Where to find the Apple Savings Account

The Apple Savings Account is offered through Apple Bank for Savings, a New York-based bank, and you open it entirely through the Apple Wallet app on your iPhone. There is no website, no separate bank portal, and no way to open one from a computer — you must use an iPhone running iOS 17.2 or later. Open the Wallet app, tap the "+" button, select "Savings Account," and follow the prompts to connect your identity and funding source.

Apple does not advertise this account heavily outside the Wallet app itself. If you have never seen it mentioned in Wallet, scroll to the bottom of the app's main screen and look for a card labeled "Savings Account" with an Apple logo. If you do not see it, your iPhone may not meet the iOS requirement, or the account may not be available in your region yet — Apple has rolled it out gradually, and availability varies by state.

You can also reach Apple Bank for Savings directly at 1-877-955-9060 if you have questions before opening the account, though representatives will ultimately direct you back to the Wallet app to complete the setup.

Key Takeaways

  • The Apple Savings Account opens only through the Wallet app on an iPhone running iOS 17.2 or later; there is no website or alternative method.
  • You will need a valid government ID, Social Security number, and a funding source (debit card or linked bank account) to complete the setup.
  • The account is FDIC-insured up to $250,000 through Apple Bank for Savings, the same protection that covers any bank account.
  • Interest rates and fees change over time, so check the Wallet app or call Apple Bank directly for current terms before you open the account.
  • If the account does not appear in your Wallet app, your state may not have it available yet, or your iPhone may need a software update.

What you need before you start

Have your government-issued ID ready — a driver's license, passport, or state ID card. Apple will ask you to photograph both sides during setup. You will also need your Social Security number, which Apple uses to verify your identity and check your credit history.

You need a way to fund the account. This can be a debit card (Visa, Mastercard, American Express, or Discover) or a linked bank account. If you use a debit card, the initial transfer usually processes within one to three business days. Bank-to-bank transfers may take longer depending on your bank's processing speed.

Make sure your iPhone has enough storage space and a stable internet connection during setup. The process typically takes 10 to 15 minutes, but if your connection drops, you may need to start over.

Step-by-step setup in the Wallet app

Open Wallet and tap the "+" button in the top right corner. Select "Savings Account" from the menu. You will be asked to verify your identity by photographing your ID — hold it steady in good lighting and make sure all text is visible. Apple uses automated verification, so a blurry photo may cause the process to fail and require you to try again.

Next, enter your Social Security number and date of birth. Apple will run a background check through a third-party verification service. This usually completes when ready, but occasionally takes a few minutes. If the check fails, you will see an error message; contact Apple Bank at 1-877-955-9060 to understand why.

Then you will link your funding source. Enter your debit card or bank account details. Apple will confirm the information and show you the current interest rate and any fees (though as of now, there are no monthly maintenance fees). Review the terms, and if you agree, tap to confirm. Your account opens when ready, and you can begin transferring money.

What happens after you open the account

Your savings account appears in the Wallet app as a card. You can see your balance, recent transactions, and current interest rate by tapping on it. Money you transfer in earns interest automatically — you do not need to do anything else to start earning.

Transfers out of the account take one to three business days to reach your linked bank account or debit card, depending on your bank. If you need the money faster, consider keeping a smaller amount in the savings account and the rest in your checking account.

The account is FDIC-insured up to $250,000. This means if Apple Bank for Savings fails, the federal government protects your money up to that limit. If you have more than $250,000 to save, you would need to split it across multiple banks or accounts to keep all of it insured.

If the account does not appear in your Wallet app

First, check your iOS version. Go to Settings, tap General, then Software Update. If an update is available, install it and restart your iPhone. The Apple Savings Account requires iOS 17.2 or later, and older versions will not show the option.

Second, check your state. Apple has not rolled out the account to all states at the same time. As of early 2024, it is available in most states but not all. If you live in a state where it is not yet available, you will not see the option in Wallet. Apple has not published a list of excluded states, so your best option is to call Apple Bank at 1-877-955-9060 and ask whether the account is available where you live.

Third, make sure you are using an iPhone, not an iPad or Mac. The account is iPhone-only and will not appear on other Apple devices.

Interest rates and fees to know

Interest rates on the Apple Savings Account change based on the Federal Reserve's actions and market conditions. When the account launched, the rate was competitive with high-yield savings accounts elsewhere, but rates move up and down regularly. Check the Wallet app or call Apple Bank to see the current rate before you decide to open the account.

As of now, there are no monthly maintenance fees, overdraft fees, or minimum balance requirements. However, these terms can change. Apple will notify you through the Wallet app if fees are introduced, and you would have the right to close the account without penalty.

Transfers between your Apple Savings Account and your linked bank account are free. There are no limits on how many transfers you can make per month, though your linked bank may have its own transfer limits.

Comparing the Apple Savings Account to other options

The main advantage of the Apple Savings Account is convenience — if you already use Apple Wallet for payments, your savings account sits right there alongside your debit card. You do not need to log into a separate website or app, and transfers are when ready within Wallet.

The main disadvantage is that it is iPhone-only. If you use Android, a Windows phone, or switch devices frequently, you cannot use this account. You would need to move your money to a different bank.

Other high-yield savings accounts, offered by banks like Marcus, Ally, and Wealthfront, often have similar or higher interest rates and work on any device. They also let you open an account online without an iPhone. If you want maximum flexibility or do not own an iPhone, a traditional online bank may be a better fit.

Frequently Asked Questions

Can I open an Apple Savings Account on an iPad or Mac?

No. The account is only available through the Wallet app on an iPhone. You cannot open it on an iPad, Mac, or any other device, and you cannot manage it outside the Wallet app once it is open.

What happens to my money if Apple Bank for Savings closes?

Your money is protected up to $250,000 by FDIC insurance. If the bank fails, the federal government will transfer your funds to another bank or send you a check. You do not need to do anything — the FDIC handles the process automatically.

How long does it take to transfer money out of the account?

Transfers to your linked bank account or debit card usually take one to three business days. Weekends and bank holidays may add time. If you need faster access, keep your everyday spending money in a checking account instead.

Can I set up automatic transfers into the savings account?

The Wallet app does not currently offer automatic recurring transfers. You can transfer money manually whenever you want, but you would need to do it by hand each time rather than setting it and forgetting it.

What if I forget my iPhone passcode or lose my phone?

Your account is tied to your Apple ID, not just your phone. If you lose your iPhone, sign into your Apple ID on a new device and your Wallet will restore, including your savings account. If you forget your passcode, you can reset it through Apple's account recovery process, though this may take time. Contact Apple Support or Apple Bank if you need help regaining access.