Apple Savings Account is a high-yield savings product through Goldman Sachs

Apple Savings Account is a savings product offered through the Apple Wallet app, with deposits held at Goldman Sachs Bank USA. To turn it on, you open it directly in Wallet on your iPhone or iPad — there is no separate process process or visit to a bank branch. The account appears as a tile in your Wallet alongside your Apple Card, and money moves between your Apple Cash and the savings account through the same app.

The account is only available to people who already have an Apple Card, because the savings feature lives within the Apple Card ecosystem. If you do not yet have an Apple Card, you would need to set that up first through the Wallet app.

Key Takeaways

  • Apple Savings Account opens directly in the Wallet app on your iPhone or iPad and requires an existing Apple Card.
  • The account is held at Goldman Sachs Bank USA, and your deposits are covered by FDIC insurance up to $250,000.
  • You can move money between your Apple Cash and the savings account when ready within the Wallet app, with no transfer fees.
  • The interest rate changes over time and is set by Goldman Sachs; you can see the current rate in the Wallet app before you open the account.

Steps to open Apple Savings Account in Wallet

Open the Wallet app on your iPhone or iPad and tap the plus sign in the upper right corner. Select "Savings Account" from the menu. The app will show you the current interest rate and terms before you proceed. Tap "Continue" and follow the prompts to confirm your identity and link the account to your Apple Card.

The account opens when ready once you complete these steps. You do not need to wait for approval or for mail to arrive. Your savings account tile appears in Wallet right away, and you can begin moving money into it.

Moving money into and out of your savings account

Money moves between your Apple Cash balance and your Apple Savings Account when ready through the Wallet app. Tap the savings account tile, then tap "Add Money" to transfer funds from your Apple Cash. You can also set up automatic transfers — for example, to move a portion of your Apple Card cashback rewards into savings each month.

Withdrawals work the same way: tap the account, select "Transfer," and choose how much to move back to your Apple Cash. The money appears in your Apple Cash balance when ready. From there, you can spend it, send it to another person, or transfer it to your linked bank account.

Interest rates and how earnings work

Apple Savings Account earns interest at a rate set by Goldman Sachs. The rate changes over time as market conditions change — it is not fixed. You can see the current rate in the Wallet app before you open the account, and the app shows you your earned interest in real time as it accrues.

Interest is calculated daily on your balance and deposited into your account monthly. Unlike some savings accounts, there are no minimum balance requirements, no monthly fees, and no limits on how many times you can move money in or out.

FDIC insurance and account safety

Your deposits in Apple Savings Account are held at Goldman Sachs Bank USA and are covered by FDIC insurance up to $250,000 per depositor. This means if the bank fails, the Federal Deposit Insurance Corporation will reimburse you for your balance up to that limit. The FDIC insurance covers your Apple Savings Account separately from any other accounts you hold at Goldman Sachs.

Your account is protected by the same security features as your Apple Card and Apple Cash — two-factor authentication, Face ID or Touch ID, and encryption. You control access through your iPhone or iPad, and Apple does not store your full account number on your device.

What happens if you close your Apple Card

If you close your Apple Card, you can no longer access your Apple Savings Account through Wallet. Before closing your card, you should transfer any money in your savings account back to your Apple Cash or to your linked bank account. Once the card is closed, you cannot retrieve funds left in the savings account through the Wallet app.

If you close your card by accident or change your mind, contact Apple Support to see if the account can be reopened. The sooner you reach out, the better your chances of recovering access to the funds.

Frequently Asked Questions

Can I open Apple Savings Account without an iPhone?

No. Apple Savings Account is only available through the Wallet app on iPhone or iPad. You cannot open or manage it through a web browser or on an Android device. You need an iPhone or iPad running a recent version of iOS or iPadOS.

Is there a minimum deposit to open the account?

No minimum deposit is required to open Apple Savings Account. You can open the account with zero dollars and add money whenever you choose. There is also no minimum balance to keep the account open or to earn interest.

Can I set up automatic deposits from my bank account?

You cannot transfer directly from your linked bank account into Apple Savings Account. Money must first go into your Apple Cash balance, then you transfer it to savings. You can automate the second step by setting up recurring transfers from Apple Cash to your savings account.

What if the interest rate drops after I open the account?

The interest rate is not locked in when you open the account. Goldman Sachs can change the rate at any time, and you will see the new rate displayed in your Wallet app. You are not obligated to keep your money in the account if the rate drops — you can transfer it back to Apple Cash or to your bank account when ready.

Does Apple Savings Account count toward my credit score?

No. Savings accounts do not appear on your credit report or affect your credit score. Only credit products like the Apple Card itself influence your credit history. Opening a savings account has no impact on your credit.