[SC-CSTD] FW: [ttjtech] Apple Card Savings Account Option, in the Apple Wallet App: Rita’s iDevice Advice for May 8, 2023

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-----Original Message-----
From: ttjtech at groups.io <ttjtech at groups.io> On Behalf Of Rita Howells
Sent: Monday, May 8, 2023 9:07 AM
To: idevices at groups.io
Subject: [ttjtech] Apple Card Savings Account Option, in the Apple Wallet App: Rita’s iDevice Advice for May 8, 2023

Apple Card Savings Account Option, in the Apple Wallet App:  Rita’s iDevice Advice for May 8, 2023

Apple has announced that the Apple Card high yield Savings Account feature is available.  The account, which is offered in partnership with Goldman Sachs, will have an impressive annual percentage yield (APY) of 4.15 percent.  The savings account, is set up and accessed through the Apple Card in the Wallet app.  Any Daily Cash that is earned is automatically deposited into savings, and users can also deposit money from a linked banked account.  The Daily Cash destination can be changed by the user at any time, and there is no limit as to the money earned.  The maximum balance allowed is $250,000.  Users can get information on the savings account (such as balance, transaction history, APY) through the Savings dashboard in the Wallet app.  There are no fees, no minimum deposits, and no minimum balance requirements.  Money can be withdrawn at any time, through transfers to a linked bank account or a transfer to Apple Cash.
You can transfer money to the account from a linked bank account, and withdraw money at any time with no fees.  Like Apple Card, this is currently only available to users in the United States.  You must be 18 years old, have a social security number or individual taxpayer identification number, have a valid physical U.S. address, and have two-factor authentication set up on your iPhone.  If you have Apple Card, you already meet most of these criteria.
1. First, open the Wallet app and select your Apple Card. Then tap the More button (…) in the upper right and choose Daily Cash.
2. Change Daily Cash option to Savings From the Daily Cash section, tap Savings under Daily Cash Election. If you have been using your Apple Card for a while, you'll almost certainly have an Apple Cash card selected. You'll see a splash screen telling you about Apple Cash Savings. Tap Continue to get started.
3. Provide info and agree to terms and conditions. You will have to verify your Social Security Number or Tax ID number. Apple will not store or read this info-it is sent to Goldman Sachs as part of your account application only. After providing the necessary info, there is a Terms and Conditions, tap agree.
4. Open your account and transfer Daily Cash.  You'll have to state whether you are subject to IRS backup withholding, and confirm that the information you have provided is true and accurate, and then tap Confirm to Open the Account. Your Apple Card Savings account will start empty, but you will be prompted to transfer the balance from your Apple Cash card to the savings account. Afterward, Daily Cash allotments will automatically transfer into your Savings account unless you change the election in the Daily Cash tab to Apple Cash. Interest will accrue daily and deposit into your account on the first of each month. From the Savings screen, you will find large Withdraw and Add Money buttons, at the bottom of the screen, and  Let you deposit or withdraw funds either from your Apple Cash card or from a linked bank account.
You can access your statement in the Wallet app, by tapping Apple Card, Savings, Documents, Statements, and then the month you would like to view.
If you do not have Wallet installed, you can download it in the App Store.
Your APY is 4.15%, Your account starts earning interest on the day of your first deposit.  Interest is compounded daily and paid at the end of the month.

====

Figuring out how to calculate monthly interest on a savings account starts with a basic understanding of simple and compound interest.
Simple interest
Simple interest is money earned solely on the principal, or the original amount of money deposited.
1.  It doesn’t account for any interest earned over time.
Compound interest
Compound interest is calculated using the principal balance plus any interest it has earned over time.
2.  When this earned interest is compounded depends on your bank and your account.  Interest could be compounded daily, monthly, quarterly or annually.
3.  Most interest-earning accounts use compounding interest formulas.

Quick way to determine Simple Interest that will be earned on a Savings Account Balance in one year:
Take the account balance and multiply by the rate of interest to be earned:  For example, if you have $100 in a Savings Account, multiply by 4.15%.  $100 X 0.0415 = $4.15 interest earned for that year.



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