What the Apple Savings Account is and who offers it

The Apple Savings Account is a high-yield savings account offered through a partnership between Apple and Goldman Sachs, a large investment bank. You access it through the Wallet app on your iPhone — the same app where you keep your Apple Pay cards and passes. The account is held at Goldman Sachs Bank USA, which means your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, the same protection that covers savings at any traditional bank.

This account is different from a regular savings account at a local bank because there is no physical branch, no debit card, and no monthly fees. You manage everything through your phone. Money moves between your Apple Cash card (a digital card in your Wallet) and the savings account, or directly from a linked external bank account.

The account launched in 2023 and is only open to people in the United States with an iPhone. You must be at least 18 years old and have a valid Social Security number or Individual Taxpayer Identification Number (ITIN).

Key Takeaways

  • You open an Apple Savings Account entirely through the Wallet app on your iPhone by tapping the Apple Cash card and selecting the savings option.
  • The account requires an iPhone, a valid U.S. address, a Social Security number or ITIN, and a linked external bank account or Apple Cash balance to fund it.
  • Your deposits are FDIC-insured up to $250,000, meaning your money is protected by the same federal may provide as a traditional bank account.
  • The interest rate changes over time and is set by Goldman Sachs; you can check the current rate in the Wallet app before you open the account.
  • You cannot use a debit card to spend directly from the savings account — money must move to Apple Cash first, then you can use Apple Pay to spend it.

The step-by-step process to open the account

Start by opening the Wallet app on your iPhone and tapping your Apple Cash card. Look for the savings option — it appears as a section within the Apple Cash card details. Tap "Open Savings Account" or the savings tile, depending on your app version.

Apple will ask you to verify your identity. You will need to provide your full legal name, date of birth, the last four digits of your Social Security number or ITIN, and your current U.S. address. The system checks this information against public records to confirm you are who you say you are. This usually takes a few seconds.

Next, you link a bank account. This is the account Apple will pull money from to fund your savings, or where Apple will send money if you withdraw. You provide your bank's routing number and your account number — both appear on the bottom of a check, or you can find them in your bank's app or website. Apple verifies the account by depositing two small amounts (usually under $1 each) and asking you to confirm the exact amounts a few days later.

Once your bank account is verified, your savings account is open. You can begin moving money into it when ready from your Apple Cash balance, or wait for the linked bank account verification to complete if you want to fund it directly from your external bank.

What documents and information you need before you start

Gather these items before you open the app: your Social Security number or ITIN, your current U.S. street address (a P.O. box does not work), and your phone number. You will also need access to a bank account — either a checking or savings account at another bank, credit union, or online bank. If you do not have an external bank account yet, you can still open the Apple Savings Account, but you will only be able to fund it from your Apple Cash balance, which means you first need to add money to Apple Cash through another method (like a debit card or direct deposit).

Have your bank account information ready: the routing number and account number. If you are unsure where to find these, log into your bank's website or app and look for account details, or call your bank's customer service line. You do not need to bring any physical documents — Apple collects everything digitally through the app.

How long the process takes and when you can start using the account

Opening the account itself takes about 10 to 15 minutes. Identity verification is usually when ready. Linking your external bank account takes longer because Apple deposits two small test amounts and waits for you to confirm them. This verification step typically takes 3 to 5 business days, though it can take up to 10 days depending on your bank's processing speed.

You can begin using your savings account as soon as the account opens, even while your external bank account is still being verified. If you have money in your Apple Cash balance, you can move it into savings right away. Once your external bank account is verified, you can transfer money directly from that account into your savings without going through Apple Cash.

Interest rates and how money grows in the account

The Apple Savings Account earns interest, meaning your money grows over time without you doing anything. The interest rate is set by Goldman Sachs and changes based on broader economic conditions — when the Federal Reserve raises or lowers interest rates, Goldman Sachs typically adjusts the savings account rate within days or weeks. You can see the current rate in the Wallet app before you open the account, and the app shows you how much interest you have earned so far.

