What Apple Savings Accounts Are and How to Start One

Apple Savings is a high-yield savings account run through Goldman Sachs, available only to people who own an iPhone and use Apple Pay. You open it entirely through the Wallet app on your phone — there is no website, no branch visit, and no separate application form. The account connects to your existing Apple ID and lets you move money between it and a linked checking account at another bank.

The account earns interest at a rate that changes with the market; you can check the current rate on Apple's website before you open one. There is no monthly fee, no minimum balance requirement, and no limit on how many times you can move money in or out. You cannot write checks from it or use a debit card — it is a savings account only, meant to hold money separate from your everyday spending.

Key Takeaways

  • You open an Apple Savings account through the Wallet app on an iPhone, not through a website or bank branch.
  • The account is held at Goldman Sachs and earns interest, with no monthly fees or minimum balance.
  • You must link a checking account at another bank to move money in and out, since you cannot deposit cash or checks directly.
  • The entire setup takes about 10 minutes and requires your Social Security number, address, and a valid ID photo.
  • Once open, you can transfer money between your Apple Savings account and your linked checking account through the Wallet app anytime.

What You Need Before You Start

You need an iPhone running iOS 16.1 or later, an active Apple ID, and an Apple Pay setup already in place. If you have never used Apple Pay, you will need to add a debit or credit card to your Wallet app first — this does not have to be the checking account you plan to link later, but Apple Pay must be working on your phone.

You also need a checking account at another bank that you can link to your Apple Savings account. This is where you will transfer money from when you want to deposit, and where you will send money when you want to withdraw. The checking account must be in your name and at a U.S. bank; some smaller banks and credit unions may not work with Apple's system, so you may need to check with your bank first if you use a smaller institution.

Have your Social Security number, current address, and a government-issued ID photo ready. You will need to take a photo of your ID with your iPhone camera during setup, so make sure the lighting is good and all four corners of the ID are visible.

The Step-by-Step Process to Open Your Account

Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings" from the menu. Apple will show you the current interest rate and explain the account terms; read through this and tap "Continue" when you are ready to move forward.

Enter your full legal name, date of birth, and current address exactly as they appear on your government ID. Apple will ask for your Social Security number next — this is how Goldman Sachs verifies your identity and checks for fraud. Tap "Continue" and you will be asked to take a photo of your ID with your phone camera. Hold your ID flat, make sure all four corners are in the frame, and take the photo in good lighting.

Apple will verify your ID photo automatically. If the photo is rejected, you will see a message explaining why — usually because a corner is cut off or the lighting is too dark. Take another photo and try again. Once your ID is verified, you will create a four-digit PIN that you will use to confirm transfers and account changes going forward.

Next, you will link your checking account. Enter your checking account number and routing number — you can find both on a check, or log into your bank's website to look them up. Apple will make two small test deposits to your checking account (usually $0.01 and $0.02) within one to two business days. Once those deposits arrive, you will return to the Wallet app, enter the exact amounts of those deposits, and confirm the link. After that, your Apple Savings account is open and ready to use.

How Long Setup Takes and When You Can Start Using the Account

The entire process from opening the Wallet app to having a working account takes about 10 to 15 minutes of active time, but you cannot finish it all at once. After you complete the ID verification and PIN setup, you have to wait for the test deposits to arrive at your checking account before you can link it. This usually takes one to two business days, but can take up to five business days if your bank processes transfers slowly.

Once the test deposits arrive and you confirm the amounts in the Wallet app, your account is fully open. You can then transfer money from your linked checking account into your Apple Savings account immediately. The transfer itself takes one to two business days to complete, depending on your bank.

Moving Money In and Out of Your Apple Savings Account

To deposit money, open the Wallet app, tap your Apple Savings account, and select "Transfer Money." Choose "Move to Savings" and enter the amount you want to move from your linked checking account. The money will leave your checking account within one to two business days and appear in your savings account shortly after.

To withdraw money, follow the same steps but select "Move to Checking" instead. The money will transfer back to your linked checking account in one to two business days. There is no limit on how many transfers you can make per month, and there are no fees for moving money in either direction.

You cannot deposit cash, checks, or money from other banks directly into your Apple Savings account. All deposits must come from your linked checking account. If you want to move money from a different bank account, you will need to transfer it to your linked checking account first, then move it to savings.

What Happens If Your ID Verification Fails

If Apple cannot verify your ID photo, you will see an error message in the Wallet app. The most common reasons are poor lighting, a corner of the ID cut off, or a photo that is too blurry. Take another photo in brighter light, hold the ID flat, and make sure all four corners are visible in the frame.

If you try multiple times and the photo keeps being rejected, contact Apple Support through the Wallet app or call 1-800-MY-APPLE. They can help you troubleshoot the photo or, in rare cases, complete the verification through a different method. Do not try to use a fake or altered ID — Goldman Sachs will catch it during their fraud check, and your account will be closed.

Linking a Different Checking Account Later

You can change which checking account is linked to your Apple Savings account at any time. Open the Wallet app, tap your Apple Savings account, go to "Account Details," and select "Linked Account." Choose "Change Linked Account" and enter the routing and account number for the new checking account. Apple will send two test deposits again, and you will confirm the amounts once they arrive.

Your old linked account will no longer receive transfers, but any money already in your Apple Savings account stays there. You can keep the same savings account open and just change where the money comes from and goes to.

Frequently Asked Questions

Can I open an Apple Savings account on an Android phone?

No. Apple Savings is only available through the Wallet app on iPhone. Android users cannot open this account. If you use Android, you will need to look at savings accounts offered by traditional banks or other financial institutions.

What if my bank is not showing up when I try to link my checking account?

Some smaller banks and credit unions are not yet compatible with Apple's linking system. Contact your bank to ask if they support Apple Savings account linking. If they do not, you may need to open a checking account at a larger bank that does support it, or choose a different savings account option.

Can I have more than one Apple Savings account?

No. You can only open one Apple Savings account per Apple ID. If you want to save money in multiple accounts, you would need to use a different savings account at another bank for the second account.

What happens to my money if Apple or Goldman Sachs goes out of business?

Your money is protected by FDIC insurance up to $250,000. This means if Goldman Sachs fails, the federal government guarantees your deposits up to that limit. Your money is not held by Apple — it is held at Goldman Sachs, which is a bank regulated by the federal government.

Can I set up automatic transfers from my checking account to savings?

Not through the Wallet app itself. You can set up automatic transfers through your checking account's own banking app or website, directing money to your Apple Savings account. Check with your bank to see if they support this feature.