Apple Savings Account is opened through the Wallet app on your iPhone

Apple Savings Account is a high-yield savings product offered through Goldman Sachs, accessible only through the Apple Wallet app on an iPhone, iPad, or Mac. You do not go to a bank branch or a separate website—the entire setup happens inside Wallet, which is the app that already holds your Apple Pay cards and payment methods.

The account opens with a few taps and no minimum deposit. Once open, you can move money into it from any linked debit card or bank account, and the balance earns interest daily. The money stays in your control; Apple does not hold it, Goldman Sachs does, and it is insured by the FDIC up to the standard limit of $250,000.

Key Takeaways

  • You open Apple Savings Account entirely within the Wallet app on your iPhone, iPad, or Mac—there is no separate website or process process.
  • The account is backed by Goldman Sachs and FDIC-insured, and you can transfer money in and out using any linked debit card or bank account.
  • Interest accrues daily and is deposited monthly, and you can check your balance and transaction history directly in the Wallet app.
  • You must have an active Apple ID, a compatible device running current software, and be at least 18 years old to open an account.

What you need before you start

You need an iPhone, iPad, or Mac running a recent version of iOS, iPadOS, or macOS. Apple Savings Account requires iOS 17.1 or later, iPadOS 17.1 or later, or macOS Sonoma 14.1 or later. If your device is older, you may need to update it first.

You also need an active Apple ID with two-factor authentication turned on. Two-factor authentication is a security requirement—Apple will not let you open a savings account without it. If you have not set it up, go to Settings, tap your name, then Security, and follow the prompts to enable it.

Finally, you need a valid debit card or bank account linked to your Apple ID. This is how you will move money into the savings account. You do not need to have a large balance in that account—you can transfer as little as $1 to start—but the account must exist and be in your name.

The steps to open an account

Open the Wallet app on your iPhone or iPad. At the bottom of the screen, tap the plus sign or the button labeled "Add Card" or "Add Account," depending on your device and software version. Scroll down and look for "Apple Savings Account" or "Savings" in the list of options. Tap it.

Apple will show you the current interest rate and basic terms. Read through them, then tap "Continue." You will be asked to confirm your identity. Apple will ask for your full name, date of birth, and the last four digits of your Social Security number. This information is verified when ready against your identity records.

Next, you choose a linked debit card or bank account to connect to the savings account. This is the account you will transfer money from. Select one from your existing linked cards, or add a new one by entering the card number or bank account details. Apple will verify the connection with a small test deposit if you are adding a new account.

Once verification is complete, your savings account is open. You will see it in your Wallet app with a current balance of zero. You can now transfer money into it whenever you want.

How to move money in and out

To deposit money, open Wallet, tap your Apple Savings Account, and look for a button labeled "Transfer" or "Add Money." Tap it, enter the amount you want to move from your linked debit card or bank account, and confirm. The transfer usually arrives within one to three business days, depending on your bank.

To withdraw money, tap the same transfer button and select "Transfer Out" or "Withdraw." Choose the debit card or bank account where you want the money to go, enter the amount, and confirm. Withdrawals also take one to three business days.

You can transfer as much or as little as you want, as often as you want. There are no limits on the number of transfers per month, and no fees for moving money in or out. The only constraint is the FDIC insurance limit of $250,000—if your balance exceeds that, the amount over $250,000 is not insured.

Where to find your balance and transaction history

Your current balance appears on the main Wallet screen when you open the app. Tap the Apple Savings Account card to see more detail: your interest rate, the amount of interest earned so far this month, and your full transaction history.

Interest is calculated daily but deposited into your account once a month. You will see the deposit listed in your transaction history on the day it posts. The interest rate can change—Apple publishes rate changes in the Wallet app and notifies you when they take effect.

If you need a record of your account for tax purposes or to share with a financial advisor, you can take a screenshot of your balance and transactions. Apple does not currently send monthly statements by email or mail, so screenshots or photos of the Wallet screen are your record.

What happens if you lose access to your device

Your Apple Savings Account is tied to your Apple ID, not to a single device. If you lose your iPhone or switch to a new one, you can access your account on any device where you sign in with the same Apple ID. Open Wallet, and your savings account will appear.

If your device is lost or stolen, sign into your Apple ID from another device and remove the lost device from your account. Go to Settings, tap your name, then Devices, select the lost device, and tap "Remove from Account." This prevents anyone with physical access to your phone from moving money out of your savings account.

Your money is not stored on your device—it is held by Goldman Sachs. Losing your phone does not mean losing your savings. Once you sign into your Apple ID on a new device and open Wallet, your account and balance will be there.

Frequently Asked Questions

Can I open Apple Savings Account on an Android phone?

No. Apple Savings Account is only available through the Wallet app, which exists only on Apple devices. If you use Android, you cannot open this account. You would need to use a different savings account from a bank or online financial institution.

Is my money safe in Apple Savings Account?

Yes. The account is FDIC-insured up to $250,000, which is the same protection that covers money in a traditional bank savings account. Apple does not hold your money—Goldman Sachs does—and the FDIC backs the deposit. If Goldman Sachs fails, the FDIC will cover your balance up to the limit.

What is the interest rate, and does it change?

The interest rate varies and is set by Apple and Goldman Sachs. You can see the current rate in the Wallet app before you open an account. The rate can change at any time, and Apple will notify you in the app when it does. The rate is the same for all customers—there are no tiers based on balance size.

Can I set up automatic transfers into my savings account?

No. Apple Savings Account does not support automatic recurring transfers. You must manually transfer money each time. This means you control exactly when money moves, but it also means you have to remember to do it yourself if you want to save regularly.

What happens if I close my Apple ID?

If you close your Apple ID, you lose access to your savings account through Wallet. You should withdraw all your money before closing your Apple ID. If you close your account without withdrawing, contact Goldman Sachs directly to recover your balance—the money will still exist, but you will need to work with the bank to access it.