What the Apple Savings Account is and who can open one
Apple Savings is a savings account offered through Goldman Sachs, a bank that partners with Apple. You access it through the Wallet app on your iPhone — the same place you keep your digital payment cards. The account earns interest on the money you deposit, meaning your balance grows over time without you adding more.
To open one, you need an iPhone, an Apple ID, and to be at least 18 years old. You do not need to be an existing Apple customer or own other Apple products. The account is available to U.S. residents only.
This is a straightforward savings account, not a checking account. You cannot write checks or use a debit card tied to it. Money moves in and out through transfers from another bank account you own — typically a checking account at your main bank.
Key Takeaways
- You open Apple Savings entirely through the Wallet app on your iPhone by providing your Social Security number, address, and income information.
- The account earns interest at a rate set by Goldman Sachs, which changes based on Federal Reserve decisions and market conditions.
- Moving money in and out takes one to three business days because transfers go through the banking system, not when ready.
- Apple Savings has no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw money.
The step-by-step process to open the account
Open the Wallet app on your iPhone and look for the Savings option — it appears as a tile or button on the main screen. Tap it, then tap "Open Savings Account" or similar language (Apple updates the exact wording periodically). You will be asked to verify your identity by providing your full name, date of birth, Social Security number, and current address.
Next, you enter income information. Apple asks this to comply with banking regulations, not to judge you. You can enter $0 if you have no income. You also confirm that you are a U.S. citizen or permanent resident and that you have not been convicted of certain financial crimes. These are standard banking questions.
Once you submit this information, Goldman Sachs reviews it. This usually takes a few minutes to a few hours. You will see a confirmation in the Wallet app when the account is open and ready to use. At that point, you can begin transferring money into it.
How to move money in and out
To deposit money, tap the account in Wallet and select "Transfer In" or similar. You will be asked to connect a bank account — this is the account at your main bank where your paycheck or other money arrives. You provide your bank's routing number and your account number, both of which appear on a check or in your bank's app.
The first transfer is usually small — often $1 or less — and appears in both accounts within one to three business days. This is how the banking system confirms you own both accounts. Once that transfer clears, you can move larger amounts. Transfers typically take one to three business days, not when ready.
To withdraw money, reverse the process: tap "Transfer Out," select the bank account you want the money to go to, and enter the amount. The money leaves Apple Savings and arrives at your main bank within one to three business days. There is no limit on how many times you can move money in or out each month.
Interest rates and how your money grows
Apple Savings earns interest, which means the bank pays you a small percentage of your balance each month. The rate changes based on decisions made by the Federal Reserve and market conditions — it is not fixed. When you open the account, the Wallet app shows the current rate. That rate may be higher or lower six months from now.
Interest is calculated daily and added to your account monthly. If you have $1,000 in the account and the rate is 4% per year, you earn roughly $40 per year, or about $3.33 per month, though the exact amount depends on the precise daily balance and the exact rate on each day. The interest is taxable income, and Goldman Sachs will send you a tax form (Form 1099-INT) at the end of the year if you earned $10 or more.
The rate you see when you open the account is not may provide to stay the same. Banks adjust rates regularly. You can check the current rate anytime in the Wallet app.
Fees, minimums, and account limits
Apple Savings has no monthly maintenance fee, no minimum balance requirement, and no limit on how many times you can withdraw money per month. This is different from some savings accounts, which charge fees or restrict withdrawals.
You will not be charged for transfers in or out, though your main bank might charge you if it has its own transfer fees — check with your bank about that. There is no penalty for closing the account if you decide you no longer want it.
The account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means if Goldman Sachs fails, the government guarantees your money up to that amount. For most people saving their first few thousand dollars, this protection covers your entire balance.
What happens if you need to close the account
You can close Apple Savings at any time through the Wallet app. Before closing, move any remaining money out to your main bank account — the transfer takes one to three business days. Once the balance reaches zero, you can delete the account from Wallet.
Closing the account does not affect your Apple ID, your iPhone, or any other Apple services. It is a separate financial product that you can remove without consequences to anything else.
If you have earned interest on the account, that interest stays yours even after you close it. Goldman Sachs will still send you a tax form at the end of the year if you earned $10 or more during the year you closed the account.
How Apple Savings compares to a regular savings account at your bank
The main difference is the interest rate. Apple Savings often offers a higher rate than traditional banks because it is offered online only — Goldman Sachs has lower costs than a bank with physical branches. Your main bank's savings account might pay 0.01% interest per year, while Apple Savings might pay 4% or higher, depending on market conditions.
The trade-off is convenience. With your main bank, you can walk into a branch, talk to a person, and deposit cash. With Apple Savings, everything happens through your phone, and you can only move money electronically. You cannot deposit cash directly into Apple Savings.
Apple Savings is not a replacement for a checking account. You still need a checking account at your main bank to receive paychecks, pay bills, and handle everyday spending. Apple Savings is meant to hold money you want to save and grow through interest.
Frequently Asked Questions
Can I use Apple Savings if I do not have an iPhone?
No. Apple Savings only works through the Wallet app on iPhone. If you use an Android phone, you cannot open this account. You would need to look at savings accounts from other banks that offer apps for Android devices.
What if I want to deposit cash into Apple Savings?
You cannot deposit cash directly. You must first deposit cash into your main bank account (at an ATM or branch), then transfer the money electronically from your checking account to Apple Savings. This takes one to three business days.
Is my money safe in Apple Savings?
Yes. The account is held at Goldman Sachs, a licensed bank, and insured by the FDIC up to $250,000. Apple does not hold your money — it is in a real bank account. Your money is as safe as it would be at any other bank.
Can I get a debit card for Apple Savings?
No. Apple Savings is a savings account only. You cannot spend directly from it or get a card. To spend money, you transfer it to your checking account first, then use your checking account's debit card or payment methods.
What happens to my interest if I close the account mid-year?
You keep all interest earned up to the day you close. If you earned $50 in interest before closing, that $50 is yours. Goldman Sachs will send you a tax form at the end of the year showing the total interest you earned during the entire year.