How do you set up beneficiaries for the apple savings account?

You have to call Goldman Sachs. It’s really dumb for something most banks let you do easily online, by yourself. But the number is there if you go to your Wallet > Apple Card > Savings Account > Account Details (in the three dots menu at top) > Account Information > Manage Beneficiaries.

Hi,

Here is what Goldman Sachs has to say.

>>HOW AN ACCOUNT CAN BE OWNED

Individual Account

An Account may only be owned by one person.

Payable-On-Death ("POD") Designation

You may designate one or more beneficiaries (up to six) to receive the funds upon your death for your Account. If there is more than one beneficiary, they will be paid in equal shares. You may not designate an individual who is not a citizen or legal permanent resident of the United States or a trust or legal entity as a beneficiary. We may remove a POD designation that does not meet our requirements.

If a beneficiary dies before the owner on an Account, then upon the death of the owner on the Account, the funds will be paid to the surviving beneficiaries. We make no representation as to whether a POD designation complies with any state laws other than Utah or New York. You are solely responsible for making sure your Account meets applicable state requirements.<<

The above information is contained in the Terms & Conditions of your Apple Savings Account.

https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf

If you need additional information, please contact Apple Savings Account Specialist at Goldman Sachs Bank. Please do not use the chat feature.

CONTACTING — Goldman Sachs Bank 

• Call toll-free at 877-255-5923; or

• Write to: Goldman Sachs Bank, Lockbox 7022, P.O. Box 71022, Philadelphia, PA 19176-1022.

This covers what you’re inquiring about,

Payable-On-Death (“POD”) Designation

You may designate one or more beneficiaries (up to six) to receive the funds upon your death for your Account. If there is more than one beneficiary, they will be paid in equal shares. You may not designate an individual who is not a citizen or legal permanent resident of the United States or a trust or legal entity as a beneficiary. We may remove a POD designation that does not meet our requirements.

If a beneficiary dies before the owner on an Account, then upon the death of the owner on the Account, the funds will be paid to the surviving beneficiaries. We make no representation as to whether a POD designation complies with any state laws other than Utah or New York. You are solely responsible for making sure your Account meets applicable state requirements.

Please contact support for additional assistance,

CONTACTING — Goldman Sachs Bank 

Using Messages; chat with an Apple Card specialist

Call toll-free at 877-255-5923; or

Write to: Goldman Sachs Bank, Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.

All good, Jeff. I only wish Goldman Sachs made it more obvious that a single beneficiary is indeed POD. The terms and conditions don't state that very clearly - the agent who helped me even had to ask a manager about it. The wording could be more clear. For example -

<<Beneficiaries - Payable-On-Death ("POD") Designation

Your first beneficiary is granted Payable-On-Death (POD) Designation. You may designate one or more beneficiaries (up to six) to receive the funds upon your death for your Account. If there is more than one beneficiary, they will be paid in equal shares. You may not designate an individual who is not a citizen or legal permanent resident of the United States or a trust or legal entity as a beneficiary. We may remove a POD designation that does not meet our requirements.

If a beneficiary dies before the owner on an Account, then upon the death of the owner on the Account, the funds will be paid to the surviving beneficiaries. We make no representation as to whether a POD designation complies with any state laws other than Utah or New York. You are solely responsible for making sure your Account meets applicable state requirements.<<

Not trying to split hairs here. I am grateful for your help in locating the paragraph and the document itself.

I don't have enough money to worry about - I wish I did, but this is more for my husband's convenience than anything.

Thanks again-

Cindy

Hi Jeff,

In turn, can you accept that the VAST majority (if not all) savings accounts allow for the beneficiary to be set as a living trust? What makes Goldman Sachs special on this? Do they have a vested interest in probate (lol)? Do you have a vested interest in Goldman Sachs? I really don't understand your take on this. Do you think as a customer, I should not be disappointed that this savings account does not have the functionality of the VAST amount of savings accounts out there, and I cannot voice my frustration and opinion? If anything, prospective clients should be made VERY aware of this limitation Goldman Sachs has placed on the Apple Savings account. Yes, of course it is buried in the fine print, probably as designed. Again, the VAST majority (if not all) savings accounts have this ability, but for some reason Goldman Sachs has restricted it.

This is ridiculous. I have dual nationality and my beneficiaries are non US citizens living in UK. I’d moved $$ from my Bank where all my accounts are in a Living Trust, where my heirs would be able to access the funds, to my Apple Savings Account. Now I find out that I am unable to designate non US beneficiaries. I have therefore pulled the $$ from my Apple Savings account back to my bank.

Yup, closing my Apple Savings account due to the lack of supporting a living trust as a beneficiary. Absurd, and really galling coming from Goldman Sachs. I bet you Goldman Sachs executives will not use Apple Savings due to the same reason. Totally absurd.

Goldman Sachs executives are probably using their products. What’s your motivation for being so critical? Not every financial product is suitable for every person. Can you accept that different people have different needs?

Hi Jeff,

I am critical because not allowing living trusts as a beneficiary for a savings account is just simply dumb when the VAST majority of banks allow it. Can you accept that banks should allow for proper management of estates, and not provide roadblocks to the norm? In the end, I will be finding another product from another bank.

Again it’s not a product for you. Can you accept that the VAST majority of people opening an Apple Savings account don’t need the service you’re requesting? It’s meeting the needs of a large number of people that currently are Apple Card account owners and Apple Savings accounts owners. Not everyone has your needs. But Apple Savings is a huge improvement for so many people that have been earning .01% APY on their savings accounts for years. But it’s probably just me and I don’t understand your motivation.

Your welcome! There is more to learn about how you designate a beneficiary. if you’re looking at a substantial sum of money. I used to be in the industry but I’m retired now. An estate planner would be your best source of additional information. Goldman Sachs should be able to assist as well.

Hello Jeff,

can you please provide a link to the document that explains POD?

I have added a beneficiary and I want to give them something in writing in case something happens to me.

thanks!

Cindy

Thanks so much, Jeff! I wish this stuff was easier to find.