What you need to open an Apple Savings Account

An Apple Savings Account is a high-yield savings account offered through Goldman Sachs, accessible only through the Apple Wallet app on your iPhone. You do not need to be an existing Apple customer or have an Apple Card — you only need an iPhone running iOS 17.2 or later, a valid Social Security number, and a U.S. address. The account opens entirely within the app; there are no forms to mail or separate websites to visit.

The process takes about 15 minutes from start to finish. You will provide your name, date of birth, address, and Social Security number during setup. Goldman Sachs runs a soft credit check — this does not affect your credit score — and verifies your identity using information from public records. If you pass verification, your account opens when ready and you can begin moving money into it the same day.

Key Takeaways

  • You open an Apple Savings Account directly in the Apple Wallet app on your iPhone; no separate website or bank branch visit is required.
  • The account is FDIC-insured through Goldman Sachs and held in your name alone, separate from your Apple ID or payment history.
  • You can link an external bank account to transfer money in and out, and set up automatic transfers if you want to move funds on a schedule.
  • The interest rate changes over time and is set by Goldman Sachs, so check the current rate in the Wallet app before opening the account.
  • If identity verification fails, you can try again or contact Goldman Sachs support through the app to resolve the issue.

Step-by-step setup in the Wallet app

Open Apple Wallet on your iPhone and tap the plus sign in the upper right corner. Select "Savings Account" from the menu. The app will ask you to review the account terms and tap "Agree" to proceed. You will then enter your full legal name, date of birth, and current address.

Next, provide your Social Security number. The app encrypts this information and sends it to Goldman Sachs for verification. You will see a screen asking you to confirm your identity — this usually means answering questions about your credit history or past addresses. Answer truthfully based on what you remember; if you are unsure, select "I don't know" rather than guessing. Once verification completes, your account opens and you will see your account number and routing number in the app.

Linking a bank account to move money in

Your Apple Savings Account has its own routing number and account number, visible in the Wallet app under the account details. To move money from your checking account into savings, you can link your external bank account to Apple Savings. Tap "Add Money" in the Wallet app and select "Link Bank Account."

Enter your external bank's name and your login credentials. Apple uses Plaid, a third-party service, to securely connect to your bank without storing your password. Once linked, you can transfer money when ready using ACH (Automated Clearing House), which typically takes one to two business days. You can also set up recurring transfers — for example, $200 every payday — by tapping "Set Up Recurring Transfer" and choosing the amount and frequency.

If you want to move money out of Apple Savings back to your checking account, use the same linked account. Tap "Withdraw" and enter the amount. The transfer takes the same one to two business days.

What happens if identity verification fails

If Goldman Sachs cannot verify your identity on the first try, the app will tell you verification was unsuccessful and offer you the option to try again. Common reasons for failure include a mismatch between the name on your Social Security record and what you entered, or an address that does not match public records.

If you try again, make sure your information matches exactly what appears on your Social Security card and driver's license. If you have recently moved, your address may not have updated in public records yet — wait a few weeks and try again. If you continue to have trouble, you can contact Goldman Sachs support directly through the Wallet app by tapping the question mark icon and selecting "Contact Us." Support can sometimes manually verify your identity or explain what information is causing the mismatch.

Understanding FDIC protection and account ownership

Your Apple Savings Account is FDIC-insured up to $250,000 through Goldman Sachs. This means if Goldman Sachs fails, the Federal Deposit Insurance Corporation will reimburse you for your balance up to that limit. The account is held in your name alone — it is not connected to your Apple ID, your Apple Card, or anyone else's account. If your iPhone is lost or stolen, your savings account is not accessible through the phone; you would need to contact Goldman Sachs to regain access.

The account has no monthly fees, no minimum balance, and no withdrawal limits. You can withdraw your money at any time without penalty. The interest rate is set by Goldman Sachs and changes periodically; you can see the current rate in the Wallet app under account details.

Moving your savings account if you switch phones or leave Apple

If you get a new iPhone, your Apple Savings Account moves with you automatically when you sign in with the same Apple ID. Your account number, routing number, and balance all remain the same. You can access the account on any iPhone running iOS 17.2 or later.

If you decide to close your Apple Savings Account or switch to a different bank, you can withdraw all your money and move it to another account. Tap "Withdraw" in the Wallet app and transfer your full balance to your linked external bank account. Once the balance reaches zero, you can close the account by tapping the menu icon and selecting "Close Account." Goldman Sachs will send you a final statement by mail.

Interest rates and how money grows in the account

Apple Savings Accounts earn interest daily on your balance. The rate is set by Goldman Sachs and is displayed in the Wallet app. Interest is calculated on your ending balance each day and added to your account monthly. For example, if you have $10,000 in the account and the rate is 4.15 percent annually, you would earn roughly $34.58 that month (the exact amount depends on the number of days in the month).

The interest rate is not fixed — it can change at any time based on Federal Reserve decisions and market conditions. When the rate changes, Goldman Sachs updates it in the Wallet app and notifies you. You can check your current rate and see how much interest you have earned by opening the account details in Wallet and scrolling to "Interest Earned."

Frequently Asked Questions

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

No. An Apple Savings Account is separate from the Apple Card and does not require you to have one. You only need an iPhone, a valid Social Security number, and a U.S. address.

What if I do not have a linked bank account yet?

You can open the savings account without linking a bank account when ready. You can add a linked account later whenever you want to transfer money. Until then, your account sits empty and earns no interest.

Can I access my Apple Savings Account on Android or a computer?

No. The Apple Savings Account is only available through the Apple Wallet app on iPhone. You cannot access it through a website, Android device, or iPad.

What if I forget my Apple ID password?

You can reset your Apple ID password through Settings on your iPhone. Your savings account will still be there once you sign back in. If you lose access to your Apple ID entirely, contact Apple Support to regain access to your account.

Can I have more than one Apple Savings Account?

No. You can only open one Apple Savings Account per Apple ID. If you want multiple savings accounts, you would need to open accounts at other banks.