What the Tech: Online bank account problems

Published: May. 9, 2023 at 5:29 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

LANSING, Mich. (WILX) - High-interest savings accounts earn considerably more money than savings accounts in a traditional bank. In 2 weeks, $6,000 at 4.15% earns a little over $9. That’s more than a traditional savings account will earn in a year.

What can be a problem with Apple and other online bank accounts is that it is tied strictly to your phone. And if something happens to you, how can your family members access that account?

Even if they have your phone password, and really, how many people know someone else’s passcode, getting into an online account can be difficult.

Apple’s Savings accounts are through Goldman Sachs and the money is FDIC insured up to $250,000. So, it’s safe in the bank. But here’s what many people may miss. That’s setting up beneficiaries to allow family members to access the account if something happens to you.

There’s information you need to keep somewhere other than your phone. On an Apple savings account, Tap the three dots at the top of the screen and choose ‘account details.

On the account screen. Write down the routing and account numbers and account information and store them somewhere safe. Under account information, set up beneficiaries. You’ll need their social security numbers and date of birth. To manage your beneficiaries you’ll be asked to contact Morgan-Sachs over the phone.

A lot of people may miss this. If you set up an online bank account, don’t skip this step. Your family will thank you for it.

More: What the Tech

Subscribe to our News 10 newsletter and receive the latest local news and weather straight to your email every morning.