What the Apple Savings Account actually is
The Apple Savings Account is a high-yield savings account offered through Goldman Sachs Bank USA, not directly by Apple. You open it through the Wallet app on your iPhone, but Goldman Sachs holds the account and manages the money. Apple does not charge fees for the account, does not hold your deposits, and does not set the interest rate — Goldman Sachs does all three.
The account is only available to people with an iPhone, an Apple ID, and a U.S. address. You cannot open it on a computer or through a web browser. The entire process happens inside the Wallet app, and you need to be at least 18 years old.
Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, the same as any other bank account. The interest rate changes based on what the Federal Reserve does with its benchmark rate, so the rate you see today may not be the rate you earn six months from now.
Key Takeaways
- You open an Apple Savings Account only through the Wallet app on an iPhone, and it takes about 10 minutes if you have your Social Security number and a valid ID ready.
- The account is held by Goldman Sachs Bank USA, not Apple, so your money is FDIC-insured and subject to Goldman Sachs' terms, not Apple's.
- You need a linked Apple Card to open the account, though you do not need to use the card after opening it.
- The interest rate is set by Goldman Sachs and changes when Federal Reserve policy changes, so it is not locked in.
- You can transfer money in and out through your linked bank account, and you can see your balance and transactions directly in Wallet.
The step-by-step process to open the account
Open the Wallet app 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 confirm your Apple ID and then walk you through identity verification, which involves answering questions about your financial history that only you should know the answers to.
Next, you provide your Social Security number and upload a photo of your ID — a driver's license, passport, or state ID card. The app uses this to verify your identity with Goldman Sachs. This step usually takes a few minutes, though sometimes the system flags an upload and asks you to try again.
Once identity verification passes, you link a bank account where you want deposits and withdrawals to move. You do this by providing your routing number and account number, or by signing into your bank through the app. Goldman Sachs then sends two small deposits to that account (usually $0.01 and $0.02) that you have to confirm back in the Wallet app to prove you own the account.
After you confirm those deposits, your savings account is open and ready to use. The whole process typically takes 10 to 15 minutes if everything goes smoothly, though identity verification can take longer if the system needs you to resubmit documents.
What you need before you start
You must have an Apple Card linked to your Apple ID. You do not have to use the card or carry a balance on it, but it has to exist on your account. If you do not have an Apple Card, you can open one through the Wallet app first — that process takes about 5 minutes and requires the same identity verification.
You need a valid U.S. government-issued ID: a driver's license, passport, or state ID card. The photo on your ID must match your current appearance reasonably well, because the app compares them automatically.
You need your Social Security number. Goldman Sachs uses this to run a background check and verify your identity with the Social Security Administration.
You need a U.S. bank account to link for transfers. This can be a checking account, another savings account, or a money market account at any bank. You will need either your routing and account numbers or your online banking login to link it.
How money moves in and out
You transfer money into your Apple Savings Account from your linked bank account through the Wallet app. Tap the account, then tap "Transfer Money," then choose "Add Money." Enter the amount and confirm. The transfer usually arrives within one business day, though it can take up to three business days depending on your bank.
Withdrawals work the same way in reverse: tap "Transfer Money," choose "Move to Bank," enter the amount, and confirm. The money goes back to your linked bank account on the same timeline — usually one business day, sometimes three.
You cannot transfer money directly between your Apple Savings Account and your Apple Card. If you want to move money from savings to your card, you have to move it to your bank account first, then to the card from there.
There is no limit on how many transfers you can make per month. Goldman Sachs does not charge fees for transfers, and neither does Apple.
Interest and how it gets paid
Goldman Sachs pays interest on your balance once per month, on the last day of the month. The interest rate varies — it is not fixed for a year or any other period. When the Federal Reserve raises or lowers its benchmark rate, Goldman Sachs typically adjusts the savings account rate within a few days.
Interest is calculated daily on your full balance and added to your account on the last day of the month. You can see the current rate in the Wallet app under the account details. The rate you see is the annual percentage yield (APY), which already accounts for how often interest compounds.
You do not have to do anything to earn interest — it accrues automatically as long as money sits in the account. You can withdraw at any time without losing accrued interest for that month.
What happens if you lose access to your iPhone
If your iPhone is lost, stolen, or broken, you can still access your Apple Savings Account through another device. Sign into your Apple ID on a new iPhone, iPad, or Mac, and your Wallet will sync. Your account information and balance will appear on the new device.
If you do not have another Apple device, you can contact Goldman Sachs directly to manage your account. Goldman Sachs customer service can help you transfer money out or answer questions about your balance, though they cannot open the account or change certain settings — those functions only work through the Wallet app on an iPhone.
If your Apple ID is compromised, change your password when ready and enable two-factor authentication. You can also remove the account from Wallet on any device where it appears without closing the account itself.
Frequently Asked Questions
Do I have to keep my Apple Card active to keep the savings account?
No. You need an Apple Card to open the account, but once the savings account exists, you can stop using the card or let it sit unused. Goldman Sachs will not close your savings account because your card is inactive.
What happens to my money if Apple goes out of business?
Your money is held by Goldman Sachs Bank USA, not Apple, so Apple's financial situation does not affect your deposits. Your account is FDIC-insured up to $250,000, which means the federal government guarantees that amount even if Goldman Sachs fails. Apple could stop offering the product, but your account would transfer to another bank or Goldman Sachs would continue managing it under different terms.
Can I open an Apple Savings Account if I live outside the United States?
No. The account is only available to people with a U.S. address and a U.S. phone number. If you move outside the U.S., you will need to close the account and transfer your money to another bank.
Is the interest rate may provide for any period?
No. The rate changes whenever Goldman Sachs changes it, which typically happens when the Federal Reserve adjusts its benchmark rate. You can see the current rate in Wallet, but it is not locked in for any length of time.
Can I set up automatic transfers to move money into savings?
Not through the Wallet app itself. You can set up automatic transfers from your linked bank account to the savings account through your bank's website or app, and those transfers will land in your Apple Savings Account. Some banks call this a "bill pay" transfer or "external transfer."