Apple doesn't offer joint savings accounts
Apple Savings, which is Apple's high-yield savings account product run through Goldman Sachs, does not support joint ownership. Each account is tied to a single Apple ID, and you cannot add another person as a co-owner or authorized user on that account.
If you're looking to save money together with a spouse, partner, or family member, you'll need to use a different bank. Most traditional banks and online banks do offer joint savings accounts, and some have competitive interest rates similar to what Apple Savings provides.
Key Takeaways
- Apple Savings accounts are individual-only and cannot be opened or managed jointly through Apple's platform.
- Joint savings accounts are available through most traditional banks, credit unions, and online banks as a standard product.
- A joint account typically requires both account holders to sign paperwork and provide identification, though some banks allow one person to open it and add the other later.
- Interest rates on joint savings accounts vary by bank, so comparing options can help you find a rate close to what Apple Savings offers.
Why Apple Savings doesn't support joint accounts
Apple's savings product is built into the Wallet app and tied directly to your Apple ID for security and simplicity. The system is designed so that only the person whose Apple ID owns the account can access it, transfer money, or make changes. Adding a second owner would require Apple and Goldman Sachs to build separate authorization and security layers, which they have not done.
This is a deliberate choice, not a technical limitation. Apple has prioritized keeping the product streamlined for individual use rather than expanding it to handle shared finances.
Where to find joint savings accounts instead
Most online banks and traditional banks offer joint savings accounts as a standard option. Banks like Ally, Marcus by Goldman Sachs, Discover, and Charles Schwab all have joint savings products. Credit unions also typically offer joint accounts, and some credit unions have rates competitive with online banks.
When you open a joint account, both account holders usually need to provide identification and sign the account agreement. Some banks allow one person to open the account online and add the second person afterward, while others require both people to be present or to complete the application together. Check the specific bank's process before you start.
How joint accounts work and what to know before opening one
In a joint savings account, both owners have equal access to the money and can withdraw, deposit, or close the account without permission from the other person. This means either person can take all the money out at any time. For couples or family members with high trust, this is straightforward. For other situations, it can create risk.
Some banks offer "joint with survivorship" accounts, which means if one owner dies, the account automatically passes to the surviving owner without going through probate. This is a common feature but not universal, so ask the bank about it when you open the account.
Interest rates on joint savings accounts are the same as rates on individual accounts at the same bank—the joint structure doesn't change the rate you earn. Compare rates across banks the same way you would for an individual account.
Alternatives if you want to keep using Apple Savings
If you want to stay within Apple's ecosystem, you have a few options that don't involve a joint account. You and your co-saver can each open separate Apple Savings accounts and coordinate your savings goals between them. This keeps your money separate but lets you work toward shared objectives.
Another approach is to use a joint account at a different bank for shared expenses or goals, while keeping individual Apple Savings accounts for personal savings. Many households use both—a joint account for household bills and a shared fund, plus individual accounts for personal goals.
Interest rates and features to compare
Apple Savings currently offers a competitive interest rate, though the exact rate changes over time and depends on market conditions. When you compare joint savings accounts at other banks, look at the current rate, whether there are monthly fees, and what the minimum balance requirement is.
Some banks offer higher rates for larger balances or require you to link a checking account to get the best rate. Others have no minimums and no fees. The difference in rate between banks can add up over time, so it's worth spending a few minutes comparing before you open an account.
Frequently Asked Questions
Can I transfer money from my Apple Savings account to a joint account at another bank?
Yes. You can transfer money out of your Apple Savings account to any bank account you own or have authorization to transfer to. The transfer usually takes one to three business days. You'll need the receiving bank's routing number and your account number to set up the transfer.
If I open a joint account, can I keep my Apple Savings account separate?
Yes. You can have both a joint account at another bank and your own individual Apple Savings account at the same time. Many people do this—they use the joint account for shared goals or household expenses and keep individual accounts for personal savings.
What happens if one person in a joint account wants to close it?
Most banks allow either owner to close a joint account without the other person's permission. The money is typically split according to how much each person contributed, though some banks require both owners to agree on how to divide it. Check your bank's policy before opening the account.
Do joint savings accounts affect credit scores?
No. Savings accounts, whether joint or individual, do not appear on your credit report and do not affect your credit score. Only credit products like loans and credit cards show up on your credit history.