Apple doesn't offer its own savings account—you open one through Goldman Sachs

Apple Card users can access a high-yield savings account through Apple Cash, but the account itself is held at Goldman Sachs Bank USA. When you set one up, you're opening a savings account at Goldman Sachs; Apple is the interface you use to manage it. The current APY varies—Goldman Sachs publishes it on their website and it changes with Federal Reserve rate decisions, just like any other bank's rate.

You need an iPhone with the Wallet app, an active Apple ID, and an Apple Card to start. The account opens in minutes through your phone, and money moves between your Apple Cash balance and the savings account instantly with no transfer fees.

Key Takeaways

  • The savings account is held at Goldman Sachs Bank USA, not Apple, though you manage it entirely through the Wallet app on your iPhone.
  • You must have an Apple Card and an iPhone to open the account; there is no web version or Android option.
  • Money in the savings account is FDIC insured up to $250,000 through Goldman Sachs, the same protection as any bank account.
  • Transfers between your Apple Cash balance and the savings account happen instantly with no fees, but moving money out to another bank takes one to three business days.
  • The APY is set by Goldman Sachs and changes when interest rates change; you can see the current rate in the Wallet app before you open the account.

What you need before you start

You must have an Apple Card already open. If you don't have one, you'll need to set that up first through the Wallet app—it takes about five minutes and requires a Social Security number and basic identity information. Apple Card is a credit card, not a debit card, so you'll go through a credit check.

You also need an iPhone running iOS 16.4 or later. The savings account feature does not work on iPad, Mac, or Android devices, and there is no web portal to access it from a computer. If you have an older iPhone, check Settings > General > Software Update to see if you can upgrade.

Your Apple ID must be the same one you use for your Apple Card. If you have multiple Apple IDs, make sure you're signed into the one linked to your card before you start.

Opening the account through the Wallet app

Open the Wallet app on your iPhone and tap your Apple Card. Scroll down until you see the savings account option—it's labeled "Apple Cash" or "Savings" depending on your iOS version. Tap it to begin.

You'll see the current APY and a summary of how the account works. Read through it, then tap the button to open the account. Apple will ask you to confirm your identity using Face ID or Touch ID. That's it—the account opens immediately and you can start moving money into it right away.

Your account number and routing number appear in the Wallet app under the savings account details. You can use these to set up direct deposit from your employer or to transfer money in from another bank, though most people move money from their Apple Cash balance instead.

Moving money into and out of the savings account

Money in your Apple Cash balance (the spending account tied to your Apple Card) transfers to savings instantly and costs nothing. Open the Wallet app, tap your Apple Card, scroll to the savings section, and tap "Add Money" or the plus icon. Enter the amount and confirm. The money moves immediately and starts earning interest right away.

You can also set up direct deposit from your employer. In the Wallet app, go to your savings account details and select "Direct Deposit." Apple will show you the routing number and account number to give your employer's payroll department. Direct deposit typically takes one to two business days to set up on your employer's end.

To move money out to another bank account, open the Wallet app, tap your savings account, and select "Transfer to Bank." Enter the amount and the bank account you want to send it to. The transfer takes one to three business days. You can only transfer to a bank account in your own name.

How interest is calculated and paid

Interest accrues daily on your full balance and is deposited into your savings account monthly. If you have $10,000 in the account and the APY is 4.5%, you earn roughly $37.50 per month (the exact amount depends on the number of days in the month). The interest appears as a deposit in your account history on the first business day of the next month.

The APY is variable, meaning Goldman Sachs can change it at any time. When the Federal Reserve raises or lowers rates, banks typically adjust their savings rates within days or weeks. You can check the current rate in the Wallet app at any time—it's displayed prominently on your savings account screen.

FDIC protection and account limits

Your savings account is FDIC insured up to $250,000. This means if Goldman Sachs fails, the Federal Deposit Insurance Corporation guarantees your money up to that limit. The $250,000 limit applies to all your deposits at Goldman Sachs combined—if you have other accounts there, they count toward the same limit.

There is no monthly limit on how much you can deposit or withdraw. You can move money in and out as often as you want with no fees. However, if you withdraw more than six times per month, Goldman Sachs may charge a fee or close the account—this is a federal rule that applies to all savings accounts, not just Apple's.

If you have more than $250,000 to save, you can open a second savings account at a different bank to keep all your money insured. Some people use multiple banks specifically to stay under the FDIC limit.

Troubleshooting common problems

If the savings account option doesn't appear in your Wallet app, check that you have iOS 16.4 or later and that you're signed into the Apple ID linked to your Apple Card. Restart your iPhone and try again. If it still doesn't show up, contact Apple Support through the Wallet app or call 1-800-MY-APPLE.

If a transfer to another bank is taking longer than three business days, check your email for any messages from Goldman Sachs asking for more information. Sometimes the receiving bank flags the transfer and asks for verification. You can also contact Goldman Sachs directly through the Wallet app to check the status.

If you can't add money to your savings account, your Apple Card may have a spending limit or a security hold. Open the Wallet app, tap your Apple Card, and check for any alerts. If you see a message about a limit or hold, follow the instructions to resolve it before trying again.

Frequently Asked Questions

Can I use the savings account without an Apple Card?

No. The savings account is only for Apple Card holders. You must have an active Apple Card to open or use the account. If you don't have a card, you'll need to open one first.

What happens to my savings account if I close my Apple Card?

Your savings account remains open and your money stays in it. However, you won't be able to manage it through the Wallet app anymore. You'll need to contact Goldman Sachs directly to access your account or move the money out.

Can I set up automatic transfers from my paycheck?

Yes, through direct deposit. In the Wallet app, go to your savings account details and select "Direct Deposit." Give your employer's payroll department the routing number and account number shown there. Your employer can deposit your entire paycheck or a portion of it into the savings account.

Is there a minimum balance to open the account?

No. You can open the account with zero dollars and add money whenever you want. There is no monthly fee and no minimum balance requirement.

How do I know if my money is safe?

Your money is held at Goldman Sachs Bank USA and is FDIC insured up to $250,000. The FDIC is a federal agency that protects deposits if a bank fails. As long as your balance is under $250,000, your money is fully protected.