What you need to open an Apple Savings Account
An Apple Savings Account is a high-yield savings account run by Goldman Sachs and available only through the Apple Wallet app on your iPhone. You do not go to a bank branch or a website — the entire setup happens in the app itself. To open one, you need an iPhone with iOS 16.1 or later, a valid Social Security number, a government-issued ID (driver's license or passport), proof of your current address, and an active Apple ID.
The account is linked to your Apple ID and your iPhone, not to a separate login. This means you manage it the same way you manage Apple Pay — through Wallet. You cannot access it from a computer or through a traditional banking website, though you can see your balance and transaction history in the Wallet app on any Apple device signed into your Apple ID.
There is no minimum opening deposit and no monthly fee. The interest rate changes with market conditions, so check the current rate in the Wallet app before you start the process if the rate matters to your decision.
Key Takeaways
- You set up an Apple Savings Account entirely within the Wallet app on your iPhone — there is no separate website or bank visit required.
- The account is managed through your Apple ID and requires a government-issued ID, Social Security number, and proof of address during setup.
- Money moves into the account by transferring from another bank account you own, and transfers out take one to three business days.
- The account earns interest daily, but you cannot write checks, use a debit card, or set up automatic bill pay from it.
- If you lose access to your iPhone or Apple ID, you can still reach your money through Goldman Sachs customer service.
The step-by-step setup process in Wallet
Open the Wallet app on your iPhone and tap the plus icon in the upper right corner. Select "Savings Account" from the menu. The app will ask you to verify your identity by taking a photo of your government-issued ID — driver's license or passport — and a selfie. This happens in the app itself; you do not upload documents separately.
Next, you enter your Social Security number and confirm your current address. The app cross-checks this information against public records. If the address on your ID does not match where you live now, you will need to provide a recent utility bill, lease, or mortgage statement as proof of your current address. Take a photo of one of these documents in the app.
Once identity verification is complete, the app shows you the current interest rate and asks you to review the account terms. Read through these — they cover how the account works, what happens if you close it, and how Goldman Sachs handles your data. Tap to accept, and your account opens when ready. You can see your account number and routing number in the Wallet app right away.
Moving money into your Apple Savings Account
Your Apple Savings Account has its own routing number and account number, visible in the Wallet app under the account details. To fund it, you transfer money from another bank account you own — a checking account, another savings account, or any account in your name at any U.S. bank.
You have two ways to do this. The first is to initiate the transfer from your other bank's app or website, using the routing and account numbers from your Apple Savings Account. The second is to add your other bank account to the Wallet app itself and transfer from there. Both methods work the same way: you enter the account and routing number, and the money moves over one to three business days.
The first time you transfer from a new bank account, many banks hold the transfer for verification — this is normal and protects both accounts from fraud. After the first transfer clears, subsequent transfers usually move faster. There is no limit on how much you can transfer in or how many transfers you can make.
How interest works and when you see it
Your Apple Savings Account earns interest daily on whatever balance sits in the account. The rate is set by Goldman Sachs and changes based on Federal Reserve decisions and market conditions. You can see the current rate in the Wallet app before you open the account, and the app shows you the rate anytime you want to check it.
Interest posts to your account monthly, usually on the first business day of the month. You do not have to do anything to earn it — it accumulates automatically. The interest is taxable income, and Goldman Sachs will send you a 1099-INT form at the end of the year if you earned $10 or more in interest.
Because interest compounds daily but posts monthly, your balance grows slightly faster than if interest posted only once a year. The difference is small on smaller balances but meaningful if you keep several thousand dollars in the account.
What you cannot do with an Apple Savings Account
This account is designed for saving, not for everyday spending. You cannot write checks from it, you cannot attach a debit card to it, and you cannot set up automatic bill pay. You also cannot overdraft it — if you try to transfer out more than your balance, the transfer will fail.
You can only move money out by transferring it back to another bank account. That transfer takes one to three business days, the same as moving money in. If you need to spend money regularly or pay bills directly from savings, you would need a separate checking account.
The account is also tied to your iPhone and Apple ID. You cannot share it with another person or give someone else access to manage it, even a spouse or family member. If you want joint savings, you would need to open accounts at a traditional bank instead.
What happens if you lose your iPhone or change phones
Your Apple Savings Account is not stored on your iPhone — it is stored at Goldman Sachs and linked to your Apple ID. If you lose your phone or upgrade to a new one, you can sign into your Apple ID on the new device and your account appears in Wallet when ready. Your money is still there.
If you lose access to your Apple ID entirely, you can contact Goldman Sachs customer service directly. They can verify your identity using the same documents you provided during setup and help you regain access to your account. The phone number for Goldman Sachs customer service is in the Wallet app under your account details.
If your iPhone is stolen, change your Apple ID password when ready and enable two-factor authentication if you have not already. This prevents someone else from signing into your ID and accessing your account. Goldman Sachs can also flag your account if you report it compromised.
Closing your Apple Savings Account
To close the account, open Wallet, tap your savings account, scroll to the bottom, and select "Close Account." The app will ask you to confirm and will show you your current balance. You must transfer any remaining money out to another bank account before the account closes — you cannot close it with a balance sitting in it.
Once you confirm, the account closes when ready and no longer appears in Wallet. If you change your mind within a short window, you may be able to reopen it, but this depends on Goldman Sachs' policies at the time. Contact customer service if you close by mistake and want to reverse it.
Frequently Asked Questions
Do I need an Apple Card to open an Apple Savings Account?
No. The savings account is separate from the Apple Card. You need only an iPhone, an Apple ID, and the ability to verify your identity. The Apple Card is optional and works independently.
Can I transfer money directly from my Apple Savings Account to someone else's bank account?
No. You can only transfer money from your Apple Savings Account back to a bank account in your own name. To send money to someone else, you would transfer it to your own checking account first, then send it from there using Venmo, a wire transfer, or another payment method.
What happens to my interest if I close the account mid-month?
You keep all interest earned up to the day you close. Interest accrues daily, so if you close on the 15th, you receive interest for those 15 days. The final interest payment posts on the next monthly posting date after you close.
Is my money safe in an Apple Savings Account?
Yes. The account is held at Goldman Sachs, a bank regulated by the Federal Reserve and the Office of the Comptroller of the Currency. Deposits are insured by the FDIC up to $250,000 per depositor, per bank. Your money is protected the same way it would be at any other bank.
Can I set up an Apple Savings Account on an iPad or Mac?
No. You must set it up on an iPhone running iOS 16.1 or later. Once the account is open, you can view it on other Apple devices signed into your Apple ID, but the initial setup happens only on iPhone.