What you need to do to open an Apple Savings Account

To open an Apple Savings Account, you need an iPhone or iPad running a recent version of iOS, an Apple ID, and a valid government-issued ID. Apple Savings is a high-yield savings account offered through Goldman Sachs, and you set it up entirely through the Wallet app on your device — there is no website version or phone number to call.

The process takes about 10 minutes. You start in the Wallet app, tap the plus sign to add a new card or account, select "Savings," and follow the prompts. Apple will ask you to verify your identity by taking a photo of your ID and answering security questions based on your credit history. Once you pass verification, your account opens when ready and you can begin moving money into it.

You do not need to be an existing Apple customer or have any other Apple products. You do need a U.S. phone number, a U.S. address, and to be at least 18 years old. If you already use Apple Pay, the setup is faster because Apple already has some of your information on file.

Key Takeaways

  • You set up an Apple Savings Account through the Wallet app on your iPhone or iPad, not through a website or bank branch.
  • The account opens in about 10 minutes once you verify your identity with a photo of your government ID and answer security questions.
  • Money you deposit into Apple Savings earns interest at a rate set by Goldman Sachs, which changes over time and is shown in the Wallet app.
  • You can move money between Apple Savings and your linked checking account, though transfers take one to three business days.
  • Apple Savings accounts are FDIC insured up to the standard limit, meaning your deposits are protected if Goldman Sachs fails.

Step-by-step: opening your account

Open the Wallet app on your iPhone or iPad. At the bottom of the screen, tap the plus sign (+) in a circle. Scroll down and tap "Savings" — it appears below credit and debit card options. Tap "get your free guide."

Apple will show you the current interest rate and explain that the account is FDIC insured. Tap "Continue." You will then be asked to enter your legal name, date of birth, phone number, and address. Make sure these match the information on your government ID, because Apple uses them to verify your identity.

Next, take a clear photo of the front of your ID — a driver's license, passport, or state ID all work. Hold it flat under good lighting and make sure all four corners are visible. Apple's camera will guide you. Then take a selfie so Apple can match your face to the ID photo.

After that, Apple will ask you security questions based on your credit history — questions like "Which address did you live at in 2019?" or "Which lender issued one of your accounts?" These are pulled from your credit file and are designed so only you can answer them. Answer as accurately as you can. If you get more than one wrong, the verification fails and you will need to try again the next day.

Once verification passes, your account is open. You will see it in your Wallet app with a current balance of zero. You can now add money to it.

How to add money to your Apple Savings Account

To move money into Apple Savings, you need to link a checking account. In the Wallet app, tap on your Savings account, then tap the three dots menu and select "Link Bank Account." Enter your checking account number and routing number — you can find both on a check or by logging into your bank's website or app.

Once your checking account is linked, tap the plus sign on your Savings account card and choose "Add Money." Enter the amount you want to transfer. The transfer will take one to three business days to complete. Apple does not charge a fee for transfers in either direction.

You can also set up automatic transfers. In the account menu, look for "Recurring Transfers" and choose a date and amount. This is useful if you want to move a fixed amount to savings every payday without having to remember to do it manually.

Understanding the interest rate and how it changes

Apple Savings earns interest at a rate that Goldman Sachs sets. The rate is shown in your Wallet app and updates automatically when Goldman Sachs changes it. You do not have to do anything — interest is calculated daily and added to your account monthly.

The interest rate on savings accounts moves with the federal funds rate, which the Federal Reserve adjusts several times a year. When the Fed raises rates, savings rates typically go up. When the Fed lowers rates, savings rates go down. Goldman Sachs may not change its rate on the exact same day the Fed moves, so there is usually a small lag.

You can see how much interest you have earned by opening your account in the Wallet app and looking at the transaction history. Each monthly interest deposit appears as a separate line item with the date and amount.

Moving money out of your Apple Savings Account

To withdraw money, open your Savings account in Wallet, tap the three dots menu, and select "Transfer to Bank." Enter the amount and confirm. The money will move back to your linked checking account in one to three business days. There is no fee and no limit on how many times you can withdraw.

You cannot withdraw cash directly from an ATM using your Apple Savings account. You must transfer money back to your checking account first, then withdraw from there. This is normal for online savings accounts — they are designed for storing money rather than everyday spending.

What to do if verification fails

If Apple cannot verify your identity on the first try, you will see a message explaining why. The most common reasons are that your photo is blurry, your answers to security questions do not match your credit file, or there is a mismatch between your ID and the information you entered.

You can try again the next day. Before you do, double-check that the name, address, and date of birth you entered match your ID exactly — including middle initials and apartment numbers. If you have moved recently, use the address that appears on your ID, not your current address. If you are unsure about the security questions, contact your bank to confirm what information is in your credit file.

If you continue to have trouble, you can contact Apple Support through the Wallet app or visit apple.com/support. They can help troubleshoot the verification process, though they cannot override a failed verification — you will need to wait and try again.

FDIC insurance and account safety

Apple Savings accounts are held at Goldman Sachs and are covered by FDIC insurance. This means if Goldman Sachs fails, the federal government guarantees your deposits up to $250,000 per account holder. If you have more than $250,000 in the account, only the first $250,000 is protected.

Your account is also protected by the security features built into your iPhone or iPad. You cannot access your Savings account without unlocking your device first, and you cannot transfer money without Face ID or Touch ID. This means someone who steals your phone cannot drain your account without your biometric information.

Apple does not store your account number or routing number in plain text. When you link your checking account, Apple encrypts that information and sends it directly to Goldman Sachs. Apple itself does not hold your money — Goldman Sachs does.

Frequently Asked Questions

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

No. Apple Savings is only available through the Wallet app, which exists only on iPhone and iPad. If you use an Android device, you cannot open this account. You would need to use a different online savings account offered by banks like Marcus, Ally, or your own bank.

What happens to my account if I switch to a different phone?

Your account stays open and your money stays in it. When you set up your new iPhone or iPad and sign in with the same Apple ID, your Savings account will appear in the Wallet app automatically. You do not need to create a new account or re-verify your identity.

Can I have more than one Apple Savings Account?

No. You can only open one Apple Savings Account per Apple ID. If you need multiple savings accounts, you would need to use different banks or open accounts under a different Apple ID, though that second option is not practical for most people.

Is there a minimum balance or monthly fee?

There is no minimum balance and no monthly fee. You can keep any amount in the account, from a few dollars to the FDIC insurance limit. Apple does not charge for transfers, account maintenance, or inactivity.

How do I close my Apple Savings Account?

Open your Savings account in Wallet, tap the three dots menu, and look for "Close Account" or "Account Settings." Transfer any remaining balance back to your checking account first. Once the account is closed, it cannot be reopened — you would need to create a new one if you wanted to use Apple Savings again later.