What Apple Savings Account is and how to get one

Apple Savings Account is a high-yield savings account offered through Goldman Sachs, a bank that partners with Apple. You open it through the Wallet app on your iPhone — there is no separate website or branch to visit. The account is tied to your Apple ID, which means you need an iPhone, iPad, or Mac to set it up and manage it.

The account is only available to people in the United States who are at least 18 years old. You do not need to be an existing Apple customer or have any other Apple products; the account itself is what ties to your Apple ID. Once open, you can deposit money, earn interest on your balance, and withdraw funds whenever you need them.

Key Takeaways

  • You open an Apple Savings Account entirely through the Wallet app on an iPhone, iPad, or Mac — no branch visit or separate website needed.
  • The account is backed by Goldman Sachs, a real bank, so your deposits are insured by the FDIC up to $250,000.
  • You must be at least 18 years old and a U.S. resident to open one.
  • The interest rate changes over time and is set by Goldman Sachs, not by Apple.

Step-by-step: opening the account on your iPhone

Start by opening the Wallet app on your iPhone. Tap the plus sign (+) in the upper right corner, then look for the option that says "Savings Account" or "Apple Savings Account." Tap it to begin.

You will be asked to verify your identity. Have your Social Security number, date of birth, and a government-issued ID (driver's license or passport) ready. Apple will ask you to take a photo of your ID and answer questions about your identity to confirm you are who you say you are. This process usually takes a few minutes.

Next, you will link a debit card or bank account to fund your new savings account. This is how you move money into it. You can use any U.S. debit card or connect a checking account from another bank. Apple will make two small test deposits (usually under $1 each) to confirm the account is real; you will need to verify the amounts to complete the link.

Once your funding source is confirmed, your Apple Savings Account is open and ready to use. You can start moving money into it right away through the Wallet app.

What documents and information you need before you start

Gather these items before you open the app: your Social Security number, your date of birth, and a government-issued photo ID (a U.S. driver's license, state ID card, or passport). You will also need a debit card or the routing and account number from a checking account at another bank, so you can link a funding source.

If you do not have a government-issued ID yet, you will not be able to open an Apple Savings Account. The identity verification step requires one. If you do not have a debit card or another bank account, you cannot fund the account, so you would need to set one up first.

How the account works once it is open

Money in your Apple Savings Account earns interest. The interest rate is set by Goldman Sachs and changes over time based on market conditions. You can see the current rate in the Wallet app before you open the account, and the app will show you how much interest you have earned.

You can move money in and out whenever you want. Transfers from a linked debit card or bank account usually arrive within one to three business days. Withdrawals back to your linked account also take one to three business days. There are no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw.

Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC), which means if Goldman Sachs fails, the government protects your money up to $250,000. If you have more than $250,000 in the account, only the first $250,000 is protected.

Differences between Apple Savings Account and a regular bank savings account

The main difference is how you access it. A regular savings account at a local bank or credit union has a branch you can visit, a website you can log into separately, and customer service you can call. An Apple Savings Account exists only in the Wallet app on your Apple device — there is no phone number to call Goldman Sachs directly about this account, and no physical location to visit.

Apple Savings Account also does not come with a debit card. You cannot swipe it at a store or withdraw cash from an ATM using a card. You can only move money out by transferring it back to your linked bank account or debit card, which takes a few business days. If you need cash when ready, you would have to withdraw from your linked account instead.

The interest rate on Apple Savings Account may be higher or lower than what your current bank offers — rates change constantly. Compare the current rate shown in the Wallet app to what your bank is offering before you decide.

What to do if you cannot open an account

If you do not have an iPhone, iPad, or Mac, you cannot open an Apple Savings Account. The account only exists in the Wallet app, which is only available on Apple devices. If you use an Android phone, you would need to look at savings accounts from other banks instead.

If your identity verification fails, Apple will tell you why. Common reasons include a mismatch between the name on your ID and the name on your Apple ID, or an address that does not match records. You can try again, but if the problem persists, you may need to contact Apple Support or open a savings account at a different bank.

If you are under 18, you cannot open this account on your own. Some banks offer teen savings accounts with a parent or guardian as a co-owner; that would be an alternative to explore.

Frequently Asked Questions

Can I open an Apple Savings Account on an iPad or Mac instead of an iPhone?

Yes. The Wallet app is available on iPad and Mac as well as iPhone. The steps are the same regardless of which Apple device you use.

What happens to my money if Apple goes out of business?

Apple does not hold your money — Goldman Sachs does. Your deposits are FDIC-insured up to $250,000, so even if Goldman Sachs fails, the government protects your money. Apple going out of business would not affect your account.

Can I use this account as my main checking account?

No. There is no debit card, no check-writing, and no way to pay bills directly from it. It is designed as a savings account only. You would still need a checking account elsewhere for everyday spending.

How long does it take to open the account?

The identity verification usually takes a few minutes. Once that is done, your account opens when ready. Linking a funding source adds another few minutes. Most people complete the entire process in under 15 minutes.

Is there a minimum amount I have to keep in the account?

No. You can open the account with any amount, including $0, and add money whenever you want. There is no minimum balance requirement.