What the Apple Savings Account is and who can open one

The 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 bank branch to visit. The account is only available to people with an iPhone, iPad, or Apple Watch, and you must be at least 18 years old and a U.S. resident.

This is a real bank account, not a feature of Apple Pay or a digital wallet. Your money is held at Goldman Sachs and insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, the same protection that covers accounts at any other bank. The main difference from a traditional savings account is that you manage it entirely through your Apple device — no checks, no debit card, no in-person visits.

Key Takeaways

  • You open an Apple Savings Account directly in the Wallet app on your iPhone, without visiting a bank or website.
  • The account requires you to be at least 18 years old, a U.S. resident, and own an Apple device that supports the Wallet app.
  • Your money is held at Goldman Sachs and protected by FDIC insurance up to $250,000, just like money at any other bank.
  • You can transfer money in and out through your linked bank account, and check your balance and interest earnings in the Wallet app at any time.

Step-by-step: opening the account in Wallet

Open the Wallet app on your iPhone. Tap the plus sign (+) in the upper right corner, then select "Savings Account." The app will ask you to review the terms and conditions — read through these, as they explain what Goldman Sachs can do with your account and what happens if you close it.

Next, you will enter your Social Security number, date of birth, and address. The app uses this information to verify your identity with Goldman Sachs. You will also confirm your phone number and email address. Goldman Sachs may ask you additional questions to confirm who you are — this is a standard security step called identity verification, and it usually takes a few minutes.

Once verification is complete, you choose a four-digit PIN for your account. This PIN protects your savings account within the Wallet app — it is separate from your iPhone's Face ID or Touch ID. You will use this PIN any time you want to transfer money out of the account or view your balance.

Linking your bank account to move money in and out

After your account opens, you need to link a checking account so you can move money between your bank and your Apple Savings Account. In the Wallet app, select your savings account and look for the option to add a linked bank account. You will enter your bank's routing number and your account number — both appear on the bottom left of a check, or you can find them by logging into your bank's website.

Goldman Sachs will make two small test deposits to your checking account (usually less than $1 each) within one to two business days. You then return to the Wallet app and confirm the exact amounts of those deposits. This process, called microdeposit verification, confirms that you own the checking account you linked.

Once your bank account is verified, you can transfer money between your checking account and your Apple Savings Account. Transfers typically take one to three business days. There is no limit on how much you can transfer or how often you transfer, though Goldman Sachs may flag unusually large or frequent transfers as a security precaution.

What you need before you start

You will need your Social Security number, which is a nine-digit identifier the U.S. government issues to citizens and some residents. If you do not have one, you cannot open this account — you would need to contact the Social Security Administration first. You will also need a valid government-issued photo ID, such as a driver's license or passport, though the app will not ask you to upload it. Instead, Goldman Sachs uses your Social Security number and other information you provide to verify your identity through a third-party service.

You need a U.S. checking account to link to your savings account, so you can move money in and out. If you do not have a checking account yet, you would need to open one at a bank or credit union before you can fully use the Apple Savings Account. You will also need an active iPhone, iPad, or Apple Watch running a recent version of iOS, iPadOS, or watchOS — the Wallet app must be installed and up to date.

Interest rates and how your money grows

The Apple Savings Account earns interest, which means Goldman Sachs pays you a small percentage of your balance each month for letting them use your money. The interest rate changes over time based on what the Federal Reserve does with interest rates across the economy. When you open the account, the Wallet app shows you the current rate — check the app regularly, because the rate can go up or down.

Interest is calculated daily and paid monthly. This means if you have $1,000 in the account on the first of the month, you earn interest on that $1,000 for each day of the month, and the total interest is deposited into your account on the last day of the month. If you add or withdraw money during the month, the interest calculation adjusts accordingly.

You can see how much interest you have earned by opening the Wallet app and selecting your savings account. The app shows your current balance, your interest rate, and your total interest earned since you opened the account. There are no fees to hold the account, no minimum balance required, and no limit on how much interest you can earn.

Moving money between accounts and closing the account

You can transfer money out of your Apple Savings Account to your linked checking account at any time through the Wallet app. Select your savings account, tap "Transfer," choose the amount, and confirm. The money usually arrives in your checking account within one to three business days. There is no penalty for withdrawing money, and you can make as many transfers as you want.

If you decide to close the account, you must first transfer all your money out to your linked checking account. Once your balance is zero, you can delete the account from the Wallet app. Goldman Sachs will send you a final statement showing your total interest earned and any tax information you need for your records. Closing the account does not affect your checking account or any other accounts you have — it only removes the savings account from your Wallet app.

Frequently Asked Questions

Do I need an Apple Card to open a savings account?

No. The Apple Savings Account is separate from the Apple Card (a credit card). You can open a savings account with just an iPhone and a linked checking account. You do not need the Apple Card, and having the Apple Card does not give you any special advantages with the savings account.

What happens if I lose my iPhone or switch to a different phone?

Your account stays open at Goldman Sachs. If you get a new iPhone, you can sign in to the Wallet app with your Apple ID and your savings account will appear. If you switch to a non-Apple phone, you can still access your money by contacting Goldman Sachs directly, though you will not be able to use the Wallet app. You can transfer your balance to your checking account before you switch phones to avoid this situation.

Is my money safe in an Apple Savings Account?

Yes. Your money is held at Goldman Sachs, a bank regulated by the Federal Reserve and the Office of the Comptroller of the Currency. Your account is insured by the FDIC up to $250,000, the same protection that covers accounts at any other bank. Apple does not hold your money — it only provides the app you use to manage it.

Can I set up automatic transfers from my checking account?

The Wallet app does not currently offer automatic recurring transfers. You must manually transfer money each time you want to move funds from your checking account to your savings account. You can do this as often as you want, and transfers take one to three business days.

What if I have questions about my account after I open it?

You can contact Goldman Sachs directly by phone or through their website — the Wallet app includes contact information. Goldman Sachs handles all account questions, disputes, and problems. Apple's support team can help you with Wallet app technical issues, but they cannot help with account-specific questions.