Apple's savings account is no longer available to new customers, though existing account holders can keep theirs

In March 2024, Apple stopped letting new customers open savings accounts through its partnership with Goldman Sachs. If you already had an Apple savings account before that date, you can continue using it. But if you were thinking about opening one, you'll need to look at other options.

This happened quietly — Apple didn't make a big announcement. The company straightforward stopped accepting new applications. Existing customers found out mostly by noticing they could no longer sign up or by reading financial news. If you had an account, nothing changed about how it worked or what interest rate you earned.

Key Takeaways

  • Apple stopped accepting new savings account applications in March 2024, but existing customers can keep their accounts and continue earning interest.
  • The account was offered through Goldman Sachs, a bank that also provides other financial products to Apple customers.
  • You can still open a savings account at traditional banks, online banks, or credit unions that offer similar or better interest rates.
  • If you already have an Apple savings account, you don't need to do anything unless you want to move your money elsewhere.

Why Apple ended the program

Apple didn't publicly explain the decision, but the timing suggests a few likely reasons. The savings account launched in April 2023 with a high interest rate — around 4.15% at the time — which was attractive when rates were rising. By early 2024, many other banks had caught up with similar or better rates, so the account was less of a competitive advantage for Apple.

Goldman Sachs, the bank behind the account, was also dealing with broader challenges in its consumer banking division. The bank had been scaling back other consumer products and focusing more on its core business. Ending the Apple savings account may have been part of that shift.

The decision also reflects a reality about tech companies and banking: offering a savings account requires regulatory oversight, customer service infrastructure, and ongoing compliance work. For Apple, the account was a small part of its financial services strategy, and the cost-benefit calculation apparently didn't justify continuing it.

What happens if you already have an Apple savings account

If you opened an account before March 2024, nothing changes automatically. Your money stays where it is, and you keep earning whatever interest rate you locked in. You can still deposit money, withdraw it, and manage the account through the Wallet app on your iPhone.

You're not forced to close the account or move your money. Some people are keeping theirs open because they like the integration with Apple's ecosystem or because they want to leave the money untouched. Others have chosen to move their savings elsewhere to consolidate accounts or find a higher rate.

If you do want to close the account, you can transfer the money to another bank account you own. The process is straightforward: you initiate the transfer through the Wallet app, and the funds move to your chosen bank within a few business days. There's no penalty for closing early.

Where to open a savings account now

You have three main types of banks to choose from: traditional banks with physical branches, online-only banks, and credit unions. Each has different advantages depending on what matters to you.

Online banks typically offer the highest interest rates because they have lower overhead costs than banks with branches. Banks like Marcus, Ally, and Discover have no monthly fees and no minimum balance requirements. The tradeoff is that you can't walk into a branch to deposit cash or talk to someone in person.

Traditional banks with branches offer the convenience of in-person service and the ability to deposit cash at a teller window. However, their savings account interest rates are usually much lower than online banks — sometimes less than 0.01%. You may also face monthly fees or minimum balance requirements.

Credit unions are member-owned financial institutions that often offer competitive rates and lower fees than traditional banks. You typically need to meet membership requirements, which vary by location and employer. Some credit unions are open to anyone in a geographic area, while others require you to work for a specific employer or belong to a particular organization.

How current interest rates compare

Interest rates change frequently, so the exact numbers shift week to week. When Apple's account was open, it offered around 4.15% at its peak. Today, online banks offer rates that range widely depending on market conditions — some are higher than Apple's old rate, and some are lower.

The best way to compare is to check current rates on financial websites that track savings accounts, or visit the banks' websites directly. Look for accounts with no monthly fees, no minimum balance, and FDIC insurance (a federal may provide that protects your money up to $250,000 if the bank fails).

Don't choose a bank based only on the interest rate. Consider whether you need to deposit cash, whether you want customer service by phone or chat, and whether the bank's website and app are straightforward to use. A slightly lower rate at a bank you trust and enjoy using is often better than chasing the highest rate at a bank with poor service.

Understanding FDIC insurance on your savings

FDIC insurance is a federal protection that guarantees your money is safe if a bank fails. It covers up to $250,000 per person, per bank account type. This means if you have $50,000 in a savings account at a bank that goes out of business, the government will make sure you get your $50,000 back.

Both Apple's account (through Goldman Sachs) and most other savings accounts at legitimate banks carry FDIC insurance. This is one reason to avoid keeping large amounts of money outside the banking system — your money is actually safer in an insured bank account than it is in cash under your mattress.

When you're choosing a new bank, check that it displays the FDIC logo or states that accounts are FDIC-insured. All legitimate banks have this protection, but it's worth confirming.

Frequently Asked Questions

Can I still use my Apple savings account if I already have one?

Yes. Existing accounts remain open and active. You can continue depositing, withdrawing, and earning interest. You only need to take action if you want to close the account or move your money to a different bank.

Will Apple bring back the savings account?

Apple hasn't announced any plans to reopen the program. The company has not said whether this is permanent or temporary. If you're interested in Apple's financial products, the company still offers Apple Card (a credit card) and Apple Pay, but the savings account appears to be discontinued.

What's the difference between an online bank and a traditional bank?

Online banks have no physical branches and conduct all business through apps and websites. They usually offer higher interest rates and lower fees because they have fewer costs. Traditional banks have physical locations where you can deposit cash and speak to staff in person, but they typically offer lower interest rates and may charge monthly fees.

If I move my money to a different bank, will I lose the interest I've already earned?

No. The interest you've already earned is yours to keep. When you transfer your money, you move the full balance including all interest earned. You only stop earning interest once the money leaves the Apple account.

How do I transfer money from Apple's savings account to another bank?

Open the Wallet app on your iPhone, select the savings account, and look for the option to transfer or withdraw funds. You'll enter the account details of the bank where you want the money to go. The transfer typically takes three to five business days to complete.