The basic answer: almost anyone with an iPhone and a valid ID

Apple Savings Account is a high-yield savings account offered through Goldman Sachs, and you can open one directly through the Wallet app on your iPhone. You do not need to be an existing Apple customer beyond having an iPhone, and you do not need to visit a branch or mail in paperwork. The main requirements are straightforward: you must be at least 18 years old, have a valid government-issued ID, a Social Security number or Individual Taxpayer Identification Number (ITIN), and a U.S. address.

The account is designed to be straightforward to set up. Apple does not require a minimum deposit to open it, and there are no monthly fees. The process happens entirely on your phone, which makes it accessible to people who may not have straightforward access to a physical bank branch or who prefer to manage money digitally.

Key Takeaways

  • You must be at least 18 years old, have a valid government-issued ID, and a Social Security number or ITIN to open an Apple Savings Account.
  • The account opens through the Wallet app on an iPhone, so you need an iPhone to set up and manage the account.
  • Apple does not require a minimum opening deposit, and there are no monthly maintenance fees.
  • If you do not have an ITIN or Social Security number, you cannot open this account, though you may have other savings options available.

What you need before you start

Gather these items before you open the app: a valid government-issued ID (a driver's license, state ID card, or passport), your Social Security number or ITIN, and your current address. You will also need an iPhone with the latest version of the Wallet app and an internet connection to complete the setup.

If you do not have a Social Security number or ITIN, you cannot open an Apple Savings Account. A Social Security number is a nine-digit identifier issued by the U.S. Social Security Administration. An ITIN is issued by the Internal Revenue Service to people who do not have a Social Security number but need to file taxes or conduct financial business in the United States. If you are unsure whether you have an ITIN, check any tax documents you have filed or contact the IRS directly.

Why you need a government ID and Social Security number

Banks are required by federal law to verify your identity and check your background before opening an account. This process is called Know Your Customer (KYC) verification. It protects both you and the bank by preventing fraud and money laundering. When you provide your ID and Social Security number, Apple and Goldman Sachs use that information to confirm you are who you say you are and to check whether you have any history that would prevent you from opening a bank account.

This is not unique to Apple. Every bank in the United States follows the same rules. The verification happens automatically during the setup process on your phone, and you will know within minutes whether you have been approved.

If you do not have an iPhone

Apple Savings Account is only available through the Wallet app on an iPhone. If you use an Android phone, a flip phone, or do not own a smartphone, you cannot open this account. You would need to explore other savings accounts offered by traditional banks, credit unions, or other online banks that work on Android or do not require a smartphone at all.

If you are considering buying an iPhone specifically to open this account, keep in mind that the account itself is free, but an iPhone is a significant upfront cost. Compare the interest rate and features of this account against other savings accounts available to you before making that decision.

Age requirements and accounts for younger people

You must be at least 18 years old to open an Apple Savings Account in your own name. If you are under 18, you cannot open this account independently. Some banks and credit unions offer savings accounts for minors, usually with a parent or guardian as a co-owner, but Apple does not offer this option.

If you are a parent or guardian looking to open a savings account for a child, ask your bank or credit union whether they offer youth savings accounts. These accounts often have lower or no fees and may include educational tools to help young people learn about money management.

What happens after you open the account

Once your account is open, you can deposit money by transferring it from another bank account you own. You can also set up direct deposit, where your employer or benefits provider sends your paycheck or payment directly into the Apple Savings Account. The account earns interest on the money you keep in it, and that interest is calculated daily and added to your account monthly.

You manage the account entirely through the Wallet app. You can check your balance, see your interest earnings, transfer money out, and set up savings goals. If you ever need to close the account, you can do that through the app as well. There is no penalty for closing it.

Frequently Asked Questions

Do I need to be an Apple customer to open an Apple Savings Account?

No. You only need an iPhone to access the Wallet app where you open and manage the account. You do not need to own other Apple products, subscribe to Apple services, or have an Apple ID beyond what is required to use your iPhone.

What if I was denied when I tried to open the account?

If your process was denied, the Wallet app will show you a reason. Common reasons include a mismatch between the information you provided and what appears in your credit file, or a history of fraud or unpaid debts. You can contact Goldman Sachs customer service through the Wallet app to ask for more details and to see whether you can correct the information.

Can I open an Apple Savings Account if I have bad credit?

Apple Savings Account does not use your credit score to decide whether to open an account. However, the bank does check whether you have unpaid debts or fraud history. A low credit score alone will not disqualify you, but other financial history may. If you are denied, ask what specific reason was given.

What if I do not have a Social Security number but I live in the United States?

If you have an ITIN, you can use that instead. If you do not have either a Social Security number or an ITIN, you cannot open an Apple Savings Account. You may be able to open a savings account at a credit union or community bank that has different requirements — call ahead to ask what they need.

Is my money safe in an Apple Savings Account?

Yes. The account is held at Goldman Sachs, which is a bank insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance means that if the bank fails, the government protects your money up to $250,000 per account. Your deposits are as safe as they would be at any other FDIC-insured bank.