Apple Savings Account basics
Apple Savings Account is a high-yield savings product offered through Goldman Sachs, available only to people who own an iPhone and use Apple Wallet. You do not need to be an existing Apple customer for anything else — just the phone and the wallet app. The account is tied to your Apple ID, not to a separate login or username.
The account has no monthly fees, no minimum balance requirement, and no maximum deposit limit. Interest rates change with the broader market, so the rate you see today may be different in three months. You can open one through the Wallet app on your iPhone in a few minutes.
The actual money sits at Goldman Sachs, which is a bank regulated by the Federal Reserve. Your deposits are insured up to $250,000 through FDIC insurance, the same protection that covers money at any other bank.
Key Takeaways
- You must own an iPhone and have the Apple Wallet app to open an Apple Savings Account; there is no way to open one on Android or through a web browser.
- You need to be at least 18 years old and a U.S. resident with a valid Social Security number to be approved.
- The account is FDIC-insured up to $250,000, meaning your money is protected even if Goldman Sachs fails.
- There are no monthly fees, no minimum balance, and no deposit limits, though interest rates fluctuate with market conditions.
- You can transfer money in and out through your linked debit card or bank account, but the process takes one to three business days.
Age and residency requirements
You must be at least 18 years old to open an Apple Savings Account. There is no upper age limit. If you are under 18, you cannot open one yourself, and Apple does not offer a custodial account option for minors.
You must be a U.S. resident and have a valid Social Security number. Apple will ask for this during the setup process. If you are a permanent resident, you can use your ITIN (Individual Taxpayer Identification Number) instead of a Social Security number, though you will need to verify this through the application.
You do not need to be a U.S. citizen. Permanent residents and some visa holders can open accounts, but the verification process may take longer because Goldman Sachs will need to confirm your immigration status.
What you need to have before you start
You need an iPhone running iOS 16.4 or later. The Wallet app comes built into iPhones, so you do not need to download anything separately. If your iPhone is older and cannot update to that version, you cannot open an Apple Savings Account.
You need a valid government-issued photo ID. A driver's license, passport, or state ID all work. You will photograph it during the setup process, and Apple uses it to verify your identity.
You need a debit card or a bank account to link for transfers. You can use any U.S. bank account or debit card issued by a U.S. bank. If you do not have either, you cannot fund the account.
You need an active Apple ID. If you have ever bought anything from the App Store or used iCloud, you already have one. If not, you can create one for free through Settings on your iPhone.
How the verification process works
When you open the account, Apple will ask you to photograph your government ID. The photo is sent to Goldman Sachs for verification. This usually takes a few minutes, but can take up to 24 hours if the photo is unclear or if additional review is needed.
Goldman Sachs will also run a soft credit check, which does not affect your credit score. This is to verify your identity and check for fraud. You will see the result immediately after the photo verification passes.
If you are approved, the account opens right away and you can start transferring money in. If Goldman Sachs needs more information — for example, if your address does not match their records — they will ask you to provide it through the Wallet app.
If you are denied, Apple and Goldman Sachs do not always explain why. Common reasons include a mismatch between your ID and your address, a history of fraud, or an issue with your Social Security number. You can contact Goldman Sachs customer service to ask for details, though they may not provide them.
Restrictions and things you cannot do
You cannot open an Apple Savings Account on Android. There is no web version. The only way to access it is through the Wallet app on an iPhone.
You cannot write checks from the account. You cannot use a debit card linked to the account to make purchases. The account is for saving only — money goes in, earns interest, and comes out through transfers to your linked bank account or debit card.
You cannot have more than one Apple Savings Account per Apple ID. If you have multiple Apple IDs, you could theoretically open multiple accounts, but they would all be in your name and linked to your identity, so this would likely trigger fraud detection.
You cannot transfer money directly to another person's account. You can only move money between your Apple Savings Account and your own linked bank accounts or debit cards.
What happens if you do not meet the requirements
If you do not have an iPhone, you cannot open an Apple Savings Account. There is no alternative through a bank branch, phone call, or website. Your only option is to buy an iPhone or use a different savings account at another bank.
If you are under 18, you cannot open one yourself. Some parents open a savings account at a traditional bank and add their child as an authorized user or joint account holder, which gives the child access while the parent retains control. Apple does not offer this option.
If you do not have a Social Security number or ITIN, you cannot open an account. Undocumented immigrants and people without a tax ID cannot use Apple Savings Account. Credit unions and some community banks may have options for people in this situation, though requirements vary by institution.
If you are denied during verification, you can try again after 30 days. Some people are approved on a second attempt if the issue was a photo quality problem or a temporary address mismatch. If the denial was due to fraud or a serious identity issue, a second attempt is unlikely to succeed.
How to start the process
Open the Wallet app on your iPhone. Tap the plus sign or "Add Card" button. Select "Savings Account" from the menu. You will be asked to enter your full name, date of birth, address, phone number, and email address.
Next, you will photograph your government ID. Make sure the photo is clear, well-lit, and shows all four corners of the ID. Blurry or partially cut-off photos are the most common reason for delays.
After the photo is verified, Goldman Sachs will ask you to confirm your Social Security number and run the soft credit check. This takes a few minutes. If approved, your account opens immediately and you can transfer money in.
To fund the account, tap it in Wallet and select "Transfer Money." You can link a debit card or bank account. Transfers from a linked bank account usually take one to three business days. Transfers from a debit card may be faster, but depend on your card issuer.
Frequently Asked Questions
Can I open an Apple Savings Account if I have bad credit?
Yes. Goldman Sachs does not check your credit score or credit history. They run a soft credit check, which is only to verify your identity and check for fraud. A low credit score will not disqualify you.
What if I lose my iPhone or upgrade to a new one?
Your account stays open and your money is safe. When you sign into your Apple ID on a new iPhone, your Wallet app will show your savings account. You can access and manage it from any iPhone linked to the same Apple ID.
Can I open an account if I live outside the United States?
No. Apple Savings Account is only for U.S. residents. If you move outside the U.S., you will need to close the account and transfer your money out.
Is my money safe if Apple goes out of business?
Yes. Your money is held at Goldman Sachs, not by Apple. Even if Apple shut down tomorrow, your account would continue to exist at the bank. FDIC insurance protects deposits up to $250,000.
Can I transfer money directly from my Apple Savings Account to someone else's bank account?
No. You can only transfer money to your own linked bank accounts or debit cards. To send money to someone else, you would need to transfer it to your own checking account first, then send it from there using a payment app or wire transfer.