Opening and Funding an Apple HYSA
Apple recently announced that they’re getting into the HYSA (high yield savings account) game with an enticing 4.15% APY.
Several people have asked me if I knew anything about it, who was eligible, and, most importantly, how the heck do you open an account and fund it?!?
Crazy as it might seem, I couldn’t find any definitive information or clear instructions. Well, challenge accepted! After lots of trial and error and poking around, I finally figured it out. And I took screenshots along the way.
But before we get into the step-by-step instructions of how you, too, can open your very own Apple Savings Account and start earning that sweet 4.15% APY interest, there are some important caveats to share. Again, I couldn’t find any of this stuff spelled out by Apple.
Caveat 1: You have to have an iPhone
Caveat 2: (Apparently) you need to have an Apple Card. And, no, being an authorized signer on someone else’s Apple Card doesn’t count.
If you don’t have an iPhone and don’t have an Apple credit card, apparently you’re S.O.L. I say apparently because a few people who trust me enough to hand over their phones let me poke around in their private business. No matter what I did, I couldn’t find the starting thread that I was able to find in my own phone.
[If you were already considering applying for an Apple credit card and having access to the Apple Savings Accounts is pushing you further in that direction, there are a few points to consider before you apply.]
How to Open an Apple Savings Account
First you will need to navigate to your Apple Wallet app.
Then select your Apple Card.
Tap the three dots in the top right corner of your screen. Then select Daily Cash.
Under the Daily Cash Election section title, tap on Savings… Set Up >
Read the fine print and then hit Continue
Type in your Social Security Number.
You will be asked if you’re subject to backup withholding by the IRS. If you need to answer Yes, you’re probably acutely aware of that fact. For most people, the answer is, “no.”
Confirm that the three statements displayed are true before you hit the Confirm & Open Account button at the bottom of the screen.
Lying to the IRS is not recommended.
At this point, you should see a loading screen saying that your application is being submitted. Simply wait for the next screen to appear.
Once your account has been opened, you will be notified of your current Apple Cash balance. Select Transfer to Savings. This will be your initial funding for your new savings account.
Wait as your Apple Cash balance is transferred to your new Apple Savings account. Once it finishes processing, your Apple Savings account is ready to use!
How to Fund Your Apple Savings Account
You’ve just seeded your new savings account with whatever you had available as Apple Cash. Now it’s time to get serious and fund the account for real. The more you add, the more interest you’ll earn. [Yes, the accounts are covered by FDIC up to $250,000.]
From within the Wallet app, select your Apple Card.
Then select your Apple Savings Account.
Select Add Money.
Enter the amount of money you would like to transfer to your Apple Savings account. [YNAB users take note: The decimal point is not automatically added here the way it is on YNAB’s mobile app.]
Select which bank account you would like to transfer that amount from.
Confirm the transfer by double clicking the power button on the right side of your iPhone.
Do you want an Apple Card?
Points to consider before you apply
An Apple Card offers nice rewards, especially if you frequently buy Apple products, and they don’t do a hard credit pull until after they’ve approved you for the card.
However, YNAB users who automatically import transactions should know that you can’t link this card to your YNAB account. You can import previous statements, but there’s no way to import current transactions. Be prepared to enter everything manually. If Amazon transactions or the Target Red Card frustrate you, you won’t be happy with the Apple Card experience.
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