Apple Savings accounts cannot be opened as joint accounts

Apple Savings, offered through Goldman Sachs, is structured as an individual account only. You cannot add a second owner, and the account cannot be held in both names. If you and another person want to save money together, you will need to use a different bank or a different account structure.

This is a hard limit built into how Apple Savings works—it is not a restriction you can waive or work around. The account is tied to a single Apple ID, and only that person can access, deposit, or withdraw funds.

Key Takeaways

  • Apple Savings accounts are individual-only and cannot be opened with a co-owner or spouse.
  • Each person who wants to save through Apple must open their own separate account.
  • If you need a shared savings pool, you will need to use a traditional bank that offers joint savings accounts.
  • Some couples use separate Apple Savings accounts and manually transfer money to a shared account at another bank for major expenses.

Why Apple Savings does not offer joint accounts

Apple Savings is a relatively new product—Goldman Sachs launched it in 2023—and it was built from the start as a single-user account. The account is managed entirely through the Apple Wallet app on your phone, and access is controlled through your Apple ID and biometric authentication (Face ID or Touch ID). This design makes it simple for one person but does not extend to shared ownership.

Goldman Sachs has not announced plans to add joint account functionality. If joint savings is important to you, you will need to look at traditional banks or online banks that explicitly offer joint savings accounts.

How couples and partners actually handle shared savings

People in relationships who want to save together typically use one of three approaches when one or both partners prefer Apple Savings.

The first approach is to keep separate Apple Savings accounts and maintain a joint savings account at a different bank. Each person deposits into their own Apple account, then periodically transfers money to the shared account for household expenses, vacations, or emergency funds. This requires manual coordination but gives you the high yield of Apple Savings (currently 4.75% APY, though rates change) while keeping a central pool for joint goals.

The second approach is for one partner to use Apple Savings and the other to use a joint account at a traditional bank. This works if one person is the primary saver or if you want to keep some money separate anyway.

The third approach is to skip Apple Savings entirely and open a joint savings account at a bank that offers both joint accounts and competitive interest rates. Online banks like Marcus, Ally, and Wealthfront offer joint savings accounts with rates comparable to or close to Apple's rate.

What you need to know about transferring money between accounts

If you decide to use separate Apple Savings accounts and transfer money to a joint account elsewhere, the transfer itself is straightforward but takes time. Apple Savings transfers out go through ACH (Automated Clearing House), which typically takes one to two business days. You cannot transfer money instantly between Apple Savings and another bank.

Transfers between your own accounts—for example, from Apple Savings to a joint account you own with your partner at another bank—are free. There is no limit on how often you can transfer or how much you can move, though the receiving bank may have its own rules about deposits.

If you are transferring to an account held in someone else's name only, that person will need to add you as an owner or you will need to set up the receiving account as a joint account first.

Joint accounts at other banks if you want to skip Apple Savings

If you want a true joint savings account without the complexity of managing multiple accounts, these options are worth considering:

  • Marcus by Goldman Sachs offers joint savings accounts with the same parent company as Apple Savings. The rate is currently 4.70% APY. Both owners can deposit and withdraw, and either owner can close the account.
  • Ally Bank offers joint savings accounts at 4.20% APY (rates vary). Both owners have full access and can make transfers independently.
  • Wealthfront Cash Account offers joint accounts at 4.70% APY. Both owners can manage the account through the app.
  • Traditional banks like Chase, Bank of America, and Wells Fargo offer joint savings accounts, though their rates are typically much lower (0.01% to 0.05% APY).

The trade-off is that joint accounts at other banks mean you lose the Apple Wallet integration and the simplicity of managing money through your phone's native app. But you gain the ability to share the account and make decisions together.

What happens if one partner wants to close an Apple Savings account

Because Apple Savings accounts are individual, only the account owner can close it. If you and your partner have separate accounts and one person wants to close theirs, the other person's account is unaffected. You will need to decide what to do with any money in that account—transfer it to the other person's account, move it to a joint account, or withdraw it.

There is no penalty for closing an Apple Savings account, and you can withdraw your money at any time. Transfers out take one to two business days via ACH.

Frequently Asked Questions

Can my spouse access my Apple Savings account if I give them my password?

Technically yes, but this is not recommended. Sharing your password means they can withdraw all your money or close the account without your knowledge. If you want to share access to savings, a joint account at another bank is the safer choice because both owners have legal rights to the account and both can see activity.

If I die, can my spouse inherit my Apple Savings account?

Your Apple Savings account is part of your estate and will be handled according to your will or your state's inheritance laws. Your spouse will need to go through probate or provide a death certificate to Goldman Sachs to access or close the account. A joint account would pass directly to the surviving owner without probate, which is simpler.

Can I transfer money from my Apple Savings to my spouse's Apple Savings account?

Yes, but only through a bank transfer. You would withdraw money from your Apple Savings to your checking account, then transfer it to your spouse's checking account, then they would deposit it into their Apple Savings. This takes several days. A joint account at another bank would be faster and simpler.

What if we want to save together but keep some money separate?

You can use both approaches: keep individual Apple Savings accounts for personal savings and open a joint savings account at another bank for shared goals like a house down payment or vacation fund. Each person contributes what they want to the joint account while maintaining their own separate savings.