You need the Apple Card first, then you can add a savings account through the Wallet app

The Apple Card Savings Account is not a separate product you can open on its own. It lives inside the Apple Wallet app and connects to an existing Apple Card — the credit card issued by Goldman Sachs. If you do not have an Apple Card yet, you will need to get one before you can set up savings. Once you have the card, opening the savings account takes about five minutes and requires no paperwork beyond what you already provided for the credit card.

The savings account earns interest at a rate set by Goldman Sachs and changes with the market. The rate is the same for all customers and updates automatically. Money moves between your Apple Card and the savings account when ready within the app, with no transfer fees or minimum balance.

Key Takeaways

  • You must have an Apple Card before you can open a savings account; the savings account is a feature within the Apple Wallet app, not a standalone product.
  • The account is held at Goldman Sachs Bank USA and is covered by FDIC insurance up to $250,000.
  • Interest rates change with market conditions and are the same for all customers; you can see the current rate in the Wallet app before you open the account.
  • Transfers between your Apple Card and the savings account happen when ready with no fees, and you can move money in or out at any time.
  • You need an iPhone, iPad, or Apple Watch running a current operating system to access the account.

Getting an Apple Card if you do not have one yet

To open an Apple Card, you start in the Wallet app on an iPhone or iPad. Tap the plus icon, select "Credit or Debit Card," then choose "Create a New Card." You will answer questions about your income, employment, and current debts. Goldman Sachs runs a credit check and makes a decision within minutes in most cases.

You need to be at least 18 years old, a U.S. resident, and have a valid Social Security number. The credit check is a hard inquiry, which means it will show on your credit report. If you are approved, the card number appears in the Wallet app when ready and you can use it right away. A physical titanium card ships separately and arrives in about a week.

If you are denied, Goldman Sachs will tell you why in the app. You can reapply after addressing the issue — for example, paying down debt or waiting for negative marks to age off your credit report. There is no fee to explore or to hold the card.

Opening the savings account once you have the Apple Card

Once your Apple Card is active in the Wallet app, look for a section labeled "Savings" or a button that says "Open Savings Account." Tap it and you will see the current interest rate and the terms. There are no may be able to access questions — if you have the Apple Card, you can open savings. Confirm that you want to proceed and the account opens when ready.

The savings account is held at Goldman Sachs Bank USA under your name and Social Security number. It is covered by FDIC insurance, which means your money is protected up to $250,000 if the bank fails. You do not need to sign any documents or provide additional information beyond what you already gave when you applied for the Apple Card.

How money moves in and out of the savings account

You can transfer money from your Apple Card to savings, from savings back to your Apple Card, or from an external bank account into savings. Transfers between your Apple Card and savings happen when ready within the app. Transfers from an external bank account take one to three business days, depending on your bank.

There are no limits on how many transfers you can make or how much you can move at once. You can set up automatic transfers — for example, moving a fixed amount to savings every time you get paid. You can also move money manually whenever you want. There are no fees for any of these transfers.

To transfer from an external bank account, you will need to verify that account first. The Wallet app will ask for your bank login or routing and account numbers. Once verified, you can transfer money to your Apple Card Savings Account just as you would to any other savings account.

What happens to interest and how it is paid

Interest accrues daily on your savings balance and is deposited into your account monthly. The rate is set by Goldman Sachs and changes when market conditions change. You can see the current rate in the Wallet app at any time, and the app will notify you if the rate changes.

Interest is paid directly into your savings account on the same day each month. You do not have to do anything to receive it — it happens automatically. The interest is taxable income, and Goldman Sachs will send you a 1099-INT form at the end of the year if you earned $10 or more in interest.

Limits and restrictions on the savings account

The account is FDIC insured up to $250,000. If you have more than $250,000 in savings, the amount over $250,000 is not covered by FDIC insurance. You can hold only one Apple Card Savings Account per person, even if you have multiple Apple Cards.

You can only access the account through the Wallet app on an iPhone, iPad, or Apple Watch. You cannot access it through a web browser or a traditional bank login. You must be running a current version of iOS, iPadOS, or watchOS to use the account.

If you close your Apple Card, your savings account will also close. Goldman Sachs will transfer any balance to an external bank account you provide. You have 30 days to provide that account information before the funds are returned to you by check.

Frequently Asked Questions

Can I use the savings account if I do not have an iPhone?

No. The Apple Card Savings Account is only available through the Wallet app, which runs on iPhone, iPad, and Apple Watch. You cannot access it through a website or on Android devices. If you do not have an Apple device, you will need to use a different savings account.

What happens to my savings if I close my Apple Card?

Your savings account closes when your Apple Card closes. Goldman Sachs will ask you to provide an external bank account where they can transfer your balance. You have 30 days to provide this information. If you do not, the funds will be mailed to you as a check.

Is the interest rate may provide to stay the same?

No. Goldman Sachs changes the interest rate based on market conditions. The rate is the same for all customers and updates automatically. You will be notified in the app when the rate changes, and you can see the current rate at any time.

Can I set up automatic transfers to the savings account?

Yes. You can set up recurring transfers from your Apple Card to savings on a schedule you choose — weekly, biweekly, monthly, or any custom interval. You can also transfer money manually at any time. There are no fees for transfers in either direction.

How long does it take to transfer money from my bank account to Apple Card Savings?

Transfers from an external bank account take one to three business days. Transfers between your Apple Card and savings happen when ready. The timing depends on your bank's processing speed for outgoing transfers.