You open an Apple Savings Account through the Wallet app on your iPhone, with a few pieces of ID and about ten minutes

Apple Savings Account is a savings product offered through Goldman Sachs, a bank that partners with Apple. You don't go to a bank branch or a separate website — the whole process happens inside the Wallet app that's already on your iPhone. You'll need your Social Security number, a valid ID, and a way to verify your identity (usually a photo of yourself). Once you're approved, your account opens when ready and you can start moving money into it the same day.

The account comes with a debit card that works like any other, but the main point is the savings part: money you put in earns interest, which means the bank pays you a small percentage just for keeping your money there. The rate changes, so check Apple's current rate before you open the account if comparing to other banks matters to you.

Key Takeaways

  • You need an iPhone, the Wallet app, your Social Security number, and a valid government ID to open an account.
  • The entire sign-up process takes place inside the Wallet app and usually takes less than fifteen minutes.
  • You must be at least eighteen years old and a U.S. resident with a U.S. address to open an account.
  • Once approved, your account is active when ready and you can add money and use your debit card right away.
  • The interest rate Apple offers changes over time, so the amount you earn on your savings will vary.

What you need before you start

Gather these items before you open the Wallet app. You'll need your Social Security number — the nine-digit number on your Social Security card. You'll also need a valid government ID: a driver's license, state ID card, or passport. If you're using a passport, it must be a U.S. passport.

You'll need to be able to take a photo of yourself during the sign-up process, so make sure you're in a place with good lighting and your face is clearly visible. You'll also need a U.S. mailing address where the bank can send documents if needed. The address doesn't have to be permanent — a temporary address works — but it has to be in the United States.

Finally, you need an iPhone with the Wallet app. The Wallet app comes built into iPhones, so you don't need to read anything. If you've never used Wallet before, it's the app with a picture of a wallet on your home screen.

The step-by-step sign-up process

Open the Wallet app on your iPhone and look for the tab or button that says "Apple Savings Account" or "Savings." Tap it. You'll see a screen explaining what the account is and the current interest rate — read this so you know what you're signing up for.

Tap the button to begin. The app will ask you to enter your personal information: your full name, date of birth, Social Security number, and mailing address. Type these carefully — mistakes here can slow things down later. The app will also ask for your phone number and email address so the bank can contact you if needed.

Next, you'll take a photo of your government ID. Hold your ID up to your phone's camera and follow the app's instructions — usually this means taking a photo of the front and back. The app will check that your ID is readable and that the information matches what you typed.

Then you'll take a selfie — a photo of your face. The app uses this to verify that you're the person on the ID. Make sure your face is clearly visible and you're in good lighting. You may need to blink or move your head slightly to prove you're a real person.

After that, the app will show you the account terms and ask you to agree. Read through these if you want to, or scroll to the bottom and tap "Agree" if you're ready to move forward. The app will then submit your information to Goldman Sachs for review.

What happens after you submit

The bank reviews your information, usually within a few minutes. If everything checks out, you'll see a message saying your account is approved and active. At that point, you can start using it — you can transfer money from another bank account into your Apple Savings Account, or you can use the debit card that comes with it.

If the bank needs more information, the app will tell you what's missing and ask you to provide it. This is rare, but it can happen if your ID photo is blurry or if there's a mismatch between the information you entered and what's on your ID. If this happens, just follow the app's instructions to submit the missing piece.

If your process is declined, the app will tell you why. Common reasons include being under eighteen, not having a valid U.S. address, or issues with your ID or identity verification. If you're declined, you can't reopen the account right away — you'll need to wait a period of time before trying again, and the app will tell you when.

Moving money into your account

Once your account is open, you can add money to it. Inside the Wallet app, you'll see an option to transfer funds from another bank account. Tap it and enter the information for the bank account you want to transfer from — this is usually a checking account at another bank.

The first transfer may take a few business days to complete, because the bank has to verify that you own the account you're transferring from. After that, future transfers are usually faster. You can transfer as much or as little as you want, as often as you want — there's no limit on how many transfers you can make.

You can also use the debit card that comes with your Apple Savings Account to spend money directly, though the main purpose of a savings account is to keep money set aside and earn interest on it rather than spend it.

Understanding the interest rate and fees

Apple Savings Account earns interest, which means the bank pays you money just for keeping your savings there. The rate changes based on what the Federal Reserve does with interest rates across the economy — when the Fed raises rates, Apple's rate usually goes up, and when the Fed lowers rates, Apple's rate usually goes down. You can see the current rate in the Wallet app at any time.

The account has no monthly fees, no minimum balance requirement, and no fees for transfers. You won't be charged for taking money out or moving it to another bank. This makes it different from some savings accounts that charge you to access your own money.

Interest is added to your account monthly, usually on the same day each month. The amount you earn depends on how much money you have in the account and what the interest rate is at that time.

Frequently Asked Questions

Do I need an Apple ID to open an Apple Savings Account?

You need to be signed into your iPhone with an Apple ID, but you don't need to create a new one. If you use an iPhone, you already have an Apple ID. The account itself is separate from your Apple ID and uses your Social Security number and government ID to identify you.

Can I open an account if I don't have a smartphone or only have an Android phone?

No, you need an iPhone to open and manage an Apple Savings Account. The account only works through the Wallet app, which is only available on iPhones. If you have an Android phone, this account is not an option for you.

What if my process is declined?

The app will tell you the reason — common reasons include being under eighteen, not having a valid U.S. address, or problems with your ID verification. You'll need to wait before trying again, and the app will tell you when you can reapply. If you think there's been a mistake, you can contact Goldman Sachs customer service through the Wallet app.

Can I have more than one Apple Savings Account?

No, you can only have one Apple Savings Account per person. If you already have one, you can't open another one with the same Social Security number.

Is my money safe in an Apple Savings Account?

Yes, the account is held at Goldman Sachs, which is a bank insured by the Federal Deposit Insurance Corporation (FDIC). This means your money is protected up to $250,000 if the bank fails. Your money is as safe as it would be at any other bank.