Apple Savings Account Has No Monthly Fees or Minimum Balance Requirements
Apple Savings Account, offered through Goldman Sachs, charges no monthly maintenance fee, no minimum balance fee, and no fee to open or close the account. You will not pay a fee simply for holding money in the account, regardless of how much or how little you keep there.
The account is designed as a straightforward savings product with no hidden charges tied to account ownership itself. This means you can open an account with any amount and let it sit without worrying about fees eating into your balance over time.
Key Takeaways
- Apple Savings Account has no monthly maintenance fees, minimum balance requirements, or opening or closing fees.
- You will not be charged for transfers between your Apple Cash and Apple Savings Account.
- Overdraft fees, ATM fees, and wire transfer fees do not apply because the account does not offer checking, ATM access, or wire services.
- The account earns interest at a rate set by Goldman Sachs, which changes based on market conditions and is displayed before you open the account.
- If you close the account, you receive your full balance with no penalty or surrender charge.
What Fees You Will Not See
Apple Savings Account does not charge overdraft fees because it is a savings account, not a checking account. You cannot overdraw the account, so that fee category does not exist. Similarly, there are no ATM fees because the account does not come with an ATM card or ATM access.
Wire transfers are not available through Apple Savings Account, so you will not encounter wire transfer fees. Transfers to and from your linked Apple Cash account are free. If you need to move money to a different bank account, you can transfer it to your Apple Cash first at no cost, then move it from there to another bank using Apple Cash's transfer options, which may have their own terms.
Interest Rates and How They Work
Apple Savings Account earns interest on your balance. The interest rate is set by Goldman Sachs and changes over time as market conditions shift. The rate you see when you open the account is the current rate, but it is not locked in—Goldman Sachs can change it at any time, and the rate will adjust automatically.
Interest is calculated daily on your full balance and deposited monthly into your account. You do not pay a fee to earn interest, and there is no penalty for the rate changing. The account simply credits whatever interest accrues based on the current rate and your balance.
How to Check Your Account Terms and Current Rate
Open the Wallet app on your iPhone, tap Apple Cash, then tap the Savings Account tile. The current interest rate and account terms are displayed there. You can also see your interest earnings in your transaction history—each monthly deposit will show as an interest credit.
If you want to know the rate before opening an account, you can view it in the Wallet app without committing. The rate is public and the same for all account holders. Goldman Sachs does not offer different rates based on account size or customer tier.
What Happens If You Close the Account
Closing an Apple Savings Account is free. You receive your full balance—principal plus any interest earned—with no surrender charge, early withdrawal penalty, or closing fee. The money can be transferred back to your Apple Cash account or to another bank account you have linked.
There is no lock-in period. You can close the account the day after opening it without penalty. The only cost you might face is if you transfer the money to a third-party bank account using a method that charges a fee, but that fee would come from the receiving bank or transfer service, not from Apple or Goldman Sachs.
Comparing Apple Savings to Other Banks
Most online savings accounts and some traditional banks also charge no monthly fees or minimum balance requirements. The main difference between Apple Savings and competitors is access and integration. Apple Savings is only available through the Wallet app on iPhone and is linked directly to Apple Cash, so it works best if you already use Apple's payment ecosystem.
Other banks may offer checking accounts, debit cards, ATM networks, or customer service phone lines—features Apple Savings does not provide. Those features sometimes come with fees at other banks, but they also give you more ways to move and spend your money. Choose based on what you actually need, not on fee structure alone.
Frequently Asked Questions
Can I withdraw money from Apple Savings without a penalty?
Yes. There is no withdrawal penalty or fee. You can move money from Apple Savings back to Apple Cash at any time, and the transfer is free. From Apple Cash, you can spend it, send it to others, or transfer it to another bank account (subject to that service's terms).
Does Apple charge a fee if I transfer money between Apple Cash and Apple Savings?
No. Transfers between Apple Cash and Apple Savings Account are free in both directions. You can move money back and forth as often as you want without paying a fee to Apple or Goldman Sachs.
What if the interest rate drops after I open the account?
The rate can change at any time, and you have no protection against a rate drop. However, you also have no penalty for closing the account if the rate becomes uncompetitive. You can move your money to another savings account at any time without cost.
Are there fees if I link a different bank account to transfer money out?
Apple and Goldman Sachs do not charge a fee for the transfer itself. However, the receiving bank may charge a fee for incoming transfers, or Apple Cash's transfer service may have its own terms. Check with your bank before transferring.
Do I pay taxes on the interest I earn?
Interest earned in an Apple Savings Account is taxable income. You will receive a 1099-INT form from Goldman Sachs if your interest exceeds $10 in a calendar year. This is not a fee—it is a tax reporting requirement. You owe income tax on the interest, but Apple does not collect or charge it.