What Apple Savings Accounts Are and Who Offers Them

Apple doesn't run a bank itself. Instead, Apple partnered with Goldman Sachs to offer a savings account through the Apple Wallet app on your iPhone. The account is called Apple Savings, and it's a real savings account held at Goldman Sachs Bank, USA — a federally chartered bank insured by the FDIC (Federal Deposit Insurance Corporation), which means your money is protected up to $250,000.

You access and manage the account entirely through Apple Wallet. You can deposit money, check your balance, move money out, and see how much interest you've earned — all without visiting a branch or calling a phone number. The account has no monthly fees, no minimum balance requirement, and no maximum deposit limit.

The interest rate changes based on market conditions, so it varies over time. When you open the account, Apple will show you the current rate before you confirm.

Key Takeaways

  • Apple Savings is a real savings account run by Goldman Sachs Bank and insured by the FDIC, accessible only through the Apple Wallet app on an iPhone.
  • You need an iPhone with a compatible operating system, an Apple ID, and a valid government ID to open an account.
  • The entire process — from starting to funding your account — happens in the Wallet app and typically takes less than 10 minutes.
  • You can transfer money in and out using your linked debit card or bank account, and the account earns interest automatically with no fees.
  • If you don't have an iPhone or prefer a different bank, traditional savings accounts at credit unions or community banks offer similar FDIC protection.

What You Need Before You Start

To open an Apple Savings account, you need four things. First, an iPhone running iOS 16.1 or later — the account only works on iPhones, not iPads, Android phones, or computers. Second, an Apple ID that you use to sign into your iPhone. Third, a valid government-issued photo ID — a driver's license, state ID, or passport. Fourth, either a debit card or a bank account number and routing number so you can move money into your new savings account.

You don't need to be a customer of any particular bank. You don't need a minimum amount of money to start. You don't need to have had a savings account before.

If you don't have an iPhone, you cannot open an Apple Savings account. In that case, look into a savings account at a credit union, community bank, or online bank instead — they offer the same FDIC protection and often have no fees.

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. Read the terms and conditions, then tap "Continue."

Enter your full legal name, date of birth, and the last four digits of your Social Security number. Apple uses this information to verify your identity. Tap "Continue."

You'll be asked to take a photo of your government ID and a selfie. Hold your ID up to the camera so all four corners are visible and the text is clear. Then take a selfie looking straight at the camera. This is how Goldman Sachs confirms you are who you say you are.

Review the information you entered. If it's correct, tap "Continue." Goldman Sachs will verify your identity, which usually takes a few minutes but can take up to 24 hours. You'll see a message in Wallet when verification is complete.

Once verified, link a debit card or bank account so you can deposit money. Tap "Add Payment Method" and follow the prompts. If you use a debit card, the amount appears when ready. If you use a bank account, it may take one to three business days.

Deposit your first amount. You can deposit as little as $1. The money goes into your savings account and starts earning interest right away.

Moving Money In and Out of Your Account

To deposit money, open Wallet, tap your Apple Savings card, and select "Add Money." Choose the debit card or bank account you linked, enter the amount, and confirm. Debit card deposits show up when ready. Bank account deposits take one to three business days.

To withdraw money, tap your Apple Savings card, select "Transfer to Bank," choose where you want the money to go, enter the amount, and confirm. The money leaves your savings account and arrives at your linked bank account in one to three business days.

You can move money as often as you want. There are no limits on how many times you can deposit or withdraw, and no fees for either action.

How Interest Works on Apple Savings

Your money earns interest automatically. The interest rate is set by Goldman Sachs and changes based on what the Federal Reserve does with interest rates. When you open your account, you'll see the current rate. That rate may go up or down over time.

Interest is calculated daily and added to your account monthly. This means every day your money sits in the account, it earns a tiny bit of interest. At the end of each month, all that daily interest is added to your balance at once. You don't have to do anything — it happens automatically.

You can see how much interest you've earned by opening Wallet, tapping your Apple Savings card, and scrolling down to the interest section. The app shows your total interest earned since you opened the account.

What Happens If You Have Problems

If you forget your Apple ID password or can't access Wallet, you can still reach your money. Contact Goldman Sachs directly at 1-855-471-3212. They can help you regain access to your account or answer questions about your balance and transactions.

If your iPhone is lost or stolen, your savings account is still safe. Sign into Wallet on a different device using your Apple ID, and your account will appear. You can transfer money out when ready if you need to.

If you want to close your account, transfer all your money out through the Wallet app. Once your balance reaches zero, the account closes automatically. You don't need to call anyone or fill out forms.

Alternatives If Apple Savings Doesn't Work for You

Apple Savings requires an iPhone and limits you to managing money through one app. If you want more flexibility, consider a savings account at a credit union or community bank. These accounts offer the same FDIC protection, often have no fees, and you can access them from any device — phone, computer, or in person at a branch.

Online banks like Ally, Marcus, or Discover also offer high-yield savings accounts with no fees and no minimum balance. You can open them on any device and manage them through a website or app. The main difference is that you can't deposit cash in person — you transfer money from another bank account.

If you prefer to work with a person, a local credit union or community bank lets you walk in, speak to someone, and open an account on the spot. This can be helpful if you're new to banking or have questions about how savings accounts work.

Frequently Asked Questions

Is my money safe in an Apple Savings account?

Yes. The account is held at Goldman Sachs Bank, which is a federally chartered bank. Your money is insured by the FDIC up to $250,000, which means even if the bank fails, you keep your money. Apple itself doesn't hold your funds — they're in the bank.

Can I use Apple Savings on an Android phone?

No. Apple Savings only works on iPhones running iOS 16.1 or later. If you use Android, you'll need to open a savings account at a different bank.

How long does it take to open an account?

The entire process usually takes less than 10 minutes. Identity verification can take a few minutes to 24 hours. Once verified, you can deposit money and start earning interest right away.

What if I want to close my account?

Transfer all your money out through the Wallet app. Once your balance reaches zero, the account closes automatically. You don't need to contact the bank or fill out any forms.

Can I have more than one Apple Savings account?

No. You can only open one Apple Savings account per Apple ID. If you need multiple savings accounts, you would need to open accounts at different banks.