Cannot Add Money to savings from external account

Your financial institution may be in the process of verifying your setup with Goldman Sachs. This process may take several business days. In the mean time a workaround would be to add funds from your bank to Apple Cash and then transfer the funds in Apple Cash to your Apple Savings Account.

Please verify your following the funds transfer steps as outlined below.

Deposit money into Savings

When you open Savings you agree to automatically deposit Daily Cash that you earn into your Savings account. You can also add money to Savings from a linked external bank account or from Apple Cash. 

1. On your iPhone, open the Wallet app and tap Apple Card.
2. Tap Savings account, then tap Add Money.
3. Enter the amount that you want to add, then tap Add.
4. Select or add the payment source that you want to add money from.
5. Double-click the side button to confirm with Face ID, Touch ID, or your passcode.

Money that you deposit into Savings starts earning interest on the day that the transfer is initiated from the Wallet app.

If you transfer money from Apple Cash, the funds are typically available instantly. If you transfer money from a linked external bank account, it will generally take a few days for funds to be available for withdrawal.

Please contact your financial institution and see about verification of your account.

Federal regulations are different for payment of a credit card statements and transferring funds to HYSA.

I opened my account the first day Apple Savings account was available. It was easy and I have transferred funds to my Apple Savings account multiple times. However, I know the difference between a HYSA and a regular checking and savings account. A HYSA is under stricter federal regulations because they are used for money laundering by terrorists, drug lords etc. HYSA are for the accumulation of wealth, not the distribution of wealth.

Now, with all that said, I understand and sympathize with your frustration. You have two ways of transferring funds. You can initiate a transfer using your Apple Savings account and the Wallet app on your iPhone (or settings app on iPad). The second way, and perhaps easier way, is to use your external account to transfer funds to your Apple Savings account.

If you choose to manage your Apple Savings account from the Wallet app, you’ll need to contact an Apple Savings Specialist at Goldman Sachs Bank and do the verification process of each external account with a three way call between you, Goldmans Sachs rep and you external account rep. This method is not as convenient for some account owners.

The second way to verify your accounts is to verify you Apple Savings account using your external account. Log into your external account either online or using their iPhone app. Your external account will verify your Apple Savings account either via a service called Plaid or use their own verification involving make two small deposits and withdrawals from your Apple Savings account. The first method is near instant and the second way takes 3 to 7 days (depending on weekends and holidays).

If you use the second method, transfers and withdrawals will always initiate from your external account. Your external account will push funds (deposit) to Apple Savings and will do a pull transfer (withdrawal) from your Apple Savings. Any Fees involved will be charged by your external bank account. Apple Savings does not charge fees.

That’s it in a nutshell I hope that helps expalin what is going on and what is your responsibility to do to effectively manage a HYSA.

I've added three bank accounts, cross linked (Apple to bank, bank to Apple) all three banks and STILL can't add money to this savings account. I can pay my Apple credit card through the banks, but I can't use the same bank to add to my savings. Why is it so hard? Customer service is no help mainly because it makes no sense. Credit unions apparently are not verifiable. Apple Savings sounds great but it is impossible to use- extremely frustrating.

I have a savings account and I have no problem transferring money from my bank to my apple savings. I also had money in a capital one savings and have transferred all of it to my apple savings.