Apple Card does not offer a separate savings account — it offers a savings feature built into the Wallet app

If you have an Apple Card, you can open what Apple calls a "Savings" account directly through the Wallet app on your iPhone. This is not a traditional savings account at a bank. Instead, it is a high-yield savings account held at Goldman Sachs Bank USA, a real bank, but you manage it entirely through Apple's app. You do not go to a branch or fill out a paper process.

The account is linked to your Apple Card, but you do not need to use your Apple Card to fund it or earn interest. You can transfer money into it from any bank account you own, and the money sits there earning interest. Apple does not charge a monthly fee, and there is no minimum balance required to open one.

This setup is different from a traditional savings account because you cannot write checks, use a debit card, or visit a physical location. Everything happens in the app. If you want a savings account you can access at a branch or through a separate debit card, you will need to open an account at a bank or credit union instead.

Key Takeaways

  • Apple's Savings account is held at Goldman Sachs Bank USA and managed entirely through your iPhone Wallet app — there are no branches or paper forms.
  • You must have an Apple Card to open the Savings account, but you do not need to use the card to fund it or earn interest.
  • You can transfer money into the account from any bank account you own, and the interest rate changes based on what Goldman Sachs offers.
  • The account has no monthly fees, no minimum balance, and no withdrawal limits, but you cannot write checks or use a debit card.
  • If you need a traditional savings account with branch access or a debit card, you should open an account at a bank or credit union instead.

What you need before you start

You must have an Apple Card already open. If you do not have one, you will need to open that first through the Wallet app. The process takes about 10 minutes and requires a Social Security number, a valid ID, and a U.S. address.

You also need an iPhone with the latest version of the Wallet app. The Savings feature does not work on Android phones or through a web browser. If you have an older iPhone, update your iOS to the current version before you try to open the account.

Finally, you will need access to another bank account to fund the Savings account — either a checking account at another bank, a credit union, or another financial institution. You will provide the routing number and account number from that account so you can transfer money in.

The steps to open the account in the Wallet app

Open the Wallet app on your iPhone and tap your Apple Card. Scroll down until you see the Savings option — it usually appears near the bottom of the card details. Tap "Open Savings Account" or "Learn More" depending on what version of iOS you have.

The app will show you the current interest rate that Goldman Sachs is offering. Read through the terms, which explain how interest is calculated and paid. Then tap the button to confirm you want to open the account. The account opens when ready — you do not have to wait for approval.

Once the account is open, you will see a new section in the Wallet app labeled "Savings." This is where you can see your balance, transfer money in and out, and watch your interest accumulate. The app shows you how much interest you have earned so far.

How to move money into your Savings account

Tap the Savings section in your Wallet app, then look for a button that says "Transfer" or "Add Money." You will be asked whether you want to transfer from another bank account or from your Apple Cash balance (if you have one). Choose the bank account option.

Enter the routing number and account number from the bank account you want to transfer from. You can find these numbers on a check, or by logging into your bank's website or app. The Wallet app will verify the account by making two small test deposits — usually a few cents each — to that account.

Once the account is verified, you can transfer money whenever you want. There is no limit on how much you can transfer in or how often you can do it. The money usually arrives within one to two business days. You can also transfer money back out to your original bank account using the same process.

Understanding the interest rate and how it changes

Goldman Sachs sets the interest rate on the Savings account, and it changes over time based on what the Federal Reserve does with interest rates. The rate you see when you open the account may not be the same rate six months from now. Apple does not set the rate — Goldman Sachs does — so Apple cannot may provide what you will earn.

The interest is calculated daily based on your balance and paid monthly into your Savings account. You do not have to do anything to earn it — it just accumulates. The Wallet app shows you exactly how much interest you have earned at any time.

If you want to know what the current rate is, open the Wallet app and look at the Savings section. The rate is displayed there. You can also check Goldman Sachs' website directly, though most people just check through the app.

What happens if you close your Apple Card

If you close your Apple Card, your Savings account will also close. Goldman Sachs will send you the money in the account back to the bank account you originally transferred it from. This usually takes three to five business days. You will not lose the money, but you will stop earning interest once the account closes.

If you are thinking about closing your Apple Card but want to keep a savings account, you should move your money out of the Savings account first and into a traditional savings account at a bank or credit union. That way you can keep the money earning interest somewhere else.

Frequently Asked Questions

Can I open an Apple Card Savings account without having an Apple Card?

No. The Savings account is only available to people who already have an Apple Card. You must open the Apple Card first through the Wallet app, which takes about 10 minutes. Once your card is approved, you can then open the Savings account.

Is my money safe in an Apple Card Savings account?

Yes. The account is held at Goldman Sachs Bank USA, which is a real bank insured by the FDIC. This means your money is protected up to $250,000 if the bank fails. Apple does not hold your money — Goldman Sachs does — so your deposits are covered by the same insurance that protects money at any other bank.

Can I withdraw money from the Savings account anytime I want?

Yes. There are no withdrawal limits or waiting periods. You can transfer money out to your bank account whenever you need it, and it usually arrives within one to two business days. You can also move money between your Apple Card and your Savings account when ready through the app.

What if I do not have an iPhone?

The Savings account only works on iPhone through the Wallet app. If you use an Android phone, you cannot open or manage an Apple Card Savings account. You would need to open a savings account at a traditional bank or credit union instead.

Does Apple charge fees for the Savings account?

No. There are no monthly fees, no minimum balance fees, and no transfer fees. Apple does not charge you anything to open or maintain the account. Goldman Sachs also does not charge fees — the interest rate they offer already accounts for their costs.