What You Need to Start an Apple Savings Account

Apple Savings is a high-yield savings account run by Goldman Sachs, available only to people with an Apple Card. You do not need to carry a balance on the card or use it regularly—you just need to have one. The account opens directly through the Wallet app on your iPhone, iPad, or Mac, and the whole process takes about five minutes.

To open one, you will need an Apple ID, an active Apple Card, and a U.S. mailing address. You must be at least 18 years old. There is no minimum deposit required to open the account, though you will need money in it to earn interest. The account is FDIC-insured up to $250,000 through Goldman Sachs Bank USA.

The interest rate changes over time and is set by Goldman Sachs, so check the current rate in the Wallet app before you open the account. Rates have historically been competitive with other high-yield savings accounts, but you should compare them to other options if rate is your main concern.

Key Takeaways

  • You must have an Apple Card to open an Apple Savings account; the account lives in your Wallet app and takes about five minutes to set up.
  • There is no minimum deposit, no monthly fee, and no maximum balance limit, though the account is FDIC-insured only up to $250,000.
  • Money transfers between your Apple Card and the savings account are instant and free, with no waiting period.
  • You can move money out to an external bank account, but it takes one to three business days and you must initiate the transfer through the Wallet app.

Opening the Account in the Wallet App

Open the Wallet app on your iPhone, iPad, or Mac and tap your Apple Card. Scroll down until you see the option to open a savings account—it will say something like "Save with Apple Card" or "Open Savings Account." Tap that option.

The app will show you the current interest rate and walk you through a few screens of terms. Read through them, then confirm that you want to open the account. Goldman Sachs will run a soft credit check, which does not affect your credit score. The account opens immediately once you confirm.

Your savings account number and routing number appear in the Wallet app right away. You can use these to transfer money in from an external bank account if you want, though most people move money between their Apple Card and savings account instead, which is instant.

Moving Money In and Out

The easiest way to add money is to transfer it from your Apple Card to the savings account through the Wallet app. Open the Wallet app, tap your Apple Card, scroll to the savings account section, and select "Transfer." Choose how much you want to move and confirm. The money appears in your savings account instantly with no fee.

You can also transfer money in from an external bank account by providing your savings account number and routing number to that bank. This works like any other bank transfer and usually takes one to three business days. There is no limit on how much you can transfer in.

To move money out to an external bank account, open the Wallet app, tap the savings account, and select "Transfer Money." Choose the external account you want to send it to (you will need to set this up first), enter the amount, and confirm. This also takes one to three business days. You cannot transfer directly from the savings account back to your Apple Card—you have to move it to an external account first, then to the card if you want it there.

Interest and How It Accrues

Interest accrues daily on your full balance and is deposited into your account monthly. You do not have to do anything to earn it—just keep money in the account. The rate is set by Goldman Sachs and can change at any time, so check the Wallet app periodically if you want to know the current rate.

There is no limit on how much interest you can earn, and there is no cap on your account balance. The only limit is the FDIC insurance cap of $250,000, which means if you have more than that in the account, the amount over $250,000 is not insured against bank failure. If you have more than $250,000 to save, you would need to split it across multiple FDIC-insured accounts at different banks.

Fees and Account Maintenance

There are no monthly fees, no minimum balance requirements, and no fees for transfers between your Apple Card and the savings account. You also will not be charged for moving money to or from an external bank account, though your external bank might charge you on their end.

The account stays open as long as your Apple Card stays open. If you close your Apple Card, your savings account closes too, and Goldman Sachs will send you a check or transfer the balance to an external account you provide. You have a grace period to move the money, but check your mail and the Wallet app for instructions.

What Happens If You Close Your Apple Card

If you cancel your Apple Card, your savings account will close within a set timeframe—usually 30 to 60 days. Goldman Sachs will contact you with instructions on what to do with the money in the account. You can request a check, or you can provide an external bank account number and they will transfer the balance there.

Any interest that has accrued up to the closing date will be included in the final balance. Make sure you move or retrieve the money before the deadline, or contact Goldman Sachs if you do not receive instructions.

Frequently Asked Questions

Do I have to use my Apple Card to open the savings account?

Yes, you must have an active Apple Card. You do not have to use it regularly or carry a balance, but you cannot open an Apple Savings account without one. If you do not have an Apple Card yet, you will need to open that first through the Wallet app.

Can I access my savings account on Android or a computer?

The savings account is only available through the Wallet app on iPhone, iPad, or Mac. You cannot manage it through a web browser or on Android devices. You can see your balance and make transfers only through these Apple devices.

What if I want to move money out but do not have an external bank account set up?

You will need to add an external bank account to the Wallet app first. Open the Wallet app, go to your savings account, and select the option to add a bank account. You will need your routing number and account number. Once it is added, you can transfer money to it.

Is my money safe if Goldman Sachs fails?

Yes, up to $250,000. The account is FDIC-insured through Goldman Sachs Bank USA, which means if the bank fails, the federal government guarantees your deposits up to that limit. If you have more than $250,000, only the first $250,000 is protected.

Can I set up automatic transfers from my paycheck?

No, Apple Savings does not support direct deposit or automatic recurring transfers. You have to move money manually through the Wallet app or by setting up transfers from your employer's bank to your Apple Savings account using the routing and account numbers.