What Apple Savings Is and Who Can Open One
Apple Savings is a savings account offered through Goldman Sachs, a bank that partners with Apple. You access it through the Wallet app on your iPhone — the same app where you keep your Apple Pay cards. The account earns interest on the money you deposit, and you can move money in and out through your phone.
To open an Apple Savings account, you need an iPhone, an Apple ID, and to be at least 18 years old. You do not need an existing relationship with Goldman Sachs or Apple Bank. The account is separate from any credit cards you may have with Apple.
Apple Savings is only available in the United States right now. If you live outside the US, this account is not an option for you yet.
Key Takeaways
- You open an Apple Savings account entirely through the Wallet app on your iPhone by tapping the plus sign and selecting Savings.
- The process asks for your Social Security number, date of birth, address, and income information so Goldman Sachs can verify your identity.
- You can deposit money by transferring it from another bank account you own, and you can withdraw it the same way.
- The interest rate changes over time, so check the current rate in the Wallet app before you open the account.
The Steps to Open Your Account
Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings" from the menu. You will see the current interest rate and basic information about how the account works. Tap "Continue" to start the process.
Apple will ask you to confirm your identity. You will enter your full legal name, date of birth, the last four digits of your Social Security number, and your current address. This is standard for any bank opening a new account — the bank needs to verify you are who you say you are.
Next, you will answer questions about your income and employment. You do not need to be employed to open the account, but Goldman Sachs asks this information as part of their process. Answer honestly based on your current situation.
Review the account terms and conditions, then tap to agree. Your account opens when ready. You can start using it right away, though you will not see the account in Wallet until you make your first deposit.
How to Deposit Money Into Your Apple Savings Account
Once your account is open, you link it to another bank account you own. This is the account you will transfer money from. Open Wallet, tap your Savings account, and select "Add Money." Choose the bank account you want to transfer from and enter the amount.
The first transfer may take a few business days to complete. After that, transfers usually happen within one business day. You can transfer money as often as you want, and there is no limit on how much you can deposit (though your bank may have limits on how much you can transfer at once).
You can also receive direct deposit into your Apple Savings account if your employer supports it. Ask your employer's payroll department for the routing number and account number for your Apple Savings account, which you can find in the Wallet app under account details.
Withdrawing Money and Checking Your Balance
To withdraw money, open Wallet, tap your Savings account, and select "Transfer Money." Choose how much you want to move and which bank account to send it to. The money will arrive within one to three business days, depending on your bank.
You can check your balance and transaction history anytime in the Wallet app. The app shows you how much interest you have earned and when it was added to your account. Interest is usually added monthly.
There is no monthly fee for an Apple Savings account, and you can withdraw money whenever you need it. There are no penalties for taking money out, even if you just opened the account.
What Happens If Your Information Changes
If you move to a new address, change your phone number, or update your name, you can change this information in the Wallet app under your account settings. Tap your profile, then select the information you want to update.
If you get a new iPhone, you can access your Apple Savings account on the new phone using the same Apple ID. Your money stays in the account — it does not disappear when you change phones.
If you close your Apple Savings account, you will need to withdraw all your money first. Once the account is empty, you can delete it from Wallet. The process takes a few minutes.
Understanding the Interest Rate and How It Works
Apple Savings earns interest, which means the bank pays you a small percentage of the money you keep in the account. The interest rate changes over time based on what the Federal Reserve does with interest rates across the country. You can see the current rate in the Wallet app.
Interest is calculated daily but added to your account once a month. This means if you have $1,000 in the account for a full month, you earn interest on that $1,000. If you add $500 halfway through the month, you earn less interest that month because the extra $500 was only in the account for half the time.
The interest you earn is taxable income. At the end of the year, Goldman Sachs will send you a form showing how much interest you earned. You will report this on your tax return.
Frequently Asked Questions
Do I need an Apple credit card to open Apple Savings?
No. Apple Savings is separate from any Apple credit cards. You can have one without the other. You only need an iPhone, an Apple ID, and to be 18 or older.
What if I do not have another bank account to transfer money from?
You need at least one other bank account to link to your Apple Savings account. This is how you move money in and out. If you do not have a bank account yet, you will need to open one at a traditional bank, credit union, or online bank first.
Is my money safe in an Apple Savings account?
Yes. The account is held at Goldman Sachs, which is a bank insured by the FDIC (Federal Deposit Insurance Corporation). This means if something happens to the bank, your money up to $250,000 is protected by the federal government.
Can I use Apple Savings to pay bills or make purchases?
No. Apple Savings is a savings account only. You cannot use it like a checking account. To pay bills or make purchases, you need to transfer money to a checking account first, then use that account or a debit card.
What happens to my account if I stop using it?
Nothing. You can leave money in your Apple Savings account and not touch it for months or years. You will continue to earn interest. There is no fee for having an inactive account.