Backing up your online savings accounts | What the Tech?

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ALBUQUERQUE, N.M. (WHAT THE TECH?) — We’ve told you about Apple’s high-yield savings accounts before and already over $1 billion has been deposited into new accounts.

Online accounts are attractive if you’re actually saving money. In two weeks, $6,000 at 4.15% earns a little over $9, which is more than a traditional account.

What can be a problem with Apple and other online bank accounts is that it is tied strictly to your phone. 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.

Here’s what many people may miss, though: 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 that 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.

If you set up an online banking account, don’t skip this. Your family will thank you for it.