The transfer is automatic if you have both accounts set up
Apple Daily Cash and Apple Savings Account are both part of the Apple Card ecosystem, and they work together by default. When you receive Daily Cash from a purchase, it lands in your Daily Cash balance. You can then move that money into your Apple Savings Account whenever you want through the Wallet app on your iPhone. The transfer itself is instant—the money appears in your savings account immediately, and there is no fee.
The key requirement is that you must have both accounts open. If you have an Apple Card but have not yet opened an Apple Savings Account, you will need to set that up first. Both accounts live in the same Wallet app, so once they exist, the transfer option is always available to you.
Key Takeaways
- Daily Cash transfers to your Apple Savings Account instantly through the Wallet app with no fee.
- You need both an Apple Card and an Apple Savings Account open before you can move money between them.
- The transfer happens on your iPhone in the Wallet app by tapping your Daily Cash card and selecting the transfer option.
- Money in your Apple Savings Account earns interest at a rate set by Goldman Sachs Bank USA, which changes over time.
- You can transfer Daily Cash back out to a linked debit card or bank account, but that takes one to three business days.
How to transfer Daily Cash through the Wallet app
Open the Wallet app on your iPhone and tap your Apple Card. Look for the Daily Cash balance displayed at the top of the card screen. Below that balance, you will see options including "Send Money," "Request," and other actions. Tap the option that says "Transfer to Savings" or a similar label (Apple's exact wording can vary slightly by iOS version). The app will then show you how much Daily Cash you have available and ask you to confirm the amount you want to move.
Enter the amount or tap to move all of your Daily Cash at once, then confirm the transfer. The money moves immediately into your Apple Savings Account. You can check your savings balance by tapping the Apple Savings Account card in your Wallet, which will show your current balance and the interest you have earned so far.
Setting up an Apple Savings Account if you do not have one yet
If you have an Apple Card but no Apple Savings Account, you can open one directly in the Wallet app. Tap your Apple Card, then look for a prompt or link to open a savings account. You will need to agree to the account terms and provide basic information that Apple already has on file for your Apple Card. The account opens immediately, and you can start transferring Daily Cash into it right away.
The Apple Savings Account is held at Goldman Sachs Bank USA, which is a separate bank from Apple. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, the same as any other bank account. This means your money is protected even if something happens to Goldman Sachs.
Why you might move Daily Cash to savings instead of keeping it in Daily Cash
Daily Cash sits in a holding account that does not earn interest. Apple Savings Account, by contrast, earns interest on whatever balance you keep there. The interest rate changes based on market conditions and is set by Goldman Sachs. You can check the current rate in the Wallet app or on Apple's website. If you are not planning to spend your Daily Cash soon, moving it to savings means your money grows over time.
The trade-off is that money in your savings account is separate from your Daily Cash balance. If you want to spend it, you have to transfer it back to Daily Cash first, which is also instant. Some people keep a small amount in Daily Cash for everyday spending and move larger amounts to savings to earn interest.
Getting Daily Cash back out if you need it
You can move money from your Apple Savings Account back to your Daily Cash balance instantly, the same way you moved it in. If you want to transfer it to a linked debit card or bank account instead, that takes one to three business days. Open the Wallet app, tap your Apple Savings Account, and look for a "Transfer" or "Withdraw" option. Select the destination (Daily Cash or an external bank account), enter the amount, and confirm.
Transfers to external accounts are free, but they do take longer because the money has to move through the banking system. Transfers to Daily Cash are instant, so if you need the money quickly for a purchase, move it to Daily Cash first and then use your Apple Card to spend it.
Interest rates and how your savings account grows
Your Apple Savings Account earns interest that is compounded daily, meaning interest is calculated on your balance every day and added to your account. The annual percentage yield (APY) is set by Goldman Sachs and changes periodically. You can see the current rate in the Wallet app under your Apple Savings Account details, and Apple will notify you if the rate changes.
Interest is deposited into your account automatically. You do not have to do anything to earn it—it accrues as long as money sits in your savings account. The amount you earn depends on how much you have in the account and how long it stays there. Even small balances earn interest, so there is no minimum amount you need to keep in savings to start earning.
What happens if you close your Apple Savings Account
If you decide to close your Apple Savings Account, any money in it must be moved out first. You can transfer it back to Daily Cash instantly or to a linked bank account in one to three business days. Once the account is empty, you can close it through the Wallet app. Closing the account does not affect your Apple Card or your Daily Cash balance—those remain active and separate.
If you close the account and later want to reopen it, you can do so at any time through the Wallet app. There is no penalty for closing and reopening, and no limit on how many times you can do this.
Frequently Asked Questions
Can I transfer Daily Cash to a regular bank account instead of Apple Savings?
Yes. You can transfer Daily Cash to any linked debit card or bank account, but it takes one to three business days instead of being instant. Open your Apple Card in Wallet, tap Daily Cash, select "Transfer," choose your external account, and confirm. The transfer is free.
Does transferring Daily Cash to savings cost money?
No. Moving money between your Daily Cash and Apple Savings Account is always free and instant. There are no fees for transfers in either direction.
What if I do not have an Apple Card yet—can I still open an Apple Savings Account?
No. Apple Savings Account is only available to people who have an Apple Card. You must open an Apple Card first, then you can open a savings account through the same Wallet app.
How much Daily Cash can I transfer at once?
You can transfer your entire Daily Cash balance at once, or any amount up to your available balance. There is no limit on how many transfers you can make or how much you can move in a day.
Will transferring to savings affect my Apple Card rewards?
No. Transferring Daily Cash to savings does not change how much Daily Cash you earn on purchases. You continue to earn Daily Cash at the same rate, and moving existing Daily Cash to savings has no effect on future rewards.