What Apple's savings account is and how to set it up
Apple's high-yield savings account is a savings product offered through Goldman Sachs, accessible directly from the Wallet app on your iPhone. You do not need to visit a bank branch or website — the entire setup happens on your phone in a few minutes. The account is connected to your Apple ID and appears alongside your Apple Card if you have one.
To set up the account, open the Wallet app, tap the plus sign to add a card, and select "Savings." You will be asked to verify your identity using your phone number and a one-time code, then provide your Social Security number so Goldman Sachs can run a credit check. Once approved, the account opens immediately and you can begin transferring money into it from a linked bank account.
The account has no monthly fees, no minimum balance requirement, and no maximum deposit limit. You can withdraw money at any time without penalty, though transfers to an external bank account typically take one to three business days to complete.
Key Takeaways
- Apple's savings account is managed by Goldman Sachs and accessed entirely through the Wallet app on your iPhone.
- Setup requires your Apple ID, phone number, and Social Security number for identity verification and a credit check.
- The account earns interest daily and compounds that interest monthly, so your balance grows even when you do not make deposits.
- You can transfer money in from any linked bank account and withdraw it at any time without fees or penalties.
- The interest rate changes over time and is set by Goldman Sachs, so check the Wallet app to see the current rate before opening the account.
How to link a bank account and move money in
Once your savings account is open, you need to connect it to a checking account at another bank so you can move money in and out. In the Wallet app, tap your savings account, then select "Transfer Money" or the settings icon. Choose "Add Bank Account" and enter your bank's routing number and your account number.
Most banks let you find your routing number on a check or on their website. Your account number is usually printed on the check as well, or you can log into your bank's app to find it. Apple will ask you to verify the bank account by depositing two small amounts (usually under $1 each) into it, then asking you to confirm those amounts. This process takes one to two business days.
After verification, you can transfer money from your bank account into the savings account whenever you want. Transfers in typically post within one business day. Transfers out to your bank account take one to three business days. There is no limit on how much you can transfer or how often you transfer.
Understanding how interest accrues and compounds
The savings account earns interest on your balance every single day. Goldman Sachs calculates the interest based on the current annual percentage yield (APY) and your account balance, then adds a small amount to your account each day. At the end of each month, all the daily interest is combined and added to your balance as a single deposit.
This means your balance grows even if you never add money to it. If you have $10,000 in the account and the APY is 4.35%, you earn roughly $36.25 per month (though the exact amount depends on the number of days in the month and the precise daily balance). The next month, you earn interest on the original $10,000 plus the $36.25, so the interest compounds.
The interest rate is not fixed — Goldman Sachs changes it based on broader economic conditions and Federal Reserve decisions. You can see the current rate in the Wallet app at any time. If the rate drops, your future interest earnings will be lower. If it rises, you will earn more.
Checking your balance and transaction history
Your savings account balance appears on the main Wallet screen, and you can tap it to see more detail. The account shows your current balance, the interest rate, and the total interest you have earned since opening the account. You can also see a list of all deposits, withdrawals, and interest payments, with dates and amounts.
Interest deposits appear in your transaction history on the last day of each month. You can scroll back through months to see how much interest you earned in previous periods. If you need to download statements for tax purposes or record-keeping, you can take a screenshot of the transaction list or contact Goldman Sachs directly through the Wallet app.
Moving money out and closing the account
To withdraw money, open the Wallet app, tap your savings account, and select "Transfer Money." Choose the amount you want to send to your linked bank account and confirm. The money leaves your savings account immediately, but it takes one to three business days to appear in your checking account. You can withdraw any amount at any time with no fees or penalties.
If you want to close the account entirely, you must first transfer all remaining money out to your linked bank account. Once the balance is zero, you can delete the account from the Wallet app. There is no fee for closing, and you can reopen an account later if you change your mind.
What happens if you have an Apple Card
If you already have an Apple Card, the savings account integrates with it. You can see both your card and your savings account in the Wallet app, and transfers between them are instant. Some Apple Card features, like Daily Cash rewards, can be deposited directly into your savings account instead of your checking account if you prefer.
Having both products is optional — you can use the savings account without an Apple Card, and you can have an Apple Card without using the savings account. The two are separate products with separate approval processes, though both require an Apple ID and identity verification.
Security and fraud protection
Your savings account is protected by the same security features as your Apple Card and other Wallet contents. Face ID or Touch ID is required to view the account or make transfers, so someone who steals your phone cannot access the money without unlocking it first. If your phone is lost, you can use Find My iPhone to remotely disable Wallet access.
The account itself is held at Goldman Sachs and is covered by FDIC insurance up to $250,000, the same protection that covers money in a traditional bank savings account. This means if Goldman Sachs fails, your money is protected by the federal government up to that limit. If you have more than $250,000 in the account, only the first $250,000 is insured.
If you notice unauthorized transfers or suspect fraud, contact Goldman Sachs through the Wallet app or call the number on the back of your Apple Card. Report the issue as soon as you notice it — the sooner you report it, the more protection you have under federal fraud rules.
Frequently Asked Questions
Do I need an Apple Card to open a savings account?
No. The savings account is a separate product and does not require an Apple Card. You only need an iPhone, an Apple ID, and a linked bank account to set one up.
What is the current interest rate?
The rate changes over time and is set by Goldman Sachs. Open the Wallet app and tap your savings account to see the current rate. The rate is displayed at the top of the account details screen.
Can I access this account on my iPad or Mac?
No. The savings account is only accessible through the Wallet app on iPhone. You cannot view or manage it from other Apple devices, though you can transfer money to or from it using any device that can access your linked bank account.
What happens to my interest if I withdraw money mid-month?
You earn interest on the balance you hold each day, so if you withdraw money partway through the month, you still earn interest on the money you held up to that point. Interest is calculated and added to your account on the last day of each month.
Can I set up automatic transfers into the savings account?
The Wallet app does not have a built-in automatic transfer feature. You must manually transfer money each time. However, you can set up automatic transfers from your bank account to the savings account through your bank's app or website if your bank supports it.