The Apple Card savings account is a high-yield savings account run by Goldman Sachs that connects directly to your Apple Card

When you open an Apple Card account, you can link a savings account called Apple Card Savings to the same digital wallet. The account is held at Goldman Sachs Bank USA and earns interest on the balance you keep there. You fund it by transferring money from your linked bank account or by moving Daily Cash rewards from your Apple Card into savings instead of spending them.

The account has no monthly fees, no minimum balance requirement, and no maximum deposit limit. You can withdraw money at any time without penalty. The interest rate changes with market conditions, so check the current rate on Apple's website before you open the account.

Key Takeaways

  • You must have an Apple Card and an iPhone or iPad running the current version of iOS or iPadOS to open Apple Card Savings.
  • The account opens inside the Wallet app in three to five minutes and requires your Social Security number, date of birth, and address.
  • You can transfer money from your linked bank account to the savings account, or automatically send your Daily Cash rewards there instead of to your debit card.
  • Withdrawals go back to the bank account you linked during setup, and the transfer usually completes within one to three business days.

What you need before you start

You must have an active Apple Card in your Wallet app. If you do not yet have an Apple Card, you will need to open one first through the Wallet app on an iPhone or iPad. The process takes about 10 minutes and requires your Social Security number, date of birth, address, and a valid government ID.

Your device must run iOS 16.1 or later (iPhone) or iPadOS 16.1 or later (iPad). You will also need a U.S. bank account linked to your Apple Card, because that is where deposits and withdrawals flow. You cannot use a prepaid card or a card issued outside the United States.

Opening the savings account in the Wallet app

Open the Wallet app on your iPhone or iPad and tap your Apple Card. Scroll down until you see the Apple Card Savings section. Tap "Open Savings Account" or "Learn More" (the exact wording changes with app updates). You will be taken through a brief review of the terms and the current interest rate.

Tap "Continue" and confirm your identity. Apple will ask for your Social Security number, date of birth, and address. This information goes to Goldman Sachs to verify your identity and check for fraud. The verification usually completes in seconds, though occasionally it takes a few minutes.

Once verified, you will see a confirmation screen with your new account number and routing number. The account is now open and ready to receive transfers. You do not need to sign any documents or visit a website outside the Wallet app.

Linking your bank account for transfers

Your bank account is already linked to your Apple Card, so the savings account uses the same connection. When you open the savings account, Apple confirms this link automatically. You can see which bank account is connected by tapping your Apple Card in Wallet, scrolling to the savings section, and looking for the account ending in the last four digits of your debit card.

If you want to change which bank account receives withdrawals, you can update it in the Apple Card settings. Tap your Apple Card, then tap the three dots in the top right corner, then "Card Settings," then "Bank Account." You can add a different account, but it must be in your own name and must be a U.S. checking or savings account.

Moving money into the savings account

To transfer money from your linked bank account into Apple Card Savings, open Wallet and tap your Apple Card. Scroll to the savings section and tap "Transfer." Enter the amount you want to move and confirm. The money leaves your bank account when ready and appears in the savings account within one to three business days.

Alternatively, you can send your Daily Cash rewards directly to savings instead of to your debit card. When you earn Daily Cash on a purchase, a notification appears in Wallet. Tap it and choose "Save to Apple Card Savings" instead of "Add to Apple Cash." From that point forward, all new Daily Cash goes to savings until you change the setting.

You can also set up automatic transfers. In the savings section of your Apple Card, tap "Set Up Automatic Transfers" and choose a weekly or monthly amount. The transfer happens on the day you choose, and you can pause or cancel it at any time.

Withdrawing money from the account

To move money out of Apple Card Savings, open Wallet, tap your Apple Card, scroll to the savings section, and tap "Transfer." Choose "Transfer to Bank Account," enter the amount, and confirm. The money goes back to the bank account you linked during setup.

Transfers out usually take one to three business days. If you withdraw on a weekend or holiday, the transfer may not begin until the next business day. There is no limit on how much you can withdraw or how often you can withdraw, and you will not pay a fee.

What happens to your interest

Interest accrues daily on your balance and is deposited into the savings account monthly. You will see the deposit in your transaction history in the Wallet app. The interest rate is set by Goldman Sachs and changes with market conditions, so it is not locked in. You can see the current rate and your year-to-date interest earned in the savings section of your Apple Card.

Interest is taxable income. At the end of each tax year, Goldman Sachs will send you a Form 1099-INT if you earned $10 or more in interest. You will need this form to file your taxes.

Frequently Asked Questions

Can I open Apple Card Savings without an iPhone?

No. The account can only be opened and managed through the Wallet app on an iPhone or iPad. You cannot open it on a Mac, Apple Watch, or through a website. If you do not have a compatible device, you cannot use this account.

What happens if I close my Apple Card?

If you close your Apple Card, your savings account closes too. You will have 30 days to withdraw your balance. After 30 days, any remaining money is returned to your linked bank account. You cannot keep the savings account open without an active Apple Card.

Is my money safe if Goldman Sachs fails?

Yes. Apple Card Savings accounts are held at Goldman Sachs Bank USA, which is FDIC-insured. Your balance is covered up to $250,000 per account holder, per bank. If the bank fails, the FDIC will return your money.

Can I use this account for direct deposit?

No. You cannot set up direct deposit to Apple Card Savings. You can only fund it by transferring money from your linked bank account or by sending Daily Cash rewards there. If you need direct deposit, you will need a separate savings account at a traditional bank.

What if I forget my Apple Card PIN?

Your Apple Card PIN is separate from the savings account. If you forget it, you can reset it in the Wallet app by tapping your Apple Card, then the three dots, then "Card Settings," then "Change PIN." The savings account itself does not have a PIN — it is protected by your device's Face ID, Touch ID, or passcode.