Apple Card Savings Account Not Showing Up: Causes and Fixes
by Sakthi
Updated Apr 20, 2023
Apple Card Savings Account Not Showing Up
Apple has introduced a new feature in its Wallet app that allows Apple Card holders to create a savings account with a high-yield 4.15% APY interest rate. This new feature, called "Apple Savings," was announced in October 2022 and launched on April 17, 2023. The tech giant partnered with Goldman Sachs Bank USA, a member of the FDIC, to provide users with an opportunity to grow their Daily Cash, a cash-back incentive for using an Apple credit card.
The Apple Savings account is easy to use, and it has no minimum deposit, balance limitations, or costs. Users can link their external bank account to the Apple Savings account and transfer money as needed. Additionally, the account has a monthly credit for the accumulated interest, which is compounded daily. Deposits made to Apple Savings are FDIC-insured up to $250,000, which is the maximum deposit allowed.
According to Apple, this new feature is aimed at helping users get even more value out of their favourite Apple Card benefit, Daily Cash. Apple's goal is to provide users with tools that help them lead healthier financial lives, and building Savings into the Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly, all from one place.
However, Apple Savings is a convenient and secure way for Apple Card holders to save money and earn a high interest rate on their deposits. This new feature is likely to be well received by Apple Card users who are looking for an easy way to save money and grow their wealth.
Why is Apple Card Savings Account not Showing up?
Apple Card users have been raising concerns about the savings account option not appearing under their Apple Card preferences. While some users have reported seeing the feature for a brief period before it disappeared, others have not been able to access it at all.
Currently, the savings account is only available to Apple Card users in the United States. However, even some eligible users are experiencing issues accessing the feature. It appears that the update is being rolled out gradually, so some users may receive the feature before others.
Some users have reported that the feature appeared automatically after waiting for a period of time. However, if you're eager to access the new savings account, you can check your eligibility by clicking on a specific link on your iPhone. It's also recommended to update your device to the latest iOS build to ensure that you have access to the most up-to-date features.
While the Apple Card Savings account feature may not be available to everyone immediately, it's important to be patient and wait for the update to roll out gradually. By checking your eligibility and keeping your device updated, you can increase your chances of accessing this exciting new feature in the near future.
How to Fix Apple Savings Not Showing Up Issue?
Many Apple users have reported that they are unable to open their savings account in the Wallet app, and unfortunately, the developers have not yet released a fix for this issue. However, there are certain eligibility criteria that need to be met in order to open and maintain an Apple Savings account. Here are the steps to follow:
Check if you are the owner or co-owner
Check if you are the owner or co-owner of an active Apple Card account. If you don't have an Apple Card, you won't be able to access the savings account feature.
Make sure that your Apple Card has been added to your device
To do this, go to the Wallet app and check if your card is visible. If not, add it by following the on-screen instructions.
Ensure that you are at least 18 years of age or older
If you are under 18, you won't be able to open a savings account.
Security number or Individual Taxpayer Identification Number (ITIN)
Provide a social security number or Individual Taxpayer Identification Number (ITIN). This is required to verify your identity.
Ensure that you are a U.S. resident
Make sure that you are a U.S. resident with a valid, physical U.S. address. The savings account feature is currently available only for U.S. residents.
Two-factor authentication for your Apple ID
Enable two-factor authentication for your Apple ID. This is a security feature that adds an extra layer of protection to your account.
Make sure that your device is up-to-date
Make sure that your device is up-to-date with the latest version of iOS. To check for updates, go to Settings > General > Software Update.
Note: If you have completed all of the above steps and are still experiencing issues opening the savings account, try updating your iOS and following our page for updates. We will keep you informed once the developers release an official fix for the issue.
Apple Savings Account How To Open?
Let us see how to open a savings account at Apple.
Step 1: Launch the Wallet app on your iPhone and tap on "Apple Card." Alternatively, go to Settings and select "Wallet & Apple Pay."
Step 2: Tap the "More" button, which is represented by three dots.
Step 3: Next, tap "Set Up" next to "Savings" and follow the on-screen instructions to complete the request.
After completing these steps, you'll be asked if you want to transfer funds from your Apple Cash balance to your new savings account to start earning interest. Note that the interest you earn will be compounded daily and credited to your savings account on a monthly basis.
If you want to transfer funds, click on "Transfer Your Apple Cash" and follow the on-screen process. On the other hand, if you don't want to transfer funds at this time, simply tap the close button, which is represented by an "X" within a circle.
Apple Card Savings Account Not Showing Up: FAQs
The Apple Card Savings account is a high-yield savings account that Apple Card holders can use to earn interest on their Daily Cash rewards.
The Apple Card Savings account is currently only available to U.S. Apple Card holders, and the feature is being rolled out in stages. If you meet the eligibility criteria but still can't see the Savings account option, you may need to wait for the feature to become available in your area.
Daily Cash is a cash-back reward that Apple Card holders can earn by using their card to make purchases. With the Apple Card Savings account, users can earn interest on their Daily Cash rewards.
The Apple Card Savings account offers a high-yield interest rate of 4.15% APY, which is compounded daily and credited to your account on a monthly basis.
If you meet the eligibility criteria but are having trouble accessing your Apple Card Savings account, try updating your iPhone to the latest version of iOS and keep an eye out for updates from Apple.