What You Need Before You Start

An Apple Savings Account is a high-yield savings account offered through Goldman Sachs and held at the bank's name, not Apple's. To open one, you need an iPhone or iPad running iOS 16.1 or later, a valid Social Security number, a U.S. address, and a government-issued ID. You'll also need an active Apple ID and an existing Apple Cash account — if you don't have Apple Cash yet, you'll set that up first as part of the process.

The account itself is free to open and has no monthly fees, no minimum balance requirement, and no maximum deposit limit. Interest rates change with the market, so check Apple's current rate before you begin — it's displayed in the Wallet app before you commit to opening the account.

You do not need to be an existing Goldman Sachs customer, and you do not need to link a separate bank account, though you can transfer money in and out once the account is open.

Key Takeaways

  • You open an Apple Savings Account through the Wallet app on your iPhone or iPad, not through a website or bank branch.
  • The account is held at Goldman Sachs but branded as Apple Savings, and you manage it entirely through your iPhone.
  • You'll need an active Apple ID, an existing Apple Cash account, a valid Social Security number, and a government-issued ID to complete setup.
  • The entire setup process takes about 10 to 15 minutes, and your account becomes active when ready after approval.
  • Money in the account is FDIC-insured up to $250,000 through Goldman Sachs, the same protection as any other bank account.

Opening the Account in the Wallet App

Open the Wallet app on your iPhone and tap the plus sign (+) in the upper right corner. Select "Savings" from the menu. You'll see the current interest rate and a description of the account. Tap "get your free guide" to begin the setup process.

The app will ask you to confirm your Apple ID and verify that you're the account holder. This step uses your existing Apple ID credentials, so you don't need to create anything new. If you don't have Apple Cash yet, the app will prompt you to set it up before you can proceed to the savings account — this takes about two minutes and requires the same identity verification.

Once Apple Cash is confirmed, you'll move to the identity verification step, which is where the process slows down slightly.

Verifying Your Identity

Apple uses a third-party verification service to confirm your identity. You'll need to provide your full legal name, date of birth, Social Security number, and current U.S. address. The app will ask you to take a photo of your government-issued ID — a driver's license, passport, or state ID card. Make sure the photo is clear, well-lit, and shows all four corners of the ID.

The verification process is automated and usually completes within seconds. If the system cannot read your ID clearly, you'll be asked to retake the photo. If verification fails after multiple attempts, you may be asked to contact Apple Support, though this is uncommon.

Once verification is complete, you'll see a confirmation screen. At this point, your Apple Savings Account is open and ready to use. You do not need to wait for anything to arrive in the mail or for a separate confirmation email — the account is live when ready.

Linking a Bank Account to Transfer Money

Your Apple Savings Account is now open, but it's empty. To move money into it, you'll need to link a bank account. In the Wallet app, tap on your Apple Savings Account and select "Transfer Money" or the settings icon. Choose "Link Bank Account" and follow the prompts.

You'll enter your bank's routing number and your account number. Apple will make two small test deposits (usually under $1 each) to your linked bank account within one to two business days. You'll then confirm the exact amounts of those deposits in the Wallet app to verify that you own the account.

Once your bank account is verified, you can transfer money between your linked bank account and your Apple Savings Account at any time. Transfers typically complete within one to three business days, depending on your bank.

Moving Money Into Your Savings Account

After your bank account is linked and verified, you can transfer money from your bank into your Apple Savings Account. In the Wallet app, tap your Apple Savings Account, then tap "Transfer Money." Select "From Bank Account" and enter the amount you want to move. Confirm the transfer, and the money will be on its way.

You can also transfer money from your Apple Cash balance directly into your Apple Savings Account if you have a balance there. This transfer is when ready and doesn't require a bank link. To do this, open Apple Cash in the Wallet app, tap the more options menu, and select "Transfer to Savings."

There is no limit on how much you can transfer at once, and you can make as many transfers as you want. Interest begins accruing on the balance when ready, calculated daily and paid monthly.

What Happens After Setup Is Complete

Once your account is open and funded, you manage everything through the Wallet app. You can check your balance, view your interest earnings, see your transaction history, and transfer money in or out. The app shows your interest rate and how much you've earned so far in the current month.

Your account statements are available in the app and can also be sent to your email address on file. If you need to contact Goldman Sachs directly about your account, you can do so through the Wallet app's support option, though most issues are handled through Apple's support channels first.

You can close your Apple Savings Account at any time by transferring your balance back to your linked bank account and then removing the account from Wallet. There is no penalty for closing the account early.

Frequently Asked Questions

Can I open an Apple Savings Account on an Android phone?

No. Apple Savings Accounts are only available through the Wallet app on iPhone or iPad running iOS 16.1 or later. There is no Android version of this product.

What if my identity verification fails?

If the automated verification cannot read your ID or match your information, you'll be asked to retake the photo or contact Apple Support. In rare cases, you may need to verify your identity by phone with a representative. This process can take a few hours to a few days depending on the issue.

Can I transfer money from my Apple Savings Account to someone else?

No. You can only transfer money between your Apple Savings Account and your own linked bank account. You cannot send money directly to another person's account from savings. You would need to transfer to your bank account first, then use another method to send it elsewhere.

Is my money safe in an Apple Savings Account?

Yes. The account is held at Goldman Sachs, which is a bank insured by the FDIC. Your balance is protected up to $250,000 per account holder, the same as any other bank account. Apple does not hold the money itself — it's held at the bank.

How long does it take to transfer money out if I need it?

Transfers to your linked bank account typically take one to three business days, depending on your bank's processing speed. Transfers from Apple Cash to Apple Savings are when ready. If you need cash when ready, you would need to withdraw from your linked bank account separately.