What Apple Savings Offers and Who Can Open One
Apple Savings is a high-yield savings account run through Goldman Sachs, available only to people who hold an Apple Card. You do not need to use the Apple Card for purchases — you just need to have one open. The account earns interest on money you deposit, and there are no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw.
You must be at least 18 years old and a U.S. resident with a valid Social Security number to open an Apple Card first, which is the gateway to the savings account. If you already have an Apple Card, you can open the savings account within the Wallet app on your iPhone.
The interest rate changes over time based on market conditions. Check the current rate on Apple's website or in the Wallet app before you open the account, since rates vary and are not locked in advance.
Key Takeaways
- You must have an Apple Card before you can open an Apple Savings account, and the savings account is only available through the Wallet app on iPhone.
- The account has no monthly fees, no minimum balance, and no withdrawal limits, but the interest rate changes with market conditions.
- Money in your Apple Savings account is held at Goldman Sachs and is covered by FDIC insurance up to $250,000.
- Deposits go in through Apple Pay transfers from your linked bank account, and withdrawals go back to that same bank account.
Getting an Apple Card if You Do Not Have One Yet
Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Add Credit or Debit Card," then choose "Apple Card." You will answer questions about your income, employment, and current debts so Goldman Sachs can decide whether to approve you. This part usually takes a few minutes.
Goldman Sachs will tell you right away whether you are approved and what credit limit you receive. If you are approved, your virtual Apple Card appears in Wallet immediately and you can use it with Apple Pay the same day. A physical card ships to your address and arrives within 1 to 2 weeks, though you do not need it to open the savings account.
If you are denied, Goldman Sachs will show you the reason. You can reapply after 30 days, or you can contact Apple Support to ask about your options.
Opening the Savings Account in Wallet
Once your Apple Card is active, open Wallet and tap your Apple Card. Scroll down and look for the "Savings" section. Tap "Open Savings Account" or "Learn More," depending on what your version of the app shows. You will see the current interest rate and the terms of the account.
Tap to confirm you want to open the account. There is no separate form to fill out — the system uses the information Goldman Sachs already has from your Apple Card application. The account opens within minutes and appears in your Wallet app under a new "Savings" tab.
Your savings account has its own account number and routing number, which you can view in the app. You do not receive a debit card or checkbook for this account — all deposits and withdrawals happen through the app or through transfers from your linked bank account.
How to Deposit Money Into Your Apple Savings Account
Open Wallet, tap the Savings tab, and tap "Add Money" or the deposit button. The app will show you the bank account you linked to your Apple Card. You enter the amount you want to transfer and confirm. The money usually arrives within 1 business day, though it can take up to 3 business days depending on your bank.
You can also set up automatic transfers. In the Savings tab, look for "Recurring Transfers" or "Set Up Automatic Deposits" and choose how much you want to move over and how often — weekly, biweekly, or monthly. This is useful if you want to build savings without thinking about it each time.
There is no limit on how much you can deposit or how many deposits you can make. The only constraint is the FDIC insurance cap of $250,000 per account holder per bank — money above that amount is not insured if Goldman Sachs fails, though this is extremely rare.
Withdrawing Money and Checking Your Balance
To withdraw money, open Wallet, tap Savings, and tap "Transfer" or "Withdraw." Enter the amount and confirm. The money goes back to the bank account you linked to your Apple Card. Transfers typically take 1 to 3 business days, depending on your bank's processing speed.
You can withdraw money at any time — there are no restrictions on how often you withdraw or how much. Your interest accrues daily and is deposited into your savings account each month, so you earn money on your balance whether you touch it or not.
Check your balance, transaction history, and interest earned anytime by opening Wallet and tapping the Savings tab. The app shows your current balance, how much interest you have earned so far this month, and a full list of all deposits and withdrawals.
What Happens if You Close Your Apple Card
If you close your Apple Card, your savings account closes too. Goldman Sachs will transfer any money in the account back to your linked bank account within 5 to 7 business days. You will not lose the money, but you will stop earning interest once the account closes.
If you want to keep saving but do not want an Apple Card, you will need to move your money to a different savings account before you close the card. Once the card is closed, you cannot reopen the savings account without opening a new Apple Card.
Security and FDIC Insurance
Your Apple Savings account is held at Goldman Sachs, a bank regulated by the Federal Reserve. Deposits are covered by FDIC insurance up to $250,000 per account holder. This means if Goldman Sachs fails, the government guarantees your money up to that limit.
Your account is protected by the same security as your Apple Card — two-factor authentication through your iPhone, Face ID or Touch ID to access Wallet, and encryption of all data in transit. You control who can see your account through your iPhone's privacy settings.
If your iPhone is lost or stolen, you can remotely disable your Apple Card and savings account access through iCloud.com or by calling Apple Support. This prevents anyone else from transferring your money.
Frequently Asked Questions
Can I open an Apple Savings account without an iPhone?
No. The Wallet app is only available on iPhone, and there is no web version or Android version of Apple Savings. You must have an iPhone to open and manage the account.
What is the interest rate and does it change?
The rate changes based on Federal Reserve decisions and market conditions. Check the current rate in the Wallet app or on Apple's website before you open the account. Once money is in your account, interest accrues at whatever the current rate is each month — it is not locked in.
Can I link a different bank account for deposits and withdrawals?
No. The savings account is linked only to the bank account you used to set up your Apple Card. If you want to use a different bank account, you would need to transfer money to that account first, then transfer from there to Apple Savings.
What happens to my interest if I withdraw money?
Interest accrues daily on whatever balance you have, so withdrawing money stops interest from accruing on that amount going forward. Interest you have already earned stays in your account and is not affected by withdrawals.
Is there a limit to how much I can save?
You can deposit as much as you want, but FDIC insurance only covers up to $250,000. Money above that is not insured. There is no account limit set by Apple or Goldman Sachs, only the insurance limit.