for each account.
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