What Apple offers and what it is not

Apple does not run its own bank. What Apple offers is a savings account held at Goldman Sachs Bank USA, accessed through the Wallet app on your iPhone, iPad, or Mac. The account itself belongs to Goldman Sachs; Apple is the interface you use to manage it. This matters because your deposits are FDIC-insured up to $250,000 through Goldman Sachs, not through Apple.

The account comes with no monthly fees, no minimum balance requirement, and no overdraft fees because there is no debit card attached to it. You cannot spend from this account directly. Money moves in from your linked bank account, and out through transfers back to that same account or to other people via Apple Pay. The interest rate varies—Goldman Sachs sets it and changes it periodically, so check their current rate before you open the account.

If you want a checking account, a debit card, or the ability to write checks, this is not the product. If you want a place to set money aside and earn interest without touching it, this is straightforward.

Key Takeaways

  • Apple Savings is a Goldman Sachs account you access through Apple Wallet, not a separate Apple bank product.
  • You need an iPhone, iPad, or Mac running current software, an Apple ID, and a linked bank account to fund transfers.
  • The account has no fees, no minimum balance, and FDIC insurance up to $250,000 through Goldman Sachs.
  • You can only move money in from your bank account or out to your bank account—you cannot spend directly from the savings account.
  • The setup takes about 10 minutes if your information is ready, and the account is active when ready after you complete identity verification.

What you need before you start

Gather these items before opening the account: your Apple ID (the one you use for your iPhone or iCloud), your Social Security number, your date of birth, your current address, and the routing and account numbers for the bank account you want to link. If you do not have your routing number handy, your bank's website or a call to customer service will provide it in seconds.

Your device must be running a current version of iOS, iPadOS, or macOS. Apple Savings launched in 2023 and requires iOS 17 or later on iPhone, iPadOS 17 or later on iPad, or macOS Sonoma or later on Mac. If your device is older, you can still check whether it supports the current operating system before you start.

You must be at least 18 years old and a U.S. resident with a U.S. bank account. Non-U.S. residents and accounts held outside the United States are not supported.

The step-by-step process

Open the Wallet app on your device and tap the plus sign (+) in the upper right corner. Select "Savings Account" from the menu. Tap "get your free guide" and you will be asked to sign in with your Apple ID if you are not already signed in.

Enter your full name, date of birth, and the last four digits of your Social Security number. Apple will verify this information against your identity records. This step usually takes less than a minute. If verification fails, you will see an error message; in that case, check that you entered your information exactly as it appears on your official documents.

Next, enter your current residential address. Apple uses this to confirm you are a U.S. resident and to comply with banking regulations. If you have moved recently, use your current address, not a previous one.

You will then link your bank account. Enter your bank's name, your account number, and your routing number. Apple will make two small test deposits to your bank account—usually $0.01 and $0.02—within one to two business days. Once those deposits arrive, you return to the Wallet app and enter the amounts to confirm you own the account. This verification step prevents someone else from linking your bank account without permission.

After verification is complete, your savings account is active and ready to receive transfers. The entire process from start to finish takes about 10 minutes if you have all your information ready.

How money moves in and out

To deposit money, open Wallet, tap your savings account, and select "Transfer In." Choose the amount and confirm. The money comes from your linked bank account and usually arrives within one business day. Weekends and holidays may add a day.

To withdraw money, tap "Transfer Out," choose your amount, and confirm. The money goes back to your linked bank account using the same timeline—usually one business day, longer on weekends or holidays.

You cannot transfer money between Apple Savings and other accounts you hold at different banks directly. All transfers go through your linked bank account. If you want to move money to a different bank, transfer it out to your linked account first, then move it from there to the other bank using that bank's own transfer tools.

There is no limit to how many transfers you can make per month, and no fees for any of them.

Interest and how it compounds

Your balance earns interest daily and the interest compounds daily, meaning you earn interest on your interest. The rate is set by Goldman Sachs and can change at any time. You can see the current rate in the Wallet app before you open the account, and the app will notify you if the rate changes after you open it.

Interest is deposited to your account monthly. You do not have to do anything to receive it; it straightforward appears as a deposit on the first business day of the month. The interest is taxable income, and Goldman Sachs will send you a 1099-INT form by January 31 each year for tax filing purposes.

What happens if you need to close the account

You can close your Apple Savings account at any time through the Wallet app. Tap your savings account, scroll down, and select "Close Account." You will be asked to transfer any remaining balance out to your linked bank account. The account closes when ready after the transfer is initiated.

If you have a balance remaining and do not transfer it out before closing, Goldman Sachs will mail you a check. This takes longer than a transfer, so move your money out before you close if you need it quickly.

Security and what to watch for

Your savings account is protected by the same security as your Apple ID. If someone gains access to your Apple ID, they can access your savings account and transfer money out. Use a strong, unique password for your Apple ID and enable two-factor authentication if you have not already. Two-factor authentication requires a code from a trusted device or phone number when you sign in from a new location, which stops most unauthorized access.

Apple Savings does not have a debit card or checkbook, so there is no physical card to lose or checks to forge. The only way money leaves your account is through a transfer you initiate in the Wallet app or through a transfer someone makes if they have access to your Apple ID.

If you notice a transfer you did not make, contact Goldman Sachs when ready. The phone number is in the Wallet app under your account settings. Do not wait—banks have time limits for disputing unauthorized transfers.

Frequently Asked Questions

Can I use Apple Savings if I do not have an iPhone?

You can use it on iPad or Mac if they run current software. You cannot use it on Android or Windows devices. If you have an older iPhone that does not support iOS 17, you would need to upgrade your device to use Apple Savings.

What happens to my money if Apple goes out of business?

Your money is held by Goldman Sachs Bank USA, not by Apple. If Apple shut down tomorrow, your account would continue to exist at Goldman Sachs and your deposits would remain FDIC-insured up to $250,000. Apple is the app you use to access it, but the bank is separate.

Can I set up automatic transfers into my savings account?

Not directly through Apple Savings. You can set up automatic transfers from your linked bank account to Apple Savings through your bank's own app or website, then use Apple Savings to manage the balance. Some banks call this a "push" transfer, and most support it without extra fees.

What if my bank does not support the test deposit verification?

Most U.S. banks support it, but if yours does not, contact Goldman Sachs through the Wallet app. They have alternative verification methods, though they may take longer. You can also try linking a different bank account if you have one.

Does Apple Savings report to credit bureaus?

No. Savings accounts do not affect your credit score or appear on your credit report. Only credit products like loans and credit cards report to credit bureaus. Opening Apple Savings will not change your credit in any way.