You open an Apple Card savings account through the Wallet app on your iPhone, not through a separate bank website

The savings account is built into Apple Card itself — there is no separate application or enrollment step. If you already have an Apple Card, the savings account option appears in the Wallet app under your card details. If you do not yet have an Apple Card, you set up the card first through Wallet, and the savings account becomes available immediately after approval. The account is held at Goldman Sachs Bank USA, which means your deposits are FDIC-insured up to $250,000.

The savings account has no monthly fees, no minimum balance requirement, and no lock-in period. Money you deposit earns interest at a rate that changes with the market — Goldman Sachs publishes the current rate on the Apple Card page in Wallet. You can move money between your Apple Card checking feature (called Apple Cash) and the savings account instantly through the app.

Key Takeaways

  • You must have an iPhone with Wallet app access and an approved Apple Card before you can open the savings account.
  • The savings account lives inside the Wallet app under your Apple Card — there is no separate login or website to manage it.
  • Deposits are FDIC-insured through Goldman Sachs Bank USA up to $250,000, the same protection as a traditional bank account.
  • Interest rates change with market conditions, and you can see the current rate in the Wallet app before you deposit money.
  • You can transfer money between Apple Cash and the savings account instantly with no fees or waiting period.

What you need before you start

You need an iPhone running iOS 16.4 or later with the Wallet app installed. You also need an approved Apple Card — if you do not have one, you will go through Apple Card approval first, which takes a few minutes to a few hours. The approval process checks your credit and identity through Equifax.

You will also need a valid U.S. mailing address and a Social Security number or Individual Taxpayer Identification Number (ITIN). Apple does not offer the savings account to non-U.S. residents or to accounts held outside the United States.

How to set up the savings account in Wallet

Open the Wallet app on your iPhone and tap your Apple Card. Scroll down to find the savings account section — it appears below your card balance and transaction history. Tap "Open Savings Account" or a similar prompt (the exact wording changes with app updates). You will see the current interest rate and a summary of the account terms.

Tap to confirm you want to open the account. There is no additional form to fill out — Goldman Sachs already has your information from your Apple Card approval. The account opens immediately, and you can begin depositing money right away. A confirmation appears in Wallet showing your new savings account balance (which starts at zero).

How to deposit money into the savings account

You can only fund the savings account from your Apple Cash balance — you cannot transfer directly from a bank account or credit card. First, move money into Apple Cash by linking a debit card or bank account to Wallet and transferring funds. Once the money is in Apple Cash, go back to your Apple Card in Wallet, find the savings account section, and tap "Add Money" or "Transfer."

Enter the amount you want to move from Apple Cash to savings and confirm. The transfer happens instantly with no fee. You can move money back to Apple Cash the same way whenever you need it — there is no penalty for withdrawals and no limit on how many times you can transfer per month.

Interest rates and how they are paid

The interest rate on Apple Card savings accounts is variable, meaning it changes when the Federal Reserve adjusts its benchmark rate. Goldman Sachs sets the rate and publishes it in the Wallet app — you can see the current rate before you deposit any money. As of early 2024, rates have ranged from around 4% to 5%, but this varies over time and may be different when you read this.

Interest is calculated daily on your account balance and paid monthly into your savings account. You do not have to do anything to receive the interest — it appears automatically on the first business day of each month. The interest is taxable income, and Goldman Sachs will send you a 1099-INT form at tax time if your interest earnings exceed $10 for the year.

What happens if you close your Apple Card

If you close your Apple Card, your savings account closes as well. You have a grace period to move your money out — typically 30 days — before Goldman Sachs closes the account. Any remaining balance will be returned to you, usually by check or transfer to a linked bank account. Check the Wallet app or contact Apple Support for the exact timeline when you close your card.

If your Apple Card is suspended or revoked by Goldman Sachs (for example, due to fraud or violation of terms), your savings account access may be restricted immediately. You should still be able to withdraw your money, but you may need to contact Goldman Sachs directly to do so if the Wallet app does not allow the transfer.

Frequently Asked Questions

Can I use the savings account if I do not have an iPhone?

No. The savings account is only available through the Wallet app on iPhone. There is no web interface or Android version. If you have an Apple Card but use an Android phone, you cannot open or manage the savings account.

Is my money safe in the Apple Card savings account?

Yes. The account is held at Goldman Sachs Bank USA, which is a federally chartered bank. Your deposits are FDIC-insured up to $250,000, the same protection you would have at any other bank. If Goldman Sachs fails, the FDIC guarantees your money up to that limit.

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

Not directly. You must first transfer money from your bank to Apple Cash, then move it from Apple Cash to savings. There is no automatic recurring transfer feature that skips the Apple Cash step. Each transfer must be done manually through the Wallet app.

What if I forget my Apple Card PIN or lose access to my iPhone?

You can still access your savings account by signing into iCloud.com with your Apple ID and going to the Wallet section, though the interface is limited. For full access, you will need to regain access to an iPhone with Wallet. Contact Apple Support if you have lost your device or forgotten your credentials.

Does the savings account count toward my credit score?

No. Savings accounts do not appear on your credit report. Only your Apple Card credit line and payment history affect your credit score. The savings account is a deposit account, not a credit product.