Apple Savings has no monthly maintenance fees, no minimum balance requirement, and no fees to open or close the account
Apple Savings, offered through Goldman Sachs, charges no monthly fee to hold the account. You will not pay to deposit money, withdraw money, or keep the account open with a zero balance. There are also no hidden fees buried in the terms — the account is straightforward in what it costs.
This matters because many savings accounts charge a monthly maintenance fee (often $5 to $15) if your balance drops below a certain amount, or charge you to make withdrawals beyond a set number per month. Apple Savings does neither. You can withdraw as often as you want without penalty, and your balance can be $1 or $10,000 without triggering any fee.
Key Takeaways
- Apple Savings charges no monthly maintenance fee, no minimum balance fee, and no limit on how many times you can withdraw money.
- You will not be charged to open the account, close it, or transfer money in or out.
- The account earns interest at a rate set by Goldman Sachs, which changes over time but is competitive with other online savings accounts.
- The only cost to you is the opportunity cost of keeping money in savings rather than investing it elsewhere.
What you actually pay when you use Apple Savings
The real cost of any savings account is not the monthly fee — it is the interest rate you earn. Apple Savings pays interest, but that rate is set by Goldman Sachs and changes when the Federal Reserve changes interest rates. The rate you earn today will not be the rate you earn in six months.
You should compare the interest rate Apple Savings offers to the rates other banks offer before you open an account. Online banks like Marcus, Ally, and American Express often publish their current rates on their websites so you can see them side by side. A difference of 0.5% per year on $10,000 means $50 in your pocket — far more than you would lose to a monthly fee.
If you keep money in Apple Savings that you need to access within the next few months, the interest rate matters less than the fee structure. Since Apple Savings has no fees, you can move money in and out without penalty while you wait for a better rate elsewhere.
How Apple Savings connects to your Apple Cash account
Apple Savings is separate from Apple Cash, which is Apple's payment and spending account. You can transfer money between them when ready and without charge. This means you can keep your emergency fund in Apple Savings (where it earns interest) and move money to Apple Cash when you need to spend it.
The connection between the two accounts is one reason some people choose Apple Savings — the ease of moving money between accounts you already use. But this convenience does not change the fee structure. You still pay nothing to hold the account or move money around.
Why Goldman Sachs offers a no-fee savings account
Goldman Sachs makes money on Apple Savings by investing the deposits you make. When you deposit $5,000, Goldman Sachs lends that money out or invests it, and keeps the difference between what they earn and what they pay you in interest. They do not need to charge you a monthly fee because they profit from the spread.
This is how most online banks work. They have lower overhead than brick-and-mortar banks (no branches, fewer employees), so they can afford to offer no-fee accounts and still make money. A bank with a physical branch on every corner needs monthly fees to cover rent and staff. A bank that exists only online does not.
Comparing Apple Savings to other no-fee savings accounts
Many online savings accounts have no monthly fee. The real differences are in the interest rate, the ease of opening an account, and whether you already use the bank's other products. If you already have an Apple device and use Apple Cash, opening Apple Savings takes minutes. If you do not, opening an account at Marcus or Ally takes the same amount of time and might offer a better interest rate.
The table below shows what to look for when comparing accounts. None of these accounts charge a monthly fee, so the fee column is the same for all of them — but the interest rate and minimum balance requirements differ.
| Account | Monthly Fee | Minimum Balance | Interest Rate* |
|---|---|---|---|
| Apple Savings | None | None | Varies |
| Marcus by Goldman Sachs | None | None | Varies |
| Ally Bank | None | None | Varies |
| American Express Personal Savings | None | None | Varies |
Interest rates change frequently and depend on Federal Reserve policy. Check each bank's website for current rates before opening an account.
What happens if you close your Apple Savings account
You can close your Apple Savings account at any time without paying a fee. Goldman Sachs will not charge you a penalty for closing early, and you can withdraw all your money in one transfer. Some banks charge a fee if you close within a certain period (often 90 days), but Apple Savings does not.
This means you can open an Apple Savings account, try it out, and switch to a different bank if you find a better interest rate or prefer a different interface. The only cost is the time it takes to move your money.
Frequently Asked Questions
Does Apple Savings charge a fee if I don't use the account?
No. You can leave money in Apple Savings without touching it for months or years, and you will not be charged a monthly fee. The only thing that changes is the interest rate, which Goldman Sachs adjusts based on market conditions.
Are there fees for transferring money out of Apple Savings?
No. You can transfer money to your Apple Cash account or to another bank account without paying a fee. Transfers to other banks typically take one to three business days.
What if I want to deposit a check into Apple Savings?
Apple Savings does not have a physical location, so you cannot deposit a check in person. You can deposit checks using the Apple Wallet app if your bank supports mobile check deposit, or you can transfer money from another account you own.
Do I pay taxes on the interest I earn in Apple Savings?
Yes. Interest earned in any savings account is taxable income. Goldman Sachs will send you a 1099-INT form at the end of the year showing how much interest you earned, and you report that on your tax return. This is not a fee Apple charges — it is a tax you owe to the government.
Can I get my money back if I change my mind about opening the account?
Yes. Once you open Apple Savings, you own the money in it. You can withdraw it all at any time and close the account. There is no lock-in period or penalty for changing your mind.