The Apple Card savings account is built into the Wallet app on your iPhone

Apple Card holders can open a savings account directly through the Wallet app without visiting a bank or filling out a separate application. The account is held at Goldman Sachs Bank USA and earns interest on the money you deposit. You do not need a minimum balance to open one, and there are no monthly fees.

The savings account is separate from your Apple Card credit account. Money you move into savings stays there and earns interest; it does not pay off your card balance or affect your credit line. You control how much to move and when, and you can transfer money back to your linked bank account whenever you need it.

Key Takeaways

  • Open the savings account in the Wallet app by tapping your Apple Card, scrolling to the savings section, and following the prompts to link your bank account.
  • The interest rate changes with market conditions, so check the Wallet app to see the current rate before you deposit money.
  • Transfers from your checking account into savings take one business day, and transfers back to your bank take one to three business days.
  • You can withdraw all your money at any time with no penalty, and the account has no monthly maintenance fee or minimum balance requirement.

Step-by-step setup in the Wallet app

Open the Wallet app on your iPhone and tap your Apple Card. Scroll down until you see the savings section, which shows the current interest rate. Tap "Open Savings Account" or a similar prompt, depending on your iOS version.

The app will ask you to confirm your identity and link a bank account. You will need the routing number and account number from the checking account you want to transfer money from. This is the account where deposits will come from and where withdrawals will land. You can change the linked bank account later in the savings settings.

Once your bank account is linked, the savings account opens immediately. You can start moving money into it right away. The first transfer typically takes one business day to show up in your savings balance.

How to move money into and out of savings

To deposit money, open Wallet, tap your Apple Card, and scroll to the savings section. Tap the deposit button (usually a plus sign or "Add Money") and enter the amount you want to transfer from your linked bank account. Confirm the transfer, and the money will leave your checking account within one business day.

To withdraw money back to your bank account, tap the withdrawal button in the same savings section, enter the amount, and confirm. Withdrawals take one to three business days to appear in your checking account, depending on your bank's processing speed. There is no limit on how often you can move money in or out, and no fee for doing so.

You can also set up automatic transfers if you want to move a fixed amount into savings on a regular schedule. This option appears in the savings settings and helps you build savings without having to remember to transfer manually each time.

Interest rates and how earnings work

The savings account earns interest on your balance, and the rate is set by Goldman Sachs. The rate changes based on Federal Reserve decisions and market conditions, so it is not fixed. You can see the current rate in the Wallet app before you deposit money, and the app will notify you if the rate changes.

Interest is calculated daily on your full balance and deposited into your account monthly. You do not have to do anything to earn it—the interest appears automatically. The interest you earn is reported to the IRS on a Form 1099-INT, which you will receive if your earnings exceed a certain threshold.

What happens if you close your Apple Card

If you close your Apple Card, your savings account remains open and your money stays in it. You can continue to withdraw funds and earn interest on the balance. However, you will not be able to make new deposits once the card is closed, since the savings account is tied to your Apple Card account.

If you want to keep the savings account active after closing the card, do not withdraw all your money immediately. Leave what you want to keep earning interest, and you can access it whenever you need it.

Security and FDIC protection

The savings account is protected by FDIC insurance up to $250,000 per depositor, per bank. This means if Goldman Sachs Bank USA fails, your money up to that limit is may provide by the federal government. Most people will not reach that limit, but it is good to know the protection exists.

Your account is secured by the same Face ID or Touch ID you use to unlock your iPhone, plus any security settings on your Apple ID. No one can transfer money out of your savings without unlocking your phone and confirming the transaction. If your iPhone is lost or stolen, you can use Find My iPhone to lock it remotely and prevent access to your accounts.

Troubleshooting common setup problems

If the savings account option does not appear in your Wallet app, make sure you are running the latest version of iOS and that your Apple Card is in good standing. The feature may not be available in all states or to all cardholders, though it is available in most of the United States.

If your bank account will not link, double-check that you entered the routing number and account number correctly. Some banks require you to verify small deposits before linking, which can take a few days. If the problem continues, contact your bank to confirm the account is set up for external transfers.

If a transfer is taking longer than expected, check your bank's website to see if there is a processing delay on their end. Transfers from your bank to Apple usually take one business day, but some banks process transfers on a different schedule. You can also contact Apple Support through the Wallet app if you believe there is a problem on Apple's side.

Frequently Asked Questions

Can I use the savings account without an Apple Card?

No. The savings account is only for people who have an Apple Card. You must have an active Apple Card to open the account and keep it open. If you close your card, you can keep the savings account but cannot make new deposits.

Is there a limit to how much I can save?

There is no stated limit on how much you can deposit into the savings account. However, FDIC insurance only covers up to $250,000 per depositor at Goldman Sachs Bank USA. If you have more than that, the amount over $250,000 would not be insured if the bank failed.

Can I set up automatic transfers to savings?

Yes. In the savings settings within the Wallet app, you can create a recurring transfer that moves a set amount from your linked bank account into savings on a schedule you choose—weekly, biweekly, or monthly. You can pause or cancel automatic transfers at any time.

What if I need to change my linked bank account?

Open the Wallet app, tap your Apple Card, scroll to savings settings, and look for an option to change your linked bank account. You will need to provide the routing and account number for the new account. The change usually takes effect within one business day.

Do I pay taxes on the interest I earn?

Yes. Interest earned in the savings account is taxable income. If you earn $10 or more in a year, Goldman Sachs will send you a Form 1099-INT by January 31 of the following year. You report this interest on your tax return as income.