What Apple's Savings Account Is and How It Works

Apple's savings account is a high-yield savings account offered through Goldman Sachs, a bank that Apple partnered with to create this product. You access it through the Wallet app on your iPhone — the same place you keep your Apple Pay cards and passes. The account earns interest on the money you deposit, and you can move money in and out through your iPhone without visiting a branch or calling a phone number.

The account is connected to an Apple Cash card, which is a debit card that lives in your Wallet. You can use this card to spend money from your savings account at stores, online, or through Apple Pay. Unlike a regular checking account, this account is designed specifically for saving — the interest rate changes based on what the Federal Reserve does with interest rates, but it is typically higher than what you would earn in a traditional savings account at a brick-and-mortar bank.

You do not need to visit a bank branch or mail anything in. Everything happens on your phone. There are no monthly fees, and there is no minimum balance requirement to open the account.

Key Takeaways

  • You open an Apple savings account entirely through the Wallet app on your iPhone by providing your name, date of birth, address, and the last four digits of your Social Security number.
  • The account is FDIC insured up to $250,000, which means your money is protected by federal insurance even if Goldman Sachs fails.
  • You can transfer money into the account from another bank account you own, and you can move money out the same way.
  • The interest rate is variable and changes when the Federal Reserve changes its rates, so your earnings will go up or down over time.
  • You can use the Apple Cash card connected to the account to spend money at stores and online, but the account is meant for saving rather than everyday spending.

What You Need Before You Start

You need an iPhone with the Wallet app — this account does not work on Android phones or computers. You also need to be at least 18 years old and a U.S. resident with a valid Social Security number. If you do not have a Social Security number, you cannot open this account.

You will need access to another bank account to transfer money into your Apple savings account. This can be a checking account at any U.S. bank. You do not need to have an Apple Cash card already — the savings account comes with one automatically.

Have your identification ready. You will need to provide your full name, date of birth, address, and the last four digits of your Social Security number during setup. Apple may also ask you to take a photo of your face as part of their identity verification process.

How to Open Your Account in the Wallet App

Open the Wallet app on your iPhone and look for the "+" button, usually in the top right corner. Tap it and select the option to add a savings account. You will see "Apple Savings Account" as an option — tap that.

Follow the prompts to enter your personal information: your full name, date of birth, and current address. You will also enter the last four digits of your Social Security number. Apple will verify this information against records to confirm your identity. This usually takes a few minutes, but sometimes Apple needs to review your information manually, which can take up to a few hours.

Once your identity is verified, you will set up a PIN — a four-digit code that you will use to confirm transactions in the Wallet app. Choose a PIN you can remember but that is not obvious, like your birthday. You will use this PIN every time you transfer money or make changes to your account.

After you complete these steps, your savings account is open and ready to use. You will see it in your Wallet app alongside any other cards you have saved there.

Moving Money Into Your Account

To put money into your Apple savings account, you need to link another bank account that you own. Open your savings account in the Wallet app and look for the option to add a bank account or transfer money. Tap that option.

You will enter the routing number and account number from the bank account you want to link. These numbers are on the bottom left of your checks, or you can log into your bank's website or app to find them. Apple will verify that the account belongs to you by making two small test deposits — usually a few cents each — to that account. You will need to log into your bank account and confirm the amounts of these deposits back in the Apple Wallet app. This verification process usually takes one to two business days.

Once your bank account is verified, you can transfer money from that account into your Apple savings account. You can transfer as much or as little as you want, and there is no limit on how many transfers you can make. Transfers usually show up in your Apple savings account within one to three business days, depending on your bank.

Understanding the Interest Rate and How You Earn Money

The interest rate on an Apple savings account is variable, which means it changes. When the Federal Reserve raises or lowers its interest rates, Apple's rate changes too — usually within a few days. You can see the current rate in the Wallet app at any time.

Interest is calculated daily on the money in your account and paid to you monthly. This means that if you have $1,000 in your account for the entire month, you will earn a small amount of interest based on that month's rate. The longer you leave money in the account, the more interest you earn. If you take money out partway through the month, you earn interest only on the amount that was actually in the account.

The interest is automatically added to your account balance — you do not have to do anything to receive it. You can see how much interest you have earned by looking at your account history in the Wallet app.

Spending Money From Your Account

Your Apple savings account comes with an Apple Cash card that you can use to spend money. You can use this card anywhere that accepts Apple Pay — at stores with contactless payment readers, online at websites that accept Apple Pay, or in apps. You can also use the physical card number to make purchases online if a store does not accept Apple Pay.

When you spend money, it comes directly from your savings account balance. There is no separate checking account — your spending and your savings are in the same place. This is different from a traditional bank where you might have a checking account for spending and a savings account for saving.

Because this account is designed for saving rather than everyday spending, you may want to keep most of your money in a separate checking account and transfer only what you need to spend into your Apple savings account. This helps you avoid the temptation to spend your savings.

Safety and Protection of Your Money

Your Apple savings account is held at Goldman Sachs, which is a bank regulated by the U.S. government. Your account is insured by the Federal Deposit Insurance Corporation, or FDIC, which means that if Goldman Sachs fails, the government will protect your money up to $250,000. If you have more than $250,000 in the account, only the first $250,000 is protected.

Your account is also protected by your iPhone's security features. You need your Face ID, Touch ID, or PIN to access the Wallet app and move money, so someone who steals your phone cannot easily access your account. If you lose your phone, you can use Find My iPhone to lock it remotely, and you can contact Apple to disable your Apple Cash card.

If you notice unauthorized transactions or suspect fraud, contact Apple when ready through the Wallet app or by calling Apple Support. Report the problem as soon as you notice it — the sooner you report it, the better protected you are.

Frequently Asked Questions

Can I open an Apple savings account if I do not have an iPhone?

No. The account is only available through the Wallet app on iPhone. You cannot open or manage this account on an Android phone, computer, or any other device. If you do not have an iPhone, you would need to use a savings account from a traditional bank instead.

What happens to my money if Apple goes out of business?

Your money is held at Goldman Sachs, not at Apple, so Apple going out of business would not affect your account. Your money is insured by the FDIC up to $250,000, so even if Goldman Sachs fails, the federal government protects your deposits. Apple is just the company that provides the app you use to access the account.

Can I transfer money out of my Apple savings account to another bank?

Yes. You can transfer money from your Apple savings account back to the bank account you linked during setup. The process is the same as transferring money in — you go to your account in the Wallet app, select the transfer option, and choose how much to move. Transfers out usually take one to three business days.

Is there a limit to how much money I can keep in this account?

There is no limit set by Apple, but only the first $250,000 is covered by FDIC insurance. If you have more than $250,000, the amount above that is not federally insured. For most people saving money, this is not a concern, but it is something to know if you are saving a very large amount.

What if I want to close my account?

You can close your Apple savings account at any time through the Wallet app. You will need to transfer any remaining balance to another bank account first — Apple will not let you close the account with money still in it. Once the balance is zero, you can delete the account from your Wallet app.