What the Apple Savings Account is and who can open one

Apple Savings is a savings account offered through Goldman Sachs, a bank that partners with Apple. You don't need an Apple device to open one, but you do need an Apple ID and an iPhone, iPad, or Mac to set it up — the account lives in the Wallet app on your device. The account earns interest on the money you deposit, meaning the bank pays you a small percentage of your balance each month.

You must be at least 18 years old and a U.S. resident to open an Apple Savings account. You'll also need a valid government-issued ID and a Social Security number. The account is FDIC insured up to $250,000, which means your money is protected by federal insurance if the bank fails.

Key Takeaways

  • You open an Apple Savings account through the Wallet app on your iPhone, iPad, or Mac, not through a website or bank branch.
  • The account requires an Apple ID, a valid government ID, and a Social Security number, and you must be at least 18 years old.
  • Money moves into your Apple Savings account from a linked debit card or bank account, and you can transfer it back out the same way.
  • The interest rate changes over time based on market conditions, so check Apple's current rate before opening.
  • You cannot deposit checks or cash directly into this account — all deposits come from another bank account or debit card you own.

How to set up the account step by step

Open the Wallet app on your iPhone, iPad, or Mac. Look for the "Savings" option — it usually appears as a tab at the bottom of the screen on iPhone. Tap "get your free guide" or the plus sign to begin creating a new savings account.

Apple will ask you to confirm your identity. You'll need to provide your full name, date of birth, address, and Social Security number. Have a valid government-issued ID ready — a driver's license, passport, or state ID card all work. Apple uses this information to verify who you are and to comply with banking regulations.

Next, link a debit card or bank account. This is how money moves in and out of your savings account. You can link a debit card from any U.S. bank or a checking account. Apple will ask for the card or account number and may make two small test deposits to confirm the account is yours — you'll see these appear in your linked account within a few days.

Review the account terms and agree to them. Apple will show you the current interest rate, the FDIC insurance limit, and other details about how the account works. Once you agree, your account opens when ready and you can start depositing money.

Moving money into and out of your Apple Savings account

To deposit money, open Wallet, go to Savings, and tap "Add Money" or a similar button. Choose the linked debit card or bank account you want to transfer from, enter the amount, and confirm. The money usually arrives in your savings account within one to three business days.

To withdraw money, tap "Transfer Out" or a similar option in the Savings section. Choose the linked account where you want the money to go, enter the amount, and confirm. Again, this usually takes one to three business days. You cannot withdraw cash directly from an ATM or at a branch — all transfers go back to the bank account or debit card you linked.

There are no monthly fees, no minimum balance requirement, and no limit on how many times you can deposit or withdraw. However, some banks that you link to may charge their own fees for transfers, so check with your bank if you're unsure.

Understanding the interest rate and how it changes

Apple Savings earns interest, which means the bank pays you money for keeping your balance there. The rate changes over time — it's not locked in. When interest rates in the broader economy go up, Apple's rate typically goes up. When they go down, Apple's rate goes down too. You can see your current rate in the Wallet app at any time.

Interest is calculated daily on your balance and paid monthly. If you have $1,000 in the account for a full month and the annual rate is 4%, you'll earn roughly $3.33 that month (the exact amount depends on the number of days in the month). The interest is automatically added to your account — you don't have to do anything to receive it.

Check the current rate before you open the account, because it may be different from the rate when you read this. Apple's website shows the rate prominently, and the Wallet app displays it during setup.

What happens if you need to close the account

You can close your Apple Savings account at any time through the Wallet app. Go to the Savings section, look for settings or account details, and select the option to close. Apple will ask you to confirm, and the account closes when ready.

Before closing, transfer any remaining balance back to your linked bank account or debit card. If you have money in the account when you close it, Apple will prompt you to move it. Any interest you've earned up to the day you close stays in the account and transfers with your balance.

Differences between Apple Savings and a traditional bank savings account

A traditional savings account at a bank or credit union lets you deposit cash, use ATMs, and visit a branch in person. Apple Savings has none of these options — everything happens through your phone or computer, and all deposits and withdrawals go through a linked account. If you need to deposit cash or prefer face-to-face banking, a traditional account is a better fit.

Apple Savings often offers a higher interest rate than many traditional banks, especially large national banks. However, some online banks and credit unions offer rates that are similar or higher. The trade-off is convenience: Apple Savings is straightforward to set up and manage if you already use Apple devices, but it's less flexible if you need to handle cash or prefer multiple ways to access your money.

Apple Savings also has no minimum balance, while some traditional savings accounts require you to keep a certain amount on deposit. This makes Apple Savings easier to open if you're starting with a small amount of money.

Frequently Asked Questions

Do I need an Apple device to use the account after I open it?

Yes. You need an iPhone, iPad, or Mac to open the account and to manage it. You cannot access Apple Savings through a website or a different device. If you lose access to Apple devices, you can still transfer your money out to your linked bank account, but you cannot make deposits or check your balance through the app.

What if I don't have a Social Security number?

You need a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open the account. This is a federal requirement for all bank accounts. If you don't have one, you'll need to obtain one before opening Apple Savings.

Can I open an Apple Savings account if I'm under 18?

No, you must be at least 18 years old. Some banks offer savings accounts for minors with a parent or guardian, but Apple Savings does not have this option. If you're under 18, ask a parent or guardian about opening a youth savings account at a traditional bank or credit union.

Is my money safe if Goldman Sachs fails?

Yes. Your balance up to $250,000 is insured by the Federal Deposit Insurance Corporation (FDIC). This means if the bank fails, the federal government guarantees your money. If you have more than $250,000, only the first $250,000 is protected.

Can I have more than one Apple Savings account?

No. You can only open one Apple Savings account per Apple ID. If you want multiple savings accounts, you'll need to open accounts at other banks or use different Apple IDs, though the latter is not practical for most people.