Open the Wallet app and tap the plus sign to start

Apple Savings Account is a high-yield savings account offered through Goldman Sachs and held at Comenity Bank. You can open one directly from the Wallet app on your iPhone without visiting a bank branch or website. The entire process takes about five to ten minutes and requires only your iPhone, a valid ID, and a Social Security number.

Start by opening the Wallet app on your home screen. Look for the plus sign (+) in the upper right corner and tap it. From the menu that appears, select "Savings Account." This takes you to the account setup flow where you'll enter your information and review the terms.

Apple will ask you to verify your identity before opening the account. You'll need to photograph both sides of a valid government ID — a driver's license, passport, or state ID card. Make sure the photo is clear and all text is readable. The app uses this image to confirm your identity matches your personal information.

Key Takeaways

  • You can open an Apple Savings Account entirely on your iPhone using the Wallet app, with no separate website or bank visit required.
  • The setup process requires a government-issued ID, your Social Security number, and basic personal information, and takes about five to ten minutes.
  • Your account is FDIC-insured up to $250,000 through Comenity Bank, the actual bank holding your money.
  • The account earns interest at a rate that changes with market conditions; check the Wallet app to see the current rate before you open the account.
  • You can transfer money into your savings account from any linked debit card or bank account, and withdraw it back to the same account at any time.

Enter your personal information and Social Security number

After photographing your ID, the app will ask you to enter your full name, date of birth, address, and phone number. Make sure this information matches what appears on your ID — mismatches can delay or block account opening. If you've moved recently, use your current address, not the one on your ID.

You'll also enter your Social Security number. Apple uses this to run a background check and verify you don't have an existing Apple Savings Account. The app does not store your Social Security number after verification; Goldman Sachs receives it only for the identity check.

Review all the information you've entered before moving forward. Errors here can cause problems later when you try to transfer money or withdraw funds. If something is wrong, go back and correct it before proceeding.

Review the account terms and agree to open

Before your account opens, you'll see the account agreement and disclosures. These include the current interest rate, any fees (Apple Savings Account has no monthly fees), and your rights as an account holder. Read through these carefully — they explain how your money is protected and what happens if you need to close the account.

The agreement also explains that your account is held at Comenity Bank and insured by the FDIC up to $250,000. This means your money is protected even if something happens to Apple or Goldman Sachs. You can have multiple savings accounts at different banks and each is insured separately up to $250,000.

Tap the button to agree to the terms. Your account opens immediately after you do. You'll see your new account number and routing number in the Wallet app right away.

Link a debit card or bank account to fund your savings

Once your account is open, you can transfer money into it from a debit card or checking account. Tap the account in Wallet, then look for an option to add funds or transfer money. You'll be asked to choose whether you're funding from a debit card or a bank account.

If you use a debit card, the transfer usually completes within one business day. If you link a bank account, you may see a small deposit (usually under $1) appear in that account within a few days — this is how the bank verifies you own the account. You'll need to confirm the amount of that deposit in the Wallet app to complete the link.

There is no limit on how much you can transfer into your Apple Savings Account, but Comenity Bank's FDIC insurance covers only up to $250,000. If you have more than that, consider opening a second savings account at a different bank to keep all your money insured.

Check your interest rate and watch your balance grow

The interest rate on Apple Savings Account changes based on market conditions and Federal Reserve decisions. You can see the current rate in the Wallet app before you open the account, and you can check it anytime after opening by tapping the account. The rate applies to your entire balance and compounds daily, meaning you earn interest on your interest.

Interest deposits into your account automatically each month. You'll see the deposit appear in your transaction history in the Wallet app. Unlike some savings accounts, there is no minimum balance requirement and no penalty for withdrawing money whenever you need it.

If the interest rate drops significantly and you find a better rate elsewhere, you can transfer your money out to another bank at any time. There is no early withdrawal penalty or account closure fee.

Withdraw money back to your linked debit card or bank account

To move money out of your Apple Savings Account, open the Wallet app, tap the account, and look for a withdraw or transfer option. Select the debit card or bank account where you want the money to go — it must be the same account you used to fund the savings account originally.

Withdrawals to a linked debit card usually complete within one business day. Withdrawals to a linked bank account may take one to three business days depending on your bank. The money goes back to the exact account you transferred it from, so you don't need to enter account numbers or routing information again.

There is no limit on how often you can withdraw or how much you can take out at once. You can empty your account and close it whenever you want, with no fees or penalties.

Troubleshoot common problems during setup

If your ID photo is rejected, make sure the image is clear, well-lit, and shows all four edges of the card. Shadows, glare, and blurry text are common reasons for rejection. Try photographing the ID again in natural light and make sure your face is visible if the ID includes a photo.

If the app says you already have an Apple Savings Account, you may have opened one on a different Apple device or with a different Apple ID. Check your other devices or sign in with a different Apple ID to find the existing account. You can have only one Apple Savings Account per Social Security number.

If your identity verification fails after multiple attempts, contact Goldman Sachs customer service through the Wallet app. They can help you troubleshoot the issue or open the account through an alternative method. You may need to provide additional documentation if your ID is expired or if your name has changed since the ID was issued.

Frequently Asked Questions

Do I need an Apple Card to open Apple Savings Account?

No. Apple Savings Account is separate from Apple Card and does not require you to have one. You need only an iPhone with the Wallet app, a valid ID, and a Social Security number. You can open the savings account whether or not you use any other Apple financial products.

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

Your money is held at Comenity Bank, not by Apple, and is insured by the FDIC up to $250,000. If Apple stops offering the product, your account remains open at the bank and you can continue to use it. The FDIC insurance protects your deposit regardless of what happens to Apple.

Can I transfer money between my Apple Savings Account and my Apple Cash balance?

No. Apple Savings Account and Apple Cash are separate products and do not connect to each other. Money in Apple Cash stays in Apple Cash; money in your savings account stays there. You can transfer savings account money only to or from a linked debit card or bank account.

Is there a minimum deposit to open the account?

No. You can open an Apple Savings Account with zero dollars and deposit money later whenever you want. There is also no minimum balance to keep the account open or to earn interest. You can deposit as little as $1 if you choose.

Can I set up automatic transfers into my savings account?

Not through the Wallet app itself. You can set up automatic transfers from your linked bank account through your bank's own app or website, directing money to your Apple Savings Account using the routing number and account number shown in Wallet. Check your bank's transfer options to see if they support recurring transfers.