So you’ve been saving up your hard-earned money in an Apple Savings account, but now it’s time to withdraw some of it and transfer it to your bank account. If you are wondering how to withdraw money from your Apple Savings account, don’t worry, the process is simple and straightforward. In this article, we’ll guide you through the steps you need to follow to withdraw money from your Apple Savings account and transfer it to your bank.
After withdrawing the money, there are two options to send the money:
- You can transfer the money to your Apple Cash account and then, if desired, deposit the funds from your Cash account to your bank account.
- You can directly deposit the money to your bank account. Bank transfers are free of charge, but it may take up to three days to complete the transaction. If immediate access to the funds is required, an instant transfer is also available. However, there is a fee associated with instant withdrawals to a debit card or bank account.
Compared to other banking institutions, Apple makes the process of depositing, investing, and withdrawing easy. While some other banks intentionally makes the process of withdrawing a bit more challenging in order to retain the funds, Apple does not follow this approach.
If you want to withdraw and transfer to your bank
You first need to link a bank account so that you can use this bank to receive the fund if you have not added a bank already. Follow the steps below:
- Start the Wallet app on your iPhone.
- Select Savings Account.
- Tap on the More (…) button located in the top-right corner of the screen and tap Account Details.
- Choose Bank Accounts.
- Now, add a new bank account by tapping the Add Another Bank Account button. You can delete the current accounts by tapping the Edit button if you need to.
How to Withdraw money from Apple Savings account
Now that you have a bank to send the money to, you can go ahead and withdraw:
Step 1: Open Wallet
Open the Wallet app on your iPhone.
Step 2: Select Your Savings Account
Once you’re in the Wallet app, select your Apple Savings account. If you have multiple accounts, make sure you select the one you want to withdraw money from.
Step 3: Choose "Withdraw"
After selecting your savings account, you’ll see your Savings account details. Tap on the "Withdraw" button located in the middle of the screen.
Step 4: Enter the Amount You Want to Withdraw
Next, enter the amount you want to withdraw from your Apple Savings account. Make sure you double-check the amount to avoid any mistakes. Once you are sure, tap Next.
Step 5: Select Your Bank Account
Select the bank account you want to transfer the money to. Please note that you can also select your Apple Cash account.
Step 6: Confirm the Transfer
Once you’ve entered the amount and selected your bank account, you’ll see a summary of the transfer. Review the details to make sure everything is correct, and then double-click the Side button to confirm the transfer.
Step 7: Wait for the Transfer to Complete
The transfer should be completed within 3 business days. You can check the status of the transfer in the "Transactions" section of your Apple Savings account.
If you need the funds instantly, the route you should take is to transfer from Savings to Cash. To do this, in the last step, simply select your Cash account instead of the bank account. Once the money is in your Cash account, you can transfer it to your bank. Simply select Instant Transfer. The money will be in your bank within 30 minutes. However, the instant transfer is not free; there is a 1.5 percent fee (max $15).
Tips for Withdrawing Money from Apple Savings Account
Here are some tips to keep in mind when withdrawing money from your Apple Savings account:
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Check your balance before withdrawing money. Make sure you have enough funds in your account to cover the amount you want to withdraw.
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Double-check the amount and bank account details before confirming the transfer. Mistakes can be costly and time-consuming to fix.
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Keep track of your transactions. It’s a good idea to keep a record of all the transactions you make, including transfers from your Apple Savings account to your bank account.
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Be patient. Transfers can take a few business days to complete, so don’t panic if you don’t see the money in your bank account right away.
Conclusion
Withdrawing money from your Apple Savings account and transferring it to your bank account is a simple process that can be completed in just a few steps. Make sure you have enough funds in your account, double-check the amount and bank account details, and keep track of your transactions. With these tips in mind, you’ll be able to withdraw and transfer money with ease. Happy saving!