What You Need to Know Before You Start

Apple Savings 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 cannot open it on a computer or through a bank branch — the entire process happens in the Wallet app on your phone. The account comes with no monthly fees, no minimum balance requirement, and no lock-in period, which means you can withdraw money whenever you need it.

The account is FDIC-insured up to $250,000, the same protection that covers money at traditional banks. Interest rates change over time and are set by Goldman Sachs, so the rate you see today may not be the rate you earn six months from now. You can link the account to a debit card for everyday spending, or use it purely as a savings tool separate from your checking account.

Key Takeaways

  • You need an iPhone, an Apple ID, and the Wallet app to open an Apple Savings account — the process takes about 10 minutes and happens entirely on your phone.
  • Goldman Sachs will ask for your Social Security number, date of birth, address, and employment information to verify your identity before the account opens.
  • Once approved, you can move money into the account from any linked bank account, and the funds are available to spend or transfer the same day.
  • The account has no monthly fees, no minimum balance, and no restrictions on how often you withdraw, but interest rates fluctuate based on market conditions.

Step-by-Step: Opening the Account on Your iPhone

Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings Account" from the menu. You will see the Apple Savings offer with the current interest rate and a button that says "Open Savings Account." Tap it to begin.

The app will ask you to confirm your Apple ID and may prompt you to authenticate with Face ID or Touch ID. After that, you will enter your full legal name, date of birth, and the last four digits of your Social Security number. The app uses this information to check your identity against credit bureaus and government records — this is called identity verification and typically takes a few seconds.

Next, you will provide your home address and employment status. If you are employed, you will enter your employer's name and your job title. If you are self-employed, retired, or not working, you can select that option instead. You will also confirm that you are a U.S. citizen or permanent resident and that you are at least 18 years old.

Review the account terms and tap "Agree" to accept them. Goldman Sachs will then run a soft credit check — this does not affect your credit score and does not appear on your credit report. Within seconds to a few minutes, you will see a confirmation screen with your account number and routing number.

Linking a Bank Account and Making Your First Deposit

After your account opens, you need to link a checking or savings account so you can move money into Apple Savings. In the Wallet app, tap your new Apple Savings account and look for an option to add a linked bank account or transfer funds. You will enter your bank's routing number and your account number, which you can find on a check or in your bank's app.

Some banks verify the link instantly. Others require you to confirm two small deposits (usually under $1 each) that your bank will send to your Apple Savings account within one to two business days. Once those deposits arrive, you return to the Wallet app and enter the amounts to confirm the link is real.

After your bank account is linked, you can transfer money from that account into Apple Savings. The transfer usually shows up the same business day if you send it before 5 p.m. Eastern Time on a weekday. Transfers sent after 5 p.m. or on weekends may take until the next business day to appear.

What Happens If Your Application Is Declined

Goldman Sachs may decline your application if the identity verification fails — for example, if the information you entered does not match government records or if there is a fraud alert on your credit file. If this happens, the Wallet app will show a message explaining that your account could not be opened.

You can try again after 24 hours. Before you do, double-check that you entered your name, date of birth, and address exactly as they appear on your government ID or Social Security card. If you have recently moved, make sure your address is updated with the Social Security Administration or your state's DMV.

If you are still declined after a second attempt, contact Goldman Sachs directly through the Wallet app or call their customer service line. They can sometimes override a decline if there is a simple error in their records, but they cannot force an approval if you do not meet their requirements.

Moving Money Out of Apple Savings

You can transfer money from Apple Savings back to your linked bank account at any time. In the Wallet app, tap your Apple Savings account, select "Transfer," and choose "Move to Bank Account." Enter the amount and confirm. The money will arrive in your linked account within one to two business days.

If you added a debit card to your Apple Savings account, you can also spend the money directly using that card at stores, online, or through Apple Pay. Purchases post immediately, but the money may take a day or two to actually leave your account depending on how the merchant processes the transaction.

There is no limit on how many times you can withdraw or transfer money out. Unlike some savings accounts that charge a fee after six withdrawals per month, Apple Savings lets you move money as often as you want at no cost.

Interest Rates and How Your Money Grows

Apple Savings pays interest on the money you keep in the account. The rate changes periodically — sometimes weekly, sometimes monthly — based on what the Federal Reserve does with interest rates. When you open the account, you will see the current rate displayed in the Wallet app, but that rate is not locked in for life.

Interest is calculated daily on your account balance and deposited into your account monthly. If you have $10,000 in the account and the rate is 4.5 percent per year, you would earn roughly $37.50 that month (though the exact amount depends on the number of days in the month). The interest compounds, meaning next month you earn interest on the original $10,000 plus the $37.50 you just earned.

You can check your current interest rate and see how much interest you have earned so far by opening the Wallet app and tapping your Apple Savings account. The app shows your balance, your interest rate, and a running total of interest earned since you opened the account.

Frequently Asked Questions

Can I open an Apple Savings account on an iPad or Mac?

No. The account can only be opened through the Wallet app on an iPhone. You can view and manage the account on other devices after it is open, but the initial setup must happen on an iPhone.

What if I do not have a Social Security number?

You need a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open the account. Goldman Sachs uses this number to verify your identity and report interest income to the IRS. If you do not have one, you cannot open an Apple Savings account.

Is my money safe if Apple goes out of business?

Yes. The account is held at Goldman Sachs, a separate bank, and is FDIC-insured up to $250,000. If either Apple or Goldman Sachs fails, the FDIC guarantees your money up to that limit. Your funds are not at risk if Apple stops offering the product.

How long does it take to open an account?

The entire process usually takes 10 to 15 minutes from start to finish. Identity verification happens in seconds, and you can begin transferring money into the account as soon as you see the confirmation screen. Some people are approved instantly; others may see a message saying their account is being reviewed and will hear back within 24 hours.

Can I have more than one Apple Savings account?

No. You can only open one Apple Savings account per Apple ID. If you want multiple savings accounts, you would need to open them at different banks or use a different Apple ID, though the latter is not practical for most people.