Interest is calculated daily and deposited into your account monthly. This means if you have $1,000 in the account for a full month, you earn interest on that $1,000 every single day, and at the end of the month, the total interest is added to your balance. If you withdraw money partway through the month, you earn interest only on the days the money was in the account.

Because interest rates change frequently, do not expect the rate you see today to stay the same forever. Check the app periodically to see the current rate. Some months the rate may be higher than other banks offer; some months it may be lower. The rate is the same for all customers — Goldman Sachs does not offer different rates based on how much money you have or how long you have been a customer.

Moving money in and out of the account

Money enters the account in two ways: from your Apple Cash balance, or directly from your linked external bank account. To transfer from Apple Cash, open the Wallet app, tap your savings account, and select "Add Money" or "Transfer In." Choose the amount and confirm. The money moves when ready.

To transfer from your external bank account, follow the same steps but select the linked bank account as the source instead of Apple Cash. This transfer usually takes 1 to 3 business days, depending on your bank.

To withdraw money, you reverse the process: transfer from savings back to Apple Cash (when ready), or directly to your linked bank account (1 to 3 business days). There is no limit on how many times you can transfer or how much you can move, though FDIC insurance only covers up to $250,000 total.

You cannot spend directly from the savings account using Apple Pay. Money must move to your Apple Cash card first, then you can use Apple Pay at stores or online. This design encourages you to keep money in savings rather than spending it when ready.

Why someone might choose this account over a traditional bank

The main reason is convenience: if you already use an iPhone and Apple Pay, the savings account lives in an app you check daily. You do not need to log into a separate website, remember another password, or visit a branch. Transfers between Apple Cash and savings are when ready, so moving money is frictionless.

The second reason is the interest rate. Because Goldman Sachs has no physical branches and low overhead costs, it can offer competitive rates on savings accounts. Whether the rate is higher than your current bank depends on when you check — rates change frequently — but it is worth comparing.

The third reason is simplicity. There are no monthly fees, no minimum balance, and no restrictions on how often you transfer money. You can open it in 15 minutes without visiting a bank or mailing documents.

The main trade-off is that you cannot use a debit card to spend from savings, and you can only access it on an iPhone. If you use Android, or if you prefer a physical debit card and the option to visit a branch, a traditional bank may suit you better.

Frequently Asked Questions

Can I open an Apple Savings Account if I do not have an external bank account?

Yes, but with a limitation. You can open the account and fund it only from your Apple Cash balance. To add money to Apple Cash, you need another way to load it — a debit card, credit card, or direct deposit from an employer. Once you open a bank account elsewhere, you can link it to fund your savings more easily.

Is my money safe in an Apple Savings Account?

Yes. The account is held at Goldman Sachs Bank USA, which is FDIC-insured. This means your deposits up to $250,000 are protected by the federal government, the same way they are at any traditional bank. If Goldman Sachs fails, the FDIC guarantees your money.

What happens if I lose my iPhone or switch to Android?

Your account does not disappear. You can access it on a replacement iPhone using the same Apple ID. If you switch to Android permanently, you will need to transfer your money out to your linked bank account, since the Wallet app only works on iPhones. Contact Goldman Sachs customer service through the Wallet app for help with the transition.

Can I set up automatic transfers to save money regularly?

The Wallet app does not currently offer automatic recurring transfers. You can transfer money manually whenever you want, but you cannot schedule a weekly or monthly automatic deposit from your bank account into savings the way you can with some traditional banks.

What is the difference between Apple Cash and the Apple Savings Account?

Apple Cash is a digital wallet for spending money — you load it with funds and use it to pay at stores or online with Apple Pay. The savings account is where you store money to earn interest. Money in Apple Cash does not earn interest; money in the savings account does. Think of Apple Cash as your wallet and the savings account as your piggy bank.