What Apple Savings Actually Is
Apple Savings is a high-yield savings account run by Goldman Sachs, a bank, but you open and manage it entirely through the Apple Wallet app on your iPhone. You do not go to a branch or a separate website. The account earns interest on money you deposit, and Apple does not charge monthly fees.
This is different from a regular Apple Pay account. Apple Pay is just a way to pay with your phone at stores. Apple Savings is an actual bank account where your money sits and grows. You need an iPhone, an Apple ID, and to be at least 18 years old.
Key Takeaways
- You set up Apple Savings directly in the Wallet app on your iPhone by tapping the plus sign and selecting "Savings Account."
- The account is insured by the FDIC up to $250,000, the same protection regular bank accounts have.
- You can move money in and out through transfers from another bank account you own, and you can see your interest earnings in the Wallet app.
- There are no monthly fees, no minimum balance requirement, and no limits on how many times you can withdraw money.
- The interest rate changes over time based on market conditions, so check the current rate before you open the account.
Step-by-Step Setup in the Wallet App
Open the Wallet app on your iPhone and look for the plus sign in the upper right corner. Tap it and scroll down until you see "Savings Account." Tap that option.
The app will ask you to confirm your Apple ID and may ask you to verify your identity. This usually means taking a photo of your ID and a selfie. Goldman Sachs uses this to confirm you are who you say you are — it is a security step required by law for opening any bank account.
Once your identity is verified, the app will show you the current interest rate and ask you to agree to the account terms. Read through these, then tap to agree. Your account opens when ready. You can now move money into it.
How to Add Money to Your Account
Apple Savings does not have a debit card attached to it. You cannot deposit cash at a store or ATM. Instead, you transfer money from another bank account you already own — a checking account at another bank, for example.
In the Wallet app, tap your new Savings Account and look for "Transfer Money" or a similar button. You will be asked to link a bank account. Enter the routing number and account number from the bank account you want to transfer from. You can find these on a check, in your online banking, or by calling that bank.
Once linked, you can transfer money whenever you want. The transfer usually takes one to three business days to show up in your Apple Savings account. There is no limit on how much you can transfer or how often.
Understanding Interest and How It Works
Interest is money the bank pays you for letting them hold your money. With Apple Savings, the interest rate is set by Goldman Sachs and changes based on what the Federal Reserve does with interest rates in the broader economy. The rate you see when you open the account may not be the rate you earn a year from now.
Interest is calculated daily but paid monthly. This means every day, the bank figures out a tiny fraction of interest based on your balance that day. At the end of the month, all those daily amounts are added together and deposited into your account. You can see how much interest you have earned by opening the Wallet app and looking at your account details.
The interest is taxable income. At the end of the year, Goldman Sachs will send you a form called a 1099-INT that shows how much interest you earned. You will report this on your tax return.
Moving Money Out or Closing the Account
You can withdraw money from Apple Savings anytime, with no penalty and no limit on how many times you withdraw. In the Wallet app, tap your account and look for "Transfer Money" or "Withdraw." You will choose which bank account to send the money to — it must be a bank account in your name that you have already linked.
The money usually arrives in one to three business days. If you want to close the account entirely, you can do that in the app settings as well. Make sure you have moved all your money out first, or it will be returned to you by mail.
FDIC Insurance and Account Safety
Your money in Apple Savings is insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000. This means if Goldman Sachs fails as a bank, the government will pay you back up to that amount. This is the same protection you get at any bank.
Your account is also protected by Apple's security features. You log in with your Apple ID, which uses Face ID or Touch ID on your phone. No one else can access your account without your phone and your biometric data.
When Apple Savings Might Not Be Right for You
If you do not have an iPhone, you cannot use Apple Savings. There is no Android app and no website version. You must use the Wallet app on an Apple device.
If you need to deposit cash, Apple Savings will not work. You would need a regular bank account at a bank with branches or ATMs where you can deposit physical money. If you need a debit card to use at stores, Apple Savings does not offer one — you would use Apple Pay with a linked credit or debit card instead, but that is different from the savings account itself.
If the interest rate drops very low, you might find better rates at other online banks. Interest rates change, so it is worth comparing before you move your money.
Frequently Asked Questions
Do I need a credit card or checking account to open Apple Savings?
You need to link a bank account to transfer money in and out, but it does not have to be a checking account — it can be any account at any bank in your name. You do not need a credit card.
What happens to my interest if I withdraw money before the month ends?
Interest is calculated daily on whatever balance you have each day. If you withdraw money on the 15th, you earn interest on your full balance for the first 14 days, then on the lower balance for the rest of the month. You do not lose interest by withdrawing early.
Can I set up Apple Savings on a family member's phone?
No. Each account must be opened by the person whose name is on it, using their own Apple ID and their own iPhone. A parent cannot open an account for a child under 18.
Is Apple Savings the same as Apple Cash?
No. Apple Cash is a way to send money to other people through your phone and spend it at stores using Apple Pay. Apple Savings is a bank account where money sits and earns interest. They are separate products.
What if I forget my Apple ID password?
You can reset it on Apple's website or through the Settings app on your iPhone. Your bank account itself is not affected — once you log back in with your correct password, you can access it normally.