apple savings beneficiary

Hi there,

All information about managing your savings account is available here: View and update your Savings account information in Apple Wallet - Apple Support

The following section should help you:

Add or remove a beneficiary for your Savings account

When you open a Savings account, you may choose to add beneficiaries. You can add or manage your beneficiaries at any time by contacting a Savings Account Specialist.

To speak with a Savings Account Specialist:

1. On your iPhone, open the Wallet app and tap Apple Card.
2. Tap Savings account.
3. Tap the More button , then tap Account Details.
4. Scroll down and tap Account Information, then tap Manage Beneficiaries.
5. Tap the support number to speak with a Savings Account Specialist.

1. Nowhere can I find documentation as to WHO or WHAT qualifies as a beneficiary for Apple Savings
2. I am told, verbally, that it must be Individuals, only -- no Trusts, etc. Also, no contingent beneficiaries.
3. Also, this must be completed with a phone call, to an overwhelmed/understaffed call center

Is this the best we can do, Apple?

At this time the support number you listed is the support number for both Apple Card Mastercard and Apple Savings account.

This is the verbiage from Apple Savings Deposit Account Agreement Effective April 17, 2023. The phone representatives may have more details as you’ve posted above, but it seems to me they are merely reading from the terms and conditions.

If you’re looking to do more sophisticated estate planning, Apple Savings account may not be the financial product that will meet your needs at this time.

>> 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.

04May: I asked what is the default beneficiary for Apple Savings. Reply: "it follows your estate documents". I asked for that in writing, reply: "Not allowed to send that to you." They agreed to escalate this issue.

22May: phone call from Goldman-Sachs, Level II support. Again: Default beneficiary “follows estate rules”; but she can’t share in writing! I expressed how that’s wrong – MANY folks would want to see that in writing. She stated that she understands, and will further elevate.

23Jun: haven't heard anything further.

Apple is not a bank and is not doing the support staff for Apple Savings account and Apple Card MasterCard. Goldman Sachs Bank does support for their products co-branded with Apple.

You’ve posted in the Apple Support Community and while the community is hosted by Apple, neither Apple or Goldman Sachs are here. Please use the link/information below to provide feedback for Apple and Goldman Sachs.

Feedback - Apple Pay - Apple

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.

I see you’re not familiar with estate planning and other financial matters. No worries. The information you were told was correct, but lacked suitable background information.

If a beneficiary is not selected for the account, the distribution of the funds will be according to your will. If you do not have a will you have dies intestate (without a will) and the state you have as your permanent residence will provide you with a will. You will need to talk to an attorney in your state familiar with wills and estate planning.

In the first case, if you pass and have a designated beneficiary POD, the named beneficiary will receive the proceeds within several days of your death. If you do not name a beneficiary for your Apple Savings account, you will designate how the funds will be distributed. This usually only takes a few weeks to resolve, unless your estate is very large. If you die with no will, the will needs to be probated and could take months to finalize.

Please seek professional council going forward. The above is not legal advice and I’m not a lawyer.

1. So is "Apple Savings" not an Apple-branded product, and would thus have Apple's higher standards?
2. The only support contact that I can find is 877.255.5923, who identifies as "Welcome to Apple Card Support at Goldman Sachs".

So my question as to documentation on who/what constitutes an Apple Savings beneficiary remains, along with my criticism that the only interface is through an overwhelmed call center.

This is my first post here. I recently signed up for the apple card and savings account through GS. I was able to add beneficiaries, but I would really like to see the option of adding a family trust as a contingent beneficiary. Every other financial institution I have ever worked with had this option, so it's surprising that Apple and it's partner Goldman Sachs doesn't offer this. Please add this option, or I will likely close my account and move my money elsewhere.

In addition, the wallet and savings account currently do not support co-owners so my wife cannot see the savings balance. Again, every other financial institution I've used allows for this so I'm not sure why Apple and GS can't. If you can take care of these two issues, I'll be a happy camper.

Like others have said I am very unhappy that I can't add my trust as the beneficiary. All of my other accounts allow me to do that. Also why do they not ask you about the beneficiary when you first sign up. And why do you have to call. I'm searching and I might remove my money from here and put in a CD somewhere that allows trusts as beneficiaries. After all the interest rate is higher and yes there is a con that you can't use the money for a specific amount of time without penalty but I don't need the money at the moment and think that might be a better option for me.

Pick the right financial instrument for the right personal financial situations. Apple Card, Apple Savings and Apple Pay Later are all niche products for niche users. In my personal opinion and personal experiences, the vast majority of Apple products really are niche products that appeal to specific age groups, with specific needs. In regard to financial products there is never a one size fits all solution.

I sympathize with your situation, but realistically I don’t see the challenges/concerns you’re facing changing anytime in the near future. Do yourself a favor and cut your loses.

Yes, and they’re absolutely inept!

Have you tried this process? I have, four times with no success! What are the legal issues in offer a savings product with no reasonable way to add a beneficiary?