What the Apple Savings Account is and who can open one

Apple Savings is a high-yield savings account run through Goldman Sachs, a bank that partners with Apple. You don't need an Apple device to open one — you need an Apple ID, which is free to create. The account earns interest on the money you deposit, and there are no monthly fees, no minimum balance requirement, and no overdraft fees.

You can open an Apple Savings account if you are at least 18 years old and a U.S. resident with a valid Social Security number. You'll need a debit card or bank account to fund the account after you open it, though you don't need to be a customer of any particular bank.

The account lives inside the Wallet app on your iPhone, iPad, or Mac. If you don't have an Apple device, you can still manage the account through a web browser on any computer.

Key Takeaways

  • You need an Apple ID and a U.S. address to open an Apple Savings account, but no Apple device is required.
  • The account is FDIC-insured through Goldman Sachs, meaning your deposits up to $250,000 are protected if the bank fails.
  • You can open the account in about 10 minutes by providing your name, address, date of birth, and Social Security number.
  • After opening, you transfer money in from another bank account using your routing and account numbers, or by receiving a direct deposit.
  • The interest rate changes over time and is set by Goldman Sachs, so check the current rate before you open.

Step-by-step: opening the account on your iPhone or iPad

Open the Wallet app and tap the plus sign in the upper right corner. Select "Savings Account" from the menu. You'll see the current interest rate and a button that says "Open Savings Account" — tap it.

Apple will ask you to sign in with your Apple ID. If you don't have one, you can create it during this process by providing an email address and password. After you sign in, you'll move through a series of screens that ask for your full name, date of birth, address, and last four digits of your Social Security number. Answer each one and tap "Continue."

On the next screen, Apple asks you to confirm your identity. You'll take a photo of your face and a photo of your ID (driver's license, passport, or state ID). Hold your ID steady and make sure your face is clearly visible in the photo. This usually takes less than a minute.

After identity verification, you'll review the account terms and tap to agree. The account opens when ready. You'll then see a screen showing your new account number and routing number — write these down or take a screenshot, because you'll need them to transfer money in.

Step-by-step: opening the account on a computer

Go to apple.com/savings in a web browser and click "Open Savings Account." Sign in with your Apple ID or create one if you don't have it yet. You'll fill in the same information: name, date of birth, address, and Social Security number.

For identity verification on a computer, you'll upload a photo of your ID file instead of taking one with a camera. The file must be a clear photo or scan of the front of your ID. After you upload it, Apple may ask you to confirm your identity by answering security questions about your credit history — this is normal and takes a few minutes.

Once verification is complete, you'll agree to the terms and your account opens. Save your account number and routing number somewhere you can find them later.

Funding your account after it opens

Your Apple Savings account is now open, but it has no money in it yet. You fund it by transferring money from another bank account you own. You'll need the routing number and account number from that bank.

On your iPhone or iPad, open Wallet, tap your Savings Account, and look for a button that says "Add Money" or "Transfer." On a computer, log in at apple.com and find the transfer option in your account settings. Enter the amount you want to transfer and the routing and account numbers from your other bank.

The first transfer usually takes one to three business days. After that, transfers are often faster. You can also set up a direct deposit from your employer or another source — Apple will give you the account and routing numbers to provide to your employer's payroll department.

What happens if verification fails

If Apple cannot verify your identity from your ID photo or your answers to security questions, you'll see a message saying verification was unsuccessful. This sometimes happens if the photo is blurry, the ID is expired, or the information doesn't match what's in your credit file.

You can try again when ready. Take a clearer photo of your ID, or if you're on a computer, upload a different file. If you're asked security questions, answer as carefully as you can — these questions are based on your credit history, so the answers should match what's in your credit report.

If verification fails a second time, contact Apple Support through the Wallet app or at apple.com/support. A representative can help you troubleshoot or may be able to verify you through an alternative method.

Understanding FDIC insurance and account safety

Your money in an Apple Savings account is FDIC-insured, which means it's protected by the Federal Deposit Insurance Corporation. If Goldman Sachs fails, the FDIC will return your deposits up to $250,000. This protection applies to each account owner separately, so if you and a spouse each have your own Apple Savings account, you're each covered up to $250,000.

Your account is also protected by Apple's security features. You sign in with your Apple ID, which uses two-factor authentication — a code sent to your phone or email that you have to enter to prove it's really you. This makes it much harder for someone else to access your account even if they know your password.

You can see all your transactions in the Wallet app or on the web. If you notice a transfer you didn't make, contact Apple Support right away. You're not responsible for unauthorized transfers if you report them promptly.

Interest rates and how your money grows

The interest rate on Apple Savings changes over time. It's set by Goldman Sachs and moves up or down based on what the Federal Reserve does with interest rates in the broader economy. When you open your account, you'll see the current rate displayed on the opening screen.

Interest is calculated daily on the balance in your account and paid to you monthly. This means if you have $1,000 in the account, you earn a small amount of interest each day, and at the end of the month that interest is added to your balance. The next month, you earn interest on the original $1,000 plus the interest from the previous month — this is called compound interest.

You can check the current interest rate anytime by opening your Savings Account in Wallet or logging in on the web. If the rate drops significantly and you're unhappy with it, you can transfer your money to a different savings account. There's no penalty for closing an Apple Savings account.

Frequently Asked Questions

Do I need an iPhone to open an Apple Savings account?

No. You need an Apple ID, which is free to create, but you can manage the account through a web browser on any computer. You don't need to own any Apple device.

How long does it take to open the account?

The account usually opens in 10 to 15 minutes. Identity verification is the longest part. After you open it, transfers from another bank account take one to three business days to arrive.

What if I don't have a Social Security number?

Apple Savings requires a valid U.S. Social Security number to open. If you have an Individual Taxpayer Identification Number (ITIN) instead, you may not be able to open this account. Contact Apple Support to ask about your specific situation.

Can I have more than one Apple Savings account?

No. You can have only one Apple Savings account per Apple ID. If you want to open another account, you would need to create a different Apple ID.

What if I want to close my account?

You can close your Apple Savings account anytime by transferring your money out and then requesting closure in the app or on the web. There's no fee and no waiting period. Make sure you transfer all your money first — once the account is closed, you can't deposit into it anymore.