You do not need an Apple Credit Card to open an Apple Savings Account
Apple Savings Account is a separate product from the Apple Card. You can open a savings account through Apple without ever getting the credit card, and you can have the credit card without the savings account. They are two different things managed through the Wallet app, but neither one requires the other.
The savings account is a high-yield savings product run by Goldman Sachs. The credit card is a payment tool. If you want to save money with Apple but have no interest in a credit card, you can do that. If you want the credit card for purchases but prefer a different bank for savings, that works too.
Key Takeaways
- Apple Savings Account and Apple Card are separate products — you can open one without the other.
- The savings account is managed by Goldman Sachs and offers a variable interest rate that changes with market conditions.
- You need an iPhone or iPad to set up either product, and both require you to be at least 18 years old.
- The savings account has no monthly fees, no minimum balance, and no overdraft fees.
- Interest rates on savings accounts change over time, so the rate you see today may not be the rate you earn next month.
What the Apple Savings Account actually is
Apple Savings Account is a high-yield savings account held at Goldman Sachs Bank USA. When you open it through Apple, you are opening a real bank account with FDIC insurance up to $250,000. The money you deposit is insured the same way money in any other bank savings account is insured.
You manage the account through the Wallet app on your iPhone or iPad. You can transfer money in and out, check your balance, and see how much interest you have earned. The account has no monthly maintenance fee, no minimum balance requirement, and no overdraft fees.
The interest rate is variable, which means it changes. Goldman Sachs sets the rate, and it moves up and down based on what the Federal Reserve does with interest rates. The rate you see when you open the account will not necessarily be the rate you earn six months from now.
How the Apple Card connects (or does not)
The Apple Card is a credit card issued by Goldman Sachs. When you use it to make purchases, you earn cash back. Some people use the card and put that cash back into the savings account, but the card does not automatically feed into savings, and you do not need the card to have the account.
If you do have both the card and the savings account, you can see both in your Wallet app. But they are separate accounts with separate balances. Opening one does not open the other.
What you actually need to open a savings account with Apple
You need an iPhone or iPad running a current version of iOS or iPadOS. You need to be at least 18 years old. You need a valid Social Security number and a U.S. address. You will need to verify your identity, which Apple does through a process that may include answering security questions or uploading a photo of your ID.
You do not need an Apple Card. You do not need an existing Apple account beyond your regular Apple ID. You do not need a minimum deposit to open the account, though you will need money to transfer in if you want to earn interest on it.
Interest rates and how they work
Apple Savings Account pays interest on the full balance you hold. The rate is variable, meaning it is not locked in. When the Federal Reserve raises or lowers its benchmark rate, banks typically adjust their savings rates in response, though not always at the same time or by the same amount.
You earn interest daily on your balance, but it is paid monthly. That means the interest you earn each day is added to your account once a month. If you withdraw money partway through the month, you still earn interest on the money that was there, but you lose interest on the amount you withdrew for the rest of that month.
The rate you see advertised today may not be the rate you earn next month or next year. If rates go down, your earnings go down. If rates go up, your earnings go up. This is different from a certificate of deposit (CD), where the rate is locked in for a set period.
Alternatives if you want savings without Apple
If you want a high-yield savings account but do not have an iPhone or iPad, you cannot use Apple Savings Account. You would need to look at other banks that offer high-yield savings online, such as Marcus, Ally, or Discover. Many of these have no minimum balance and no monthly fees, similar to Apple's account.
If you want to use the Apple Card for purchases but prefer a different bank for savings, that is fine. The card works independently. You can earn cash back on the card and deposit that cash back into whatever savings account you choose.
FDIC insurance and account safety
Money in Apple Savings Account is insured by the FDIC up to $250,000 per account holder per bank. Since the account is held at Goldman Sachs Bank USA, your deposits are covered the same way they would be at any other bank. If Goldman Sachs fails, the FDIC steps in and protects your money up to the limit.
If you have multiple accounts at Goldman Sachs under your name, the $250,000 limit applies across all of them combined. For example, if you have a savings account with $200,000 and a checking account with $100,000 at the same bank, only $250,000 total is insured. The extra $50,000 would not be covered. You can increase your coverage by holding accounts in different names (such as a joint account) or at different banks.
Frequently Asked Questions
Can I transfer money from my Apple Savings Account to my Apple Card?
Yes. You can transfer money from your savings account to your Apple Card to pay off the balance. You can also transfer money from your savings account to an external bank account you have linked to your Apple ID.
What happens to my savings account if I cancel my Apple Card?
Your savings account stays open. Canceling the credit card does not close the savings account. They are separate products, so you can keep one and close the other without affecting the other one.
Is there a limit to how much I can deposit into Apple Savings Account?
There is no stated daily or monthly deposit limit. However, FDIC insurance only covers up to $250,000 per account holder per bank, so amounts above that are not insured. If you have more than $250,000 to save, you would need to split it across multiple banks or account structures to keep it all insured.
Can I set up automatic transfers into my Apple Savings Account?
Yes. You can link an external bank account and set up recurring transfers from that account into your Apple Savings Account. You can also transfer money manually whenever you want.
What if I need to close my Apple Savings Account?
You can close the account through the Wallet app. You will need to transfer your balance out first. Once the account is closed, you can no longer earn interest on it, but you can reopen one later if you change your mind.