What Apple's savings account is and how to set it up

Apple's high-yield savings account is a savings product offered through Goldman Sachs, a bank that partners with Apple. You open it through the Wallet app on your iPhone, and money you deposit earns interest at a rate that changes with the market. Unlike a traditional savings account at a local bank, there are no monthly fees, no minimum balance requirement, and no penalty for withdrawing your money.

To set up the account, you need an iPhone with the latest Wallet app, a valid Social Security number, and a way to verify your identity. The process takes about 10 minutes and happens entirely on your phone. Once your account is open, you can move money in and out whenever you need it.

Key Takeaways

  • You open an Apple savings account through the Wallet app on your iPhone, and it is backed by Goldman Sachs Bank.
  • The account has no monthly fees, no minimum balance, and no penalty for withdrawals, though the interest rate changes as market rates change.
  • You will need your Social Security number, a government-issued ID, and a way to verify your identity during setup.
  • Money deposited to the account is insured by the FDIC up to $250,000, the same protection that covers traditional bank accounts.
  • You manage the account and move money in and out through the Wallet app on your iPhone only — there is no website or Android version.

The step-by-step setup process

Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings" from the menu. You will be asked to confirm your name, date of birth, and address. Have a government-issued ID ready — a driver's license or passport works — because the app will ask you to take a photo of the front and back.

Next, you will enter your Social Security number and answer a few security questions to verify your identity. These questions are based on your credit history and are designed to confirm you are who you say you are. Once you pass this step, the account opens when ready. You can then link a debit card or another bank account to transfer money into the savings account.

The first transfer can take one to three business days to arrive. After that, transfers between your Apple savings account and a linked bank account usually complete within one business day. You do not need to set up direct deposit, but you can if your employer offers it.

What you need before you start

Gather these items before you open the app: your Social Security number, a government-issued photo ID (driver's license, passport, or state ID card), and the routing and account number from a bank account you want to link. You also need an iPhone running the current version of iOS — the account does not work on older phones or Android devices.

If you do not have a government ID yet, you will need to get one before you can open the account. The app will not accept a photo of an ID that is expired, and it will not accept a photo of a photo — it needs a clear picture of the actual card. Make sure you are in good lighting when you take the photo.

How the interest rate works and when it changes

Apple's savings account earns interest at a rate set by Goldman Sachs. That rate is not fixed — it moves up and down based on what the Federal Reserve does with its benchmark interest rate. When the Fed raises rates, the rate on your account may go up. When the Fed lowers rates, the rate on your account may go down.

The rate you see in the Wallet app is the current rate, and it updates automatically. You do not have to do anything to get a rate change — it happens in the background. Interest is added to your account monthly, on the last day of each month. The amount you earn depends on how much money you have in the account and what the rate is that month.

Because the rate changes, this account is not the right choice if you want to lock in a may provide rate for a set period. If you want a rate that does not change, you would need a certificate of deposit (CD) at a traditional bank instead.

Moving money in and out of the account

To deposit money, open the Wallet app, tap your savings account, and select "Transfer Money." Choose "Add Money" and pick the bank account you want to transfer from. Enter the amount and confirm. The money will arrive within one business day once the transfer is complete.

To withdraw money, follow the same steps but select "Transfer Money" and then "Move Money Out." Choose the bank account where you want the money to go, enter the amount, and confirm. Again, it usually takes one business day. There is no limit on how many times you can transfer money in or out each month.

If you want to move money regularly — for example, automatically moving a portion of your paycheck into savings — you can set up direct deposit from your employer. This bypasses the need to manually transfer money and can happen on the same day you get paid.

FDIC insurance and account safety

Money in an Apple savings account is insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000. This means if Goldman Sachs Bank fails, the government will reimburse you for your deposits up to that limit. This is the same protection that covers money in a traditional savings account at any other bank.

If you have more than $250,000 to save, only the first $250,000 is insured. The rest is not protected. If you need to insure more than $250,000, you would need to split the money across multiple banks or multiple account types at the same bank.

Your account is also protected by the same security features as any other Apple service. You access it through Face ID or Touch ID on your phone, and Apple does not store your full Social Security number or ID information on your device.

Limits and things to know before you open an account

The biggest limit is that you can only access this account on an iPhone. There is no website, no app for iPad, and no Android version. If you lose your iPhone or switch to a different phone, you can sign back in on the new device, but you cannot manage the account on a computer.

There is also no way to write checks from this account, set up bill pay, or link it to a debit card. It is a savings account only — you cannot use it for everyday spending. If you need to access your money quickly for an emergency, you can transfer it to a linked bank account, but that takes one business day.

The account is only available to people in the United States with a valid Social Security number. If you are not a U.S. citizen or do not have a Social Security number, you cannot open an account.

Frequently Asked Questions

Can I open an Apple savings account if I do not have good credit?

Yes. Apple does not check your credit score to open a savings account. The identity verification questions are based on your credit history, but they are only used to confirm you are who you say you are — not to judge whether you are a good borrower. People with no credit history or poor credit can open an account.

What happens to my money if I switch to an Android phone?

Your money stays in the account and continues to earn interest. You can transfer it to a linked bank account and close the Apple account, or you can sign back in on an iPhone if you ever use one again. You just cannot manage the account from an Android device.

Is the interest rate may provide, or can it go down?

The rate is not may provide and can go down. It moves with changes in the Federal Reserve's benchmark rate. If you want a rate that does not change, you would need a certificate of deposit (CD) at a traditional bank, which locks in a rate for a set time period.

Can I set up automatic transfers to save money each month?

You cannot set up automatic transfers from a linked bank account through the Wallet app. However, you can set up direct deposit from your employer to move a portion of your paycheck directly into the savings account. Some people also use their bank's bill pay feature to transfer money on a schedule.

What if I forget my passcode or lose access to my iPhone?

You can sign back into your account on a new iPhone using your Apple ID. If you forget your passcode, you can reset it through your Apple ID settings. Your money is not lost — it stays in the account and you can access it once you regain access to your phone or sign in on another device.