Apple's savings account is a partnership with Goldman Sachs, not a product Apple built itself

Apple Savings is a high-yield savings account you can open directly through the Apple Wallet app on your iPhone. You don't go to a bank website or fill out a separate process—the account lives inside Wallet alongside your Apple Card. Goldman Sachs, a bank, actually holds and insures the money; Apple is the interface you use to manage it.

The account comes with no monthly fees, no minimum balance requirement, and no lock-in period. You can move money in and out whenever you want. The interest rate (called APY, or annual percentage yield) changes over time based on what the Federal Reserve does with interest rates—it's not locked in. As of early 2024, the rate has been competitive with other high-yield savings accounts, but you should check the current rate in the Wallet app before opening one, because rates shift.

This is different from a regular savings account at a traditional bank. A regular savings account typically pays almost no interest. A high-yield savings account pays significantly more, which is why you're reading this. Apple's version is one option among many; it's not the only high-yield account available, and whether it's right for you depends on how you use your Apple devices and whether you already have an Apple Card.

Key Takeaways

  • You open Apple Savings through the Wallet app on an iPhone; you need an Apple ID, a valid Social Security number, and a way to verify your identity.
  • Money in the account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, the same protection any bank account has.
  • You can transfer money between Apple Savings and a linked external bank account, though transfers take one to three business days.
  • The interest rate is not fixed and will change when the Federal Reserve raises or lowers rates; you can see the current rate in the Wallet app before you open the account.
  • Apple Savings works best if you already use Apple Pay and the Apple Card, because the account integrates with those tools.

What you need before you start

To open Apple Savings, you need an iPhone running iOS 16.1 or later (or an iPad running iPadOS 16.1 or later). You also need an active Apple ID—the account you use to sign into iCloud and the App Store. If you don't have one, you can create it for free on Apple's website.

You'll need to provide your full legal name, date of birth, and Social Security number. Have a government-issued ID ready (a driver's license or passport works). Apple uses this information to verify who you are and to comply with banking regulations. The verification usually takes a few minutes while you're setting up the account.

You'll also need a linked bank account—either a checking or savings account at another bank. This is where you'll transfer money to and from Apple Savings. You don't need to have an Apple Card, though having one makes the experience more seamless because the card and savings account are already connected in Wallet.

The step-by-step process to open the account

Open the Wallet app on your iPhone and tap the plus sign (+) in the upper right corner. Select "Savings" from the menu. You'll see information about the current interest rate and account features. Tap "Continue" to begin the setup.

Enter your full legal name, date of birth, and the last four digits of your Social Security number. Apple will ask you to confirm your address. Then you'll be asked to take a photo of your government-issued ID and a selfie so Apple can verify your identity. The photo verification usually completes within a few minutes, though it can take up to 24 hours in some cases.

Once your identity is verified, you'll link a bank account. You can do this by entering your bank's routing number and your account number, or by signing into your bank's app directly through Apple's system. After you link the account, you can transfer money. Your first transfer into Apple Savings can take one to three business days to arrive.

How to move money in and out

Once the account is open, you can transfer money from your linked bank account into Apple Savings, or from Apple Savings back to your bank account. Open Wallet, tap the Savings card, and select "Transfer." Choose the amount and direction (into or out of savings), then confirm.

Transfers are not when ready. Money moving from your bank account into Apple Savings usually arrives within one to three business days. Money moving from Apple Savings back to your bank account follows the same timeline. This delay is normal for all banks and is built into how the banking system works.

You can also set up automatic transfers if you want to move a fixed amount into savings on a regular schedule—for example, $100 every payday. This can help you build savings without having to remember to transfer money manually. You set this up in the Savings card settings.

Understanding the interest rate and how it changes

The interest rate on Apple Savings is not fixed. It changes when the Federal Reserve changes its benchmark interest rate, which happens several times a year. When the Fed raises rates, high-yield savings accounts typically raise their rates too. When the Fed lowers rates, savings account rates fall as well.

You can see the current APY (annual percentage yield) in the Wallet app at any time. The APY tells you how much interest you'll earn in a year if the rate stays the same. For example, if the APY is 4.5% and you have $10,000 in the account, you'd earn about $450 in interest over a year (before taxes). The actual interest is calculated daily and added to your account monthly.

Apple doesn't may provide that the rate will stay high or that it will be the highest available. Other banks offer high-yield savings accounts too, and their rates may be higher or lower than Apple's at any given time. If you're comparing accounts, check the current rates at multiple banks before deciding.

FDIC insurance and account safety

Money in Apple Savings is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means if Goldman Sachs (the bank holding your money) fails, the FDIC will reimburse you for up to $250,000 in the account. This is the same protection any bank account has.

If you have more than $250,000 in savings, only the first $250,000 is insured. The rest is not protected by FDIC insurance. If you have multiple accounts at Goldman Sachs under your name, the $250,000 limit applies across all of them combined, not per account.

Your account is also protected by standard banking security. Apple uses encryption to protect your data, and you can set up Face ID or Touch ID so only you can access the account on your phone. If your phone is lost or stolen, you can sign into Wallet on another device and your account is still there.

When Apple Savings might not be the right choice

If you don't own an iPhone or iPad, you can't open Apple Savings. There is no web version and no Android app. This is a hard limit—if you use Android or a Windows computer, you'll need to look at other high-yield savings accounts.

If you rarely use Apple Pay or the Apple ecosystem, the convenience of having savings in Wallet may not matter to you. In that case, a high-yield savings account from another bank might work just as well and could have a higher interest rate at any given moment. Compare rates across several banks before deciding.

If you need to access your money when ready, Apple Savings is not the right tool. Transfers take one to three business days. If you need when ready access to cash, keep that money in a checking account instead. Savings accounts are meant for money you're not spending right away.

Frequently Asked Questions

Can I open Apple Savings if I don't have an Apple Card?

Yes. You don't need an Apple Card to open Apple Savings. The account works on its own. Having an Apple Card makes the experience slightly more integrated because both the card and savings account appear in Wallet, but it's not required.

What happens to my interest if I withdraw money before the end of the month?

Interest is calculated daily and added to your account once a month. If you withdraw money before the month ends, you still earn interest on the money that was in the account. You don't lose interest for early withdrawal—that's one advantage of a savings account over a certificate of deposit.

Can I set up Apple Savings on a shared family account?

No. Each Apple Savings account is tied to a single Apple ID and a single person's Social Security number. Family members would each need their own Apple ID and their own account. You cannot share one account between multiple people.

What if the interest rate drops and I want to move my money elsewhere?

You can transfer your money out to another bank at any time. There's no penalty for closing the account or moving your balance. Transfers take one to three business days. You're not locked in, so if another bank offers a better rate, you're free to move your money.

Is Apple Savings the same as a money market account?

No. Apple Savings is a high-yield savings account. A money market account is a different product that sometimes offers higher interest rates but may require a larger minimum balance and limit how many withdrawals you can make per month. Apple Savings has no withdrawal limits and no minimum balance.