Apple Does Not Offer a High Yield Savings Account
Apple does not have its own savings account product. Apple Card users can hold cash in Apple Cash, which is a digital wallet, but Apple Cash does not earn interest and is not a savings account. If you are looking for a high yield savings account, you will need to open one through a bank or credit union, not through Apple.
Apple has partnered with Goldman Sachs on the Apple Card credit product and with Green Dot Bank on Apple Cash, but neither partnership includes a savings account offering. Apple's financial products are limited to credit (Apple Card) and a spending account (Apple Cash). The company has not announced plans to enter the savings account market.
Key Takeaways
- Apple Cash is a spending wallet, not a savings account, and holds no interest.
- Apple Card is a credit card issued by Goldman Sachs and does not include savings features.
- High yield savings accounts come from banks and credit unions, which you can open online or in person.
- Some fintech companies like Marcus, Ally, and Wealthfront offer high yield savings accounts if you want an online-only option.
What Apple Cash Actually Is
Apple Cash is a digital wallet that holds money you load into it. You can use it to send money to other people, pay for purchases in stores and online, and withdraw cash at ATMs. The money sits in an account held at Green Dot Bank, but Apple Cash itself is not a bank account—it is a payment service that sits on top of one.
Because Apple Cash is designed for spending, not saving, it earns zero interest. Money you put into Apple Cash does not grow. If you want your money to earn interest, you need a separate savings account at a different institution.
Where to Open a High Yield Savings Account Instead
High yield savings accounts are offered by traditional banks, online banks, and credit unions. Online banks typically offer the highest rates because they have lower overhead costs. You can open an account online in minutes, and most require no minimum balance.
Common online banks that offer high yield savings accounts include Marcus (by Goldman Sachs), Ally Bank, American Express Personal Savings, Wealthfront, and Discover Bank. Credit unions also offer savings accounts, often with competitive rates, and you can find one near you through CO-OP or Allpoint networks. Traditional banks like Chase and Bank of America offer savings accounts, though their rates are usually lower than online options.
The rate you earn varies by institution and changes regularly. You can compare current rates on financial comparison sites, but the highest rates are typically found at online banks with no physical branches.
How Apple Card Connects to Savings
Apple Card is a credit card, not a savings tool. When you use Apple Card, you earn cash back (a percentage of what you spend), but that cash back goes into Apple Cash, which does not earn interest. The cash back is a reward for spending, not a savings mechanism.
If you want to save the cash back you earn from Apple Card, you would need to transfer it out of Apple Cash into a separate high yield savings account. Apple does not offer a way to do this automatically, so you would have to move the money manually.
Why Banks Offer High Yield Savings and Apple Does Not
High yield savings accounts are offered by institutions that take deposits and lend them out—that is how they earn the money to pay you interest. Banks and credit unions are regulated to hold deposits and pay interest. Apple is a technology company, not a bank, and does not have a banking charter that would allow it to take deposits and pay interest on them.
Apple could partner with a bank to offer a high yield savings account under its brand, the way it partnered with Goldman Sachs for Apple Card. So far, it has chosen not to. The company's financial strategy focuses on payments and credit, not savings products.
Moving Money Between Apple Cash and a Savings Account
If you earn cash back on Apple Card or load money into Apple Cash, you can move it to a bank account you control. From Apple Cash, you can transfer money to a debit card linked to your bank account, or you can withdraw it at an ATM. The transfer usually takes one to three business days, depending on your bank.
Once the money is in your bank account, you can move it into a high yield savings account at the same bank or at a different one. Some people keep a small amount in Apple Cash for daily spending and move larger amounts to savings accounts where the money can earn interest.
Frequently Asked Questions
Can I earn interest on Apple Cash?
No. Apple Cash does not earn interest. It is a spending account, not a savings account. If you want to earn interest on your money, you need to move it to a high yield savings account at a bank or credit union.
Does Apple Card cash back earn interest?
No. Cash back from Apple Card goes into Apple Cash, which does not earn interest. You would need to transfer the cash back to a separate savings account to earn interest on it.
Will Apple ever offer a savings account?
Apple has not announced plans to offer a savings account. The company's financial products are currently limited to credit and spending. If this changes, Apple would likely partner with a bank, as it did with Goldman Sachs for Apple Card.
What is the difference between Apple Cash and a savings account?
Apple Cash is a digital wallet for spending and sending money. A savings account is a bank product designed to hold money and earn interest. Apple Cash earns no interest; savings accounts do. You can use Apple Cash when ready; savings accounts are meant for money you do not need right away.
Can I transfer money from Apple Cash to a high yield savings account?
Yes. You can transfer money from Apple Cash to a linked debit card, which deposits it into your bank account. From there, you can move it to a high yield savings account. The process takes one to three business days depending on your bank.