Apple Pay does not offer a savings account
Apple Pay is a payment tool, not a bank. It lets you send money peer-to-peer, pay for things in stores and online, and manage cards you already own—but it does not hold your money or pay interest. If you want a savings account, you need to open one with a bank or credit union separately.
Apple does offer a savings product called Apple Card, which is a credit card issued by Goldman Sachs. It comes with a high-yield savings account called Apple Savings, but that account is separate from Apple Pay itself. You can link Apple Savings to Apple Pay to make payments, but the savings account is the actual place your money sits.
Key Takeaways
- Apple Pay is a payment method only and does not store money or earn interest.
- Apple Savings is a separate high-yield savings account available only to Apple Card holders, and it is issued by Goldman Sachs.
- You can link Apple Savings to Apple Pay to make payments, but the two are different products.
- If you want to save money through Apple, you must first open an Apple Card, which requires a credit check and approval.
- Money in Apple Savings is FDIC-insured up to $250,000 per depositor, the same as any bank savings account.
How Apple Savings works if you have an Apple Card
Apple Savings is a high-yield savings account that opens automatically when you are approved for an Apple Card. The account earns interest on the balance you keep in it. The interest rate varies and is set by Goldman Sachs, the bank that issues both the card and the savings account.
You can transfer money into Apple Savings from a linked bank account, and you can withdraw it the same way. The account has no monthly fees, no minimum balance, and no withdrawal limits. You can check your balance and move money using the Wallet app on your iPhone, iPad, or Mac.
Apple Savings is not the same as the cash-back rewards you earn from using the Apple Card itself. Cash back goes into Apple Savings automatically, but you can also deposit your own money there to earn interest on it.
What you need to open Apple Savings
You must have an Apple Card first. To get an Apple Card, you need to be at least 18 years old, have a valid Social Security number, and pass a credit check. Goldman Sachs will review your credit history and income to decide whether to approve you.
Once you are approved for the Apple Card, Apple Savings opens at the same time. You do not have to do anything extra—the savings account is part of the card product. If you are denied for the Apple Card, you cannot open Apple Savings on its own.
You will need a compatible iPhone, iPad, or Mac to manage the account, since everything is done through the Wallet app. You cannot open or manage Apple Savings through a web browser.
How Apple Pay connects to Apple Savings
Apple Pay pulls payment methods from your Wallet app, which includes any cards you have linked and your Apple Savings account. When you make a payment with Apple Pay in a store, online, or peer-to-peer, you choose which payment method to use—you can select Apple Savings if you want to spend money directly from that account.
If you send money to another person using Apple Pay, you can fund the transfer from Apple Savings, a linked debit card, or a credit card. The money leaves your Apple Savings account immediately and goes to the other person's bank account or Apple Pay balance.
You cannot use Apple Pay to transfer money into Apple Savings—you have to use a linked bank account for deposits. Apple Pay is the spending tool; Apple Savings is where the money lives.
Interest rates and FDIC protection on Apple Savings
Apple Savings earns interest, but the rate is not fixed and changes based on what Goldman Sachs decides. You can see the current rate in the Wallet app before you open the account. The rate is typically competitive with other high-yield savings accounts, but you should compare it to other banks if interest earnings matter to your decision.
Money in Apple Savings is FDIC-insured up to $250,000 per depositor, the same protection that applies to any bank savings account. If Goldman Sachs fails, your money is protected by federal insurance. This is true even though you manage the account through Apple—Goldman Sachs is the actual bank.
Alternatives if you do not have an Apple Card
If you want to use Apple Pay but do not want an Apple Card, you can link any debit card or credit card you already own to your Wallet app. You can also add a bank account to Apple Pay for peer-to-peer transfers. None of these options earn interest or function as a savings account.
If you want a high-yield savings account without getting an Apple Card, you can open one directly with any bank or credit union. Many online banks offer rates similar to Apple Savings and do not require you to have a credit card. You can still use Apple Pay to make payments and link your regular debit card to it.
Some banks and credit unions also offer their own digital wallets or payment apps, so you may have options beyond Apple Pay depending on where you bank.
Frequently Asked Questions
Can I use Apple Pay without opening Apple Savings?
Yes. Apple Pay works with any debit card, credit card, or bank account you link to it. You do not need an Apple Card or Apple Savings to use Apple Pay. Apple Savings is only available if you open an Apple Card and are approved for it.
Does Apple Savings charge monthly fees?
No. Apple Savings has no monthly maintenance fees, no minimum balance requirement, and no fees for transfers. The only cost is if you overdraw a linked bank account when moving money, which would be charged by that bank, not by Apple or Goldman Sachs.
Can I withdraw money from Apple Savings anytime?
Yes. There are no withdrawal limits or waiting periods. You can transfer money out to a linked bank account through the Wallet app, and it typically arrives within one to three business days depending on your bank.
What happens to Apple Savings if I close my Apple Card?
If you close your Apple Card, you can keep the Apple Savings account open and continue to earn interest on the balance. You will no longer earn cash back from card purchases, but the savings account itself remains active and accessible through your Wallet app.
Is Apple Savings the same as Apple Pay Cash?
No. Apple Pay Cash is a balance you can hold in your Wallet app to send money peer-to-peer or make purchases. Apple Savings is a separate bank account that earns interest. The two can work together, but they are different products with different purposes.