Apple Savings is a savings account offered through Goldman Sachs, not directly by Apple

Apple Savings is a high-yield savings account that Apple customers can open through a partnership with Goldman Sachs Bank USA. You don't open it with Apple—you open it with Goldman Sachs, but you can do so entirely through the Apple Wallet app on your iPhone. The account earns interest on deposits, and funds are FDIC-insured up to $250,000 per depositor at Goldman Sachs.

The account is available only to customers who have an Apple Card (the credit card, not just an Apple ID). You need an active Apple Card to be may be able to access, and you must be at least 18 years old and a U.S. resident. The interest rate changes with market conditions, so the APY you see today may not be the same next month.

Key Takeaways

  • You must have an Apple Card to open Apple Savings; the account is opened through the Wallet app, not through a separate website or bank portal.
  • Funds in Apple Savings are held at Goldman Sachs and are FDIC-insured up to $250,000, the same protection as a traditional bank account.
  • The interest rate is variable and set by Goldman Sachs, so it changes based on Federal Reserve policy and market conditions.
  • You can transfer money between your Apple Card and Apple Savings when ready within the Wallet app, and you can withdraw to a linked bank account.
  • There are no monthly fees, no minimum balance requirement, and no withdrawal limits on Apple Savings accounts.

Step-by-step: Opening Apple Savings through Wallet

Start by opening the Wallet app on your iPhone. Tap the Apple Card, then look for the option labeled "Savings" or a similar savings-related button (the exact wording can vary by iOS version). Tap it to begin the setup process.

You'll be asked to review and accept the account agreement with Goldman Sachs. Read through the terms—this is the legal document that governs your account. Once you accept, Goldman Sachs will verify your identity using information already on file with your Apple Card. This verification is usually when ready, but can take up to 24 hours.

After verification, your Apple Savings account is created and ready to use. You can when ready transfer money from your Apple Card balance or from a linked bank account into savings. The account number and routing number appear in the Wallet app if you need them for external transfers, though most people use the app to move money.

How to move money in and out of Apple Savings

Transfers between your Apple Card and Apple Savings happen when ready within the Wallet app. Open Wallet, tap Apple Card, then tap Savings and select "Transfer." You can move money either direction—from the card to savings, or from savings back to the card—with no fees and no waiting period.

To withdraw money to a bank account outside Apple, you'll need to link an external account first. In the Savings section of Wallet, look for "Link Bank Account" or a similar option. You'll provide your bank's routing number and your account number. Goldman Sachs will verify the account by depositing two small amounts (usually under $1 each) to your bank account, which you then confirm in the Wallet app. Once verified, transfers to that bank account typically take one to three business days.

There is no limit on how many transfers you can make per month, and no minimum amount required for each transfer. You can withdraw all your money at once if you choose, though you'll stop earning interest on whatever you withdraw.

Interest rates and how often interest is paid

Apple Savings earns interest daily on your balance, and that interest is deposited into your account monthly. The APY (annual percentage yield) is set by Goldman Sachs and changes periodically—usually when the Federal Reserve changes its benchmark interest rate, but sometimes at other times too. You can see the current APY in the Wallet app under the Savings section.

Because the rate is variable, it can go up or down. When rates rise, your APY may increase. When rates fall, your APY will likely decrease. There is no may provide minimum rate, and no rate lock—you earn whatever the current rate is each month.

Interest compounds daily, meaning you earn interest on your interest. If you have $10,000 in the account and the APY is 4.5%, you'll earn roughly $37.50 in the first month (the exact amount depends on the number of days in the month). That $37.50 stays in your account and earns interest the next month too.

FDIC insurance and account safety

Apple Savings accounts are held at Goldman Sachs Bank USA, which is a federally chartered bank. Your deposits are covered by FDIC insurance up to $250,000 per depositor. This means if Goldman Sachs fails, the FDIC will reimburse you up to that limit.

The $250,000 limit applies to each depositor at each bank. If you have $200,000 in Apple Savings and $100,000 in a regular savings account at Goldman Sachs, only $250,000 total is insured (the $200,000 in Apple Savings plus $50,000 of the other account). If you have accounts at multiple banks, each bank's $250,000 limit is separate.

Your account is protected by the same security as your Apple Card. You authenticate transfers using Face ID, Touch ID, or your Apple ID password. Goldman Sachs also monitors accounts for fraud and can freeze or reverse unauthorized transactions.

Comparing Apple Savings to other high-yield savings accounts

Apple Savings competes with accounts from online banks like Marcus, Ally, and American Express Personal Savings. The main difference is convenience: if you already use Apple Pay and have an Apple Card, Apple Savings is accessible directly in Wallet without logging into a separate website or app. Transfers between your card and savings are when ready.

The APY on Apple Savings is usually competitive with other online banks, but it changes frequently and varies by market conditions. At any given moment, one bank might offer 4.5% while another offers 4.75%—the difference is small but matters over time. Check the current rates on each platform if you're deciding where to put your money.

One limitation: you can only open Apple Savings if you have an Apple Card. If you don't have the card and don't want to explore for it, you'll need to use a different bank's savings account. Some people maintain accounts at multiple banks to diversify or to take advantage of different features.

What happens if you close your Apple Card

If you close your Apple Card, you can keep your Apple Savings account open. Your savings balance stays in the account and continues to earn interest. However, you won't be able to transfer money between the card and savings anymore, since the card no longer exists. You can still transfer money to and from a linked external bank account.

If you later reopen an Apple Card, you can reconnect it to the same Apple Savings account. You don't have to create a new savings account.

Frequently Asked Questions

Do I need a minimum balance to earn interest?

No. Apple Savings has no minimum balance requirement. You can deposit $1 and earn interest on it. Interest accrues daily on whatever balance you have, no matter how small.

Can I set up automatic transfers to Apple Savings?

Apple Wallet does not currently offer automatic recurring transfers to Apple Savings. You can transfer money manually whenever you want, but you'll need to do it yourself each time. Some users set phone reminders to transfer money on a regular schedule.

What if I have questions about my account or need to dispute a transaction?

Contact Goldman Sachs directly through the Wallet app or by calling the number on the back of your Apple Card. Goldman Sachs handles all account servicing, customer support, and dispute resolution. Apple does not manage these functions.

Is Apple Savings the same as the Apple Card savings feature?

No. The Apple Card shows you how much you've saved by using it (a spending tracker), but that's different from Apple Savings, which is an actual bank account where you deposit money and earn interest. They are separate features.

Can I transfer money from Apple Savings to pay my Apple Card bill?

Yes. You can transfer from Apple Savings back to your Apple Card balance when ready in the Wallet app. This is useful if you want to pay down your card balance using money you've saved.