What You Need to Know Before You Start

Apple Savings Account is a high-yield savings account offered through Goldman Sachs Bank USA. You open it directly through the Wallet app on your iPhone — there is no separate website or bank branch visit required. The account is linked to your Apple ID, and you need an may be able to access iPhone to set it up.

The account does not charge monthly fees, and there are no minimum balance requirements to open one or keep it open. Interest rates change based on market conditions, so the rate you see today may differ from the rate you earn in three months. You can transfer money in and out of the account, and deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.

Key Takeaways

  • You open an Apple Savings Account through the Wallet app on an iPhone running iOS 17.2 or later, not through a website or bank branch.
  • You will need a valid government ID, a Social Security number, and proof of your current address to complete the setup process.
  • The account is linked to your Apple ID, so you must have an active Apple ID and two-factor authentication enabled on your iPhone.
  • Once approved, you can begin transferring money into the account within minutes, though transfers from external banks may take one to three business days.

Step-by-Step Setup Process

Open the Wallet app on your iPhone and look for the Apple Savings Account tile. Tap it to begin. You will be asked to verify your identity by providing your full name, date of birth, and Social Security number. Have your government-issued ID ready — a driver's license, passport, or state ID card will work.

Next, you will enter your current address and confirm it matches your ID. The system will ask you to take a photo of the front and back of your ID using your iPhone camera. This step is required by federal banking rules to prevent fraud. After you submit your ID photos, the system performs an automated check, which usually takes a few minutes.

Once your identity is verified, you will review and accept the account agreement and privacy policy. Read the interest rate disclosure carefully — it shows the current Annual Percentage Yield (APY) and explains that rates can change. After you accept, your account opens when ready, and you can begin moving money.

What Documents and Information to Gather

Before you open the app, collect these items: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and your current address. If you moved recently, use your current address, not a previous one. The address you provide must match what appears on your ID or on a recent utility bill or bank statement.

You will also need your iPhone to be updated to iOS 17.2 or later. Check your iPhone settings under General > Software Update to confirm your version. If your phone is older and cannot run iOS 17.2, you cannot open an Apple Savings Account through this method.

How Long Approval Takes and What Happens Next

Identity verification usually completes within minutes after you submit your ID photos. In some cases, the automated system flags your process for manual review, which can take up to 24 hours. You will receive a notification through the Wallet app once your account is approved.

After approval, your account number and routing number appear in the Wallet app. You can transfer money from another bank account you own by using these numbers. Transfers from external banks typically take one to three business days to arrive. You can also transfer money out of your Apple Savings Account to another bank account you own using the same process.

Moving Money Into and Out of Your Account

To transfer money in, open the Wallet app, tap your Apple Savings Account, and select the option to add funds. You can link a bank account you own and initiate a transfer. The first transfer may require you to verify two small deposits that Goldman Sachs sends to your external bank account — this is a standard security step that takes two to three business days.

To move money out, go to the same section and select the option to transfer to your bank account. You will enter the amount and confirm. The money leaves your Apple Savings Account when ready, but it may take one to three business days to appear in your external bank account, depending on your bank's processing speed.

You can also use Apple Pay to move money between your Apple Savings Account and other accounts linked to your Apple ID, such as an Apple Cash card. This transfer is usually when ready.

What to Do If Your process Is Declined or Stuck

If your identity verification fails, the Wallet app will show an error message explaining why. Common reasons include a photo of your ID that is blurry or cut off, an address that does not match your ID, or a Social Security number that does not match government records. You can try again by taking clearer photos or correcting the information you entered.

If your process is stuck in review for more than 24 hours, contact Goldman Sachs directly. You can reach them through the Wallet app by tapping your account and selecting Help. They can tell you whether additional information is needed or whether there is a delay in processing. Do not create a new account or resubmit your information multiple times — this can slow down the process.

Frequently Asked Questions

Do I need an Apple Card to open an Apple Savings Account?

No. The Apple Savings Account is separate from the Apple Card. You can open a savings account without owning a credit card. However, you do need an active Apple ID and an iPhone running iOS 17.2 or later.

What happens to my money if Goldman Sachs fails?

Your deposits are insured by the FDIC up to $250,000 per account owner. This means if the bank fails, the FDIC will reimburse you for the full amount of your balance, up to the limit. This protection is the same as at any other FDIC-insured bank.

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

No. The account is only available through the Wallet app on iPhone. You cannot open one using an Android device or a computer. If you own an iPhone but it is older than the model that supports iOS 17.2, you will need to update your phone to use this service.

What if I forget my Apple ID password?

You will not be able to access your Apple Savings Account without your Apple ID. Use the Apple ID recovery process on your iPhone or at iforgot.apple.com to reset your password. Once you regain access to your Apple ID, you can log back into the Wallet app and access your account.

Can I close my Apple Savings Account anytime?

Yes. You can close the account through the Wallet app at any time. Before you close it, transfer any remaining balance to another bank account. Once closed, you cannot reopen the same account number, though you can create a new one if you meet the requirements.