What Apple Savings Account is and who can open one
Apple Savings Account is a high-yield savings account offered through Goldman Sachs, accessible through the Apple Wallet app on your iPhone. You do not need an Apple credit card to open one — you only need an iPhone, an Apple ID, and a U.S. bank account to fund it with. 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. The account is FDIC-insured up to $250,000 through Goldman Sachs, which means your money is protected by federal deposit insurance.
Key Takeaways
- Apple Savings Account opens directly in the Wallet app on your iPhone and takes about 10 minutes to set up with your Apple ID and Social Security number.
- You must link an existing U.S. bank account to fund the savings account; you cannot deposit cash or checks directly.
- Transfers between your linked bank account and Apple Savings Account typically complete within one to three business days.
- The interest rate changes over time and is set by Goldman Sachs, so check the Wallet app to see the current rate before you open the account.
- You can withdraw money anytime without penalty, but transfers out take one to three business days to reach your bank account.
Step-by-step setup in the Wallet app
Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings" from the menu. The app will ask you to review the terms and conditions, then tap "Continue." You will be asked to confirm your Apple ID password.
Next, enter your full legal name, date of birth, and the last four digits of your Social Security number. The app will verify this information against your credit file. If verification succeeds, you will see a confirmation screen with the current interest rate. Tap "Open Savings Account" to complete the process. Your account opens immediately, though you cannot transfer money until you link a bank account.
Linking your bank account for deposits and withdrawals
After your account opens, the Wallet app will prompt you to link a bank account. Tap "Link Bank Account" and enter your routing number and account number. You can find both on a check, or log into your bank's website or app to locate them. The app will ask you to confirm your bank account holder name and address.
Goldman Sachs will send two small test deposits (usually under $1 each) to your linked bank account within one to two business days. Log into your bank account, find these deposits, and return to the Wallet app to enter the exact amounts. This verification step confirms you own the bank account. Once verified, you can transfer money between your bank account and Apple Savings Account.
You can link only one bank account per Apple Savings Account. If you want to change the linked account later, you will need to contact Goldman Sachs customer service through the Wallet app.
How to transfer money in and out
To deposit money, open Wallet, tap your Savings Account, and select "Transfer In." Enter the amount you want to move from your linked bank account and tap "Continue." Review the details and confirm. The transfer typically takes one to three business days to appear in your savings account.
To withdraw money, tap "Transfer Out," enter the amount, and confirm. The money will be sent back to your linked bank account within one to three business days. There is no limit on how often you can transfer or how much you can move at once, though very large transfers may trigger review by Goldman Sachs for fraud prevention.
Understanding the interest rate and how it compounds
Apple Savings Account earns interest daily on your balance. The rate is set by Goldman Sachs and changes over time based on market conditions. You can see the current rate in the Wallet app before you open the account, and the app will notify you if the rate changes after you open it.
Interest is deposited into your account monthly. For example, if you have $10,000 in the account and the rate is 4.15% annually, you would earn roughly $34.58 per month (though the exact amount depends on the number of days in the month and the precise rate on each day). The interest compounds monthly, meaning you earn interest on your interest in future months.
What to do if you forget your password or lose access to your iPhone
If you forget your Apple ID password, you can reset it through the Apple ID website or through Settings on any Apple device. Once you reset your password, you can log back into Wallet and access your savings account.
If you lose your iPhone or it is stolen, sign into iCloud.com from another device and use Find My iPhone to remotely lock or erase it. Your savings account itself is not stored on the phone — it is stored on Goldman Sachs' servers and linked to your Apple ID. You can access it from any iPhone, iPad, or Mac once you sign in with your Apple ID. To report fraud or unauthorized access, contact Goldman Sachs through the Wallet app or call the number on the back of your linked debit card.
Frequently Asked Questions
Can I use Apple Savings Account without an Apple credit card?
Yes. Apple Savings Account is separate from the Apple Card and does not require you to own one. You only need an iPhone, an Apple ID, and a linked U.S. bank account.
What happens if Goldman Sachs changes the interest rate?
Goldman Sachs can change the rate at any time. The Wallet app will show you the new rate and notify you of changes. Your existing balance will earn the new rate going forward. You can withdraw your money anytime without penalty if you disagree with a rate change.
Can I transfer money to someone else's bank account from my Apple Savings Account?
No. You can only transfer money between your Apple Savings Account and the one linked bank account you registered during setup. To send money to another person, withdraw it to your bank account first, then use your bank's transfer tools.
Is my money safe if Goldman Sachs fails?
Yes. Your account is FDIC-insured up to $250,000, which means the federal government guarantees your deposits even if Goldman Sachs fails. If you have more than $250,000, only the first $250,000 is protected.
How do I close my Apple Savings Account?
Open Wallet, tap your Savings Account, scroll down, and select "Close Account." You will be asked to transfer any remaining balance back to your linked bank account. Once the transfer completes, the account closes. You can reopen a savings account later if you change your mind.