What Apple has announced about checking accounts
Apple has not opened a checking account product. In 2019, Apple announced a partnership with Goldman Sachs to create Apple Card, a credit card issued through a digital wallet. In 2023, Apple announced plans for a savings account product called Apple Savings, which would let cardholders earn interest on deposits held at Goldman Sachs Bank. Neither of these is a checking account.
The savings account was announced as coming "later this year" in 2023, but as of now it remains in limited rollout to some Apple Card users. Apple has not publicly committed to launching a checking account, though executives have discussed the possibility in interviews. The company has the infrastructure to move into banking—it already handles payments through Apple Pay and has a relationship with a bank partner—but a full checking account with debit card, bill pay, and transfers would require regulatory approval and a different partnership structure than what currently exists.
If you are looking for a checking account right now, Apple is not an option. If you want to understand what Apple's current products do and whether they might fit your needs, the sections below break down what exists and what the gaps are.
Key Takeaways
- Apple does not currently offer a checking account; it offers a credit card (Apple Card) and a savings account (Apple Savings) in limited rollout.
- Apple Savings is a savings product only, not a checking account—it earns interest but does not include a debit card or bill pay.
- Apple Card is a credit card, not a checking account, and requires you to pay off the balance each month or carry interest charges.
- If you need a checking account now, you will need to open one with a traditional bank, credit union, or online bank; Apple's products cannot replace that.
What Apple Card actually is and what it is not
Apple Card is a credit card issued by Goldman Sachs and managed through the Apple Wallet app on your iPhone, iPad, or Apple Watch. You receive a titanium physical card in the mail, but most transactions happen through the digital wallet. When you use it, you are borrowing money from Goldman Sachs, not spending money you already have.
This is fundamentally different from a checking account. With a checking account, you deposit your own money and spend from that balance. With Apple Card, you charge purchases and then pay the bill later. If you do not pay the full balance by the due date, you owe interest. The card offers cash back on purchases (ranging from 1% to 3% depending on where you shop), but that is a credit card feature, not a banking feature.
Apple Card does not give you a way to receive direct deposits, write checks, set up automatic bill payments from a bank account, or transfer money between accounts. It is a spending tool, not an account where money sits.
What Apple Savings is and how it differs from checking
Apple Savings is a savings account held at Goldman Sachs Bank, accessible through the Apple Wallet app. If you have an Apple Card, you can move money into the savings account and earn interest on the balance. The interest rate varies but has been competitive with other online savings accounts.
A savings account is not a checking account. Savings accounts are designed to hold money and earn interest; checking accounts are designed for frequent deposits, withdrawals, and payments. Savings accounts typically limit how many withdrawals you can make per month (though this rule is less strictly enforced now than it once was). Checking accounts have no withdrawal limits and come with a debit card and check-writing ability.
Apple Savings does not include a debit card. You cannot write checks against it. You cannot set up automatic bill payments from it. To move money out, you transfer it back to your Apple Card or to an external bank account, which takes one to three business days. For everyday spending and bills, you still need a separate checking account.
Why Apple has not launched a full checking account yet
Building a checking account product requires more regulatory oversight and infrastructure than a credit card or savings account. A checking account is a demand deposit account—the bank must be able to return your money on demand, and the account is protected by FDIC insurance up to $250,000. The bank also has to support ACH transfers (the system that moves money between banks), wire transfers, and often check clearing.
Apple's partnership with Goldman Sachs works for credit cards and savings accounts, but a full checking account might require a different structure. Some fintech companies have solved this by partnering with multiple banks or by becoming a bank themselves. Apple has not taken either path publicly. The company has the customer base and the technical ability, but it has not announced a timeline or confirmed it is building one.
Regulatory approval is another factor. The Federal Reserve, the Office of the Comptroller of the Currency, and state banking regulators all have oversight. A new checking account product would need to pass their review, which takes time and requires detailed plans for how the account will work, how deposits are insured, and how customer disputes are handled.
What you can do now if you need a checking account
If you need a checking account today, you have three main routes: a traditional bank (Chase, Bank of America, Wells Fargo, and others), a credit union, or an online bank (Ally, Charles Schwab, Chime, and others). Each has different fees, interest rates, and features.
Traditional banks offer the most branch locations and services but often charge monthly fees unless you maintain a minimum balance. Credit unions are member-owned and often have lower fees, but you have to be a member (usually by living in a certain area or working for a certain employer). Online banks have no physical branches but typically charge no monthly fees and offer higher interest rates on checking balances than traditional banks.
You can open a checking account with any of these while also using Apple Card for credit purchases and Apple Savings for interest-bearing savings. Many people do exactly this—they use a checking account for bills and regular spending, a credit card for rewards, and a savings account for money they want to keep separate and earning interest.
How to use Apple's current products alongside a checking account
If you have a checking account at another bank and want to use Apple's products, the setup is straightforward. You link your external checking account to Apple Wallet, which lets you transfer money to your Apple Card or Apple Savings when you need to. You can also set up direct deposit to your external checking account and transfer money from there to Apple Savings if you want to earn interest on part of your income.
The main limitation is timing. Transfers between banks take one to three business days, so you cannot move money when ready. If you need money in your checking account for a bill due tomorrow, you cannot pull it from Apple Savings in time. This is why most people keep their checking account as their primary account for regular bills and paychecks, and use savings and credit products as secondary tools.
Frequently Asked Questions
Can I use Apple Card as a debit card?
No. Apple Card is a credit card, which means you are borrowing money and paying it back later. A debit card draws from money you already have in a checking account. Apple does not offer a debit card product.
Does Apple Savings count as a checking account?
No. Apple Savings is a savings account only. It earns interest and holds money, but it does not come with a debit card, check-writing ability, or bill pay features. You need a separate checking account for those functions.
When will Apple launch a checking account?
Apple has not announced a launch date or confirmed it is building a checking account. The company has discussed the possibility in interviews, but there is no public timeline. If you need a checking account, you should open one with a bank or credit union now rather than waiting.
Can I get direct deposit to an Apple account?
No. Direct deposit goes to a checking account at a bank, not to Apple Card or Apple Savings. You would need to set up direct deposit to a checking account at another bank, then transfer money to Apple Savings if you want to earn interest on part of your paycheck.
What is the difference between Apple Card and a checking account?
Apple Card is a credit card—you borrow money and pay it back with interest if you do not pay the full balance. A checking account holds your own money and lets you spend it through a debit card, checks, or transfers. They serve different purposes and most people use both.