What the Apple Savings Account Is and Who Can Open One

The Apple Savings Account is a high-yield savings account run by Goldman Sachs, available only to people who own an iPhone and use the Apple Wallet app. You do not need an Apple Card to open one — the account stands on its own. The account earns interest on your balance, and there are no monthly fees, no minimum balance requirement, and no overdraft fees.

You must be at least 18 years old and a U.S. resident with a valid Social Security number to open an account. You will need an iPhone running iOS 16.4 or later and the latest version of the Wallet app. The account is FDIC-insured up to $250,000 through Goldman Sachs Bank USA.

Key Takeaways

  • You open an Apple Savings Account directly through the Wallet app on your iPhone — there is no website or phone number to call.
  • The account earns a variable interest rate that changes with market conditions, and you can see the current rate before you open the account.
  • Money moves between your Apple Savings Account and your linked external bank account through standard ACH transfers, which take one to three business days.
  • You can withdraw money at any time without penalty, but the account is designed for savings rather than daily spending.

Step-by-Step: Opening the Account in the Wallet App

Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings Account" from the menu. The app will show you the current interest rate and walk you through identity verification — you will need to confirm your name, date of birth, address, and Social Security number. This verification happens on your phone and takes a few minutes.

Next, link an external bank account. You will enter your routing number and account number from the bank where you want deposits and withdrawals to go. Goldman Sachs will make two small test deposits (usually under $1 each) to that account within one to two business days. You then confirm the amounts in the Wallet app to prove you control that bank account. Once confirmed, your Apple Savings Account is active and ready to receive transfers.

The entire process from opening the app to a funded account typically takes three to five business days, depending on how quickly your bank processes the test deposits.

How Interest Works and What the Rate Is

The Apple Savings Account earns interest on your full balance every day. The rate is variable, meaning it changes when the Federal Reserve adjusts interest rates or when Goldman Sachs changes its rate. You can see the current rate in the Wallet app before you open the account, and the app shows your rate at any time after you open it.

Interest is deposited into your account monthly. You do not have to do anything to earn it — it accrues automatically on whatever balance you hold. The rate is the same for all account holders; Goldman Sachs does not offer different rates based on how much money you have or how long you have held the account.

Because the rate is variable, it will go down if the Federal Reserve cuts rates and up if rates rise. If you want to know what the rate will be in the future, you cannot — no bank can predict that. What you can do is check the Wallet app anytime to see what you are currently earning.

Moving Money In and Out

You transfer money to your Apple Savings Account from your linked external bank account through ACH transfers. These are the same transfers you would use to move money between any two banks. Transfers into the savings account usually arrive within one to three business days. Transfers out to your external bank account also take one to three business days.

There is no limit on how many transfers you can make per month, and there are no fees for transfers. You can move money whenever you want — the account has no restrictions on withdrawals or frequency. This is different from some older savings account rules that limited you to six withdrawals per month; those rules no longer apply to most savings accounts.

You cannot deposit cash directly into the Apple Savings Account or withdraw cash from it. All money moves through your linked bank account. If you need cash, you would transfer money from Apple Savings to your checking account, then withdraw from an ATM.

What Happens If You Lose Your iPhone or Change Phones

Your Apple Savings Account is tied to your Apple ID, not to a specific phone. If you get a new iPhone, sign in with the same Apple ID, and your account appears in the Wallet app on the new phone. You do not lose access to your money or have to reopen the account.

If your iPhone is lost or stolen, sign into your Apple ID on another device (a computer, tablet, or someone else's phone) and use Find My iPhone to remotely lock or erase it. Your account remains active and accessible through the Wallet app on any other device where you sign in with your Apple ID. You can also contact Goldman Sachs directly if you need to freeze or secure the account while you sort out your phone situation.

Taxes and Reporting

Interest you earn on the Apple Savings Account is taxable income. At the end of each tax year, Goldman Sachs sends you a Form 1099-INT showing how much interest you earned. You report this amount on your tax return. The IRS requires this reporting when you earn $10 or more in interest during the year, though you must report any amount you earn.

Keep records of your interest earnings throughout the year. The Wallet app shows your transaction history and interest deposits, so you can review those when you file your taxes. If you use tax software or work with a tax preparer, you will need the 1099-INT form that Goldman Sachs sends you.

Frequently Asked Questions

Can I open an Apple Savings Account without an Apple Card?

Yes. The Apple Savings Account is completely separate from the Apple Card. You do not need a credit card to open a savings account, and you do not need to have applied for or been turned down for an Apple Card. The savings account is available to anyone with an iPhone and an Apple ID.

What if I do not have a bank account to link?

You need an external bank account to open an Apple Savings Account. The account itself is not a checking account — it is designed for savings, and all deposits and withdrawals go through your linked bank. If you do not have a bank account, you would need to open one first, either at a traditional bank or at an online bank.

Is my money safe in an Apple Savings Account?

Your account is FDIC-insured up to $250,000. This means if Goldman Sachs fails, the FDIC guarantees your money up to that limit. The account is held at Goldman Sachs Bank USA, a real bank regulated by the Federal Reserve and the FDIC. Apple does not hold your money — Goldman Sachs does.

Can I set up automatic transfers to the savings account?

You cannot set up automatic recurring transfers directly in the Wallet app. You can transfer money manually whenever you want, and the process takes less than a minute. Some people set up automatic transfers from their external bank account to the Apple Savings Account through their bank's bill pay or transfer service instead.

What happens to my account if I switch to an Android phone?

The Apple Savings Account requires an iPhone and the Wallet app, so you cannot access it from an Android phone. Your money remains in the account and is safe, but you would need to use a computer or borrow an iPhone to manage it. You could transfer your balance out to your linked bank account and close the account if you no longer use an iPhone.