What you need to start an Apple savings account

Apple's high yield savings account is offered through Goldman Sachs Bank USA and Caterpillar Bank. You open it directly through the Wallet app on your iPhone — there is no separate website or application form. You will need an iPhone running iOS 17.2 or later, a valid Social Security number, a government-issued ID, and a U.S. mailing address.

The account is tied to your Apple ID, so you must already have one set up. If you do not have an Apple ID, you can create one through Apple's website or the Settings app on any Apple device before you start the savings account process.

Goldman Sachs and Caterpillar Bank both verify your identity during signup using information from credit bureaus and public records. This verification is instant in most cases, though some applications may require additional steps if the banks cannot confirm your identity automatically.

Key Takeaways

  • You open an Apple savings account through the Wallet app on your iPhone, not through a website or bank branch.
  • You need an iPhone with iOS 17.2 or later, an Apple ID, a valid government-issued ID, and a Social Security number.
  • The account is FDIC-insured up to $250,000 through either Goldman Sachs Bank USA or Caterpillar Bank, depending on which bank processes your account.
  • Deposits and withdrawals happen through your linked debit card or bank account, and transfers typically clear within one to three business days.
  • The interest rate changes over time and is set by the banks, not by Apple — check the Wallet app to see the current rate before you open the account.

Step-by-step process to open the account

Open the Wallet app on your iPhone and tap the plus sign to add a new card or account. Select "Savings Account" from the menu. The app will walk you through entering your name, date of birth, address, phone number, and Social Security number. This information is used to verify your identity with the banks.

After you enter your personal details, the bank will ask you to confirm your identity. Most people pass this step instantly. If the bank cannot verify you automatically, it may ask you to upload a photo of your government-issued ID — a driver's license, passport, or state ID card. Take a clear photo of both the front and back, and upload it through the app.

Once your identity is confirmed, you will see your account number and routing number in the Wallet app. At this point, your account is open and ready to receive deposits. You can link a debit card or bank account to move money in and out.

How to deposit and withdraw money

You can deposit money into your Apple savings account by linking an external bank account or debit card. Open the Wallet app, tap your savings account, and select "Add Money" or "Transfer In." Choose whether you want to link a bank account (for ACH transfers) or a debit card (for card transfers). The app will ask you to enter the account or card details.

If you link a bank account, the first transfer usually takes one to three business days to complete. Debit card transfers may be faster, though some banks impose daily or monthly limits on how much you can move. Check your bank's transfer limits before you try to deposit a large amount.

To withdraw money, open your savings account in the Wallet app and select "Transfer Out" or "Withdraw." Choose the bank account or debit card where you want the money to go. Transfers out typically take one to three business days, depending on your bank's processing speed. Weekend and holiday transfers may take longer.

What happens if your identity verification fails

If the bank cannot verify your identity automatically and your uploaded ID photo is unclear or does not match the information you provided, your account may be temporarily frozen or closed. The Wallet app will show you a message explaining what went wrong.

If this happens, contact Goldman Sachs Bank USA or Caterpillar Bank directly using the phone number in the Wallet app. Have your government-issued ID ready and be prepared to answer security questions about your personal history. The bank may ask you to verify your address, confirm recent transactions, or provide additional documents.

In some cases, the bank may ask you to visit an Apple Store in person to complete verification, though this is rare. If your account is closed, any money in it will be returned to the bank account or debit card you used to deposit it, usually within five to seven business days.

FDIC insurance and account protection

Your Apple savings account is FDIC-insured up to $250,000 through either Goldman Sachs Bank USA or Caterpillar Bank. This means if the bank fails, the Federal Deposit Insurance Corporation will reimburse you for the full balance of your account, up to the $250,000 limit. If you have multiple accounts at the same bank under your name, the $250,000 limit applies to all of them combined, not to each account separately.

Your account is also protected by the bank's fraud monitoring systems. If someone makes an unauthorized transfer out of your account, contact the bank immediately through the Wallet app or by phone. The bank has 10 business days to investigate, though most cases are resolved faster. If fraud is confirmed, the bank will return the money to your account.

Your Apple ID password and Face ID or Touch ID protect access to the Wallet app itself. If someone gains access to your iPhone, they can transfer money out of your savings account without entering a separate password. Keep your iPhone secure and enable two-factor authentication on your Apple ID to reduce this risk.

Interest rate and how it changes

Apple does not set the interest rate on its savings account — Goldman Sachs Bank USA and Caterpillar Bank do. The rate changes over time based on the banks' decisions and broader economic conditions. You can see the current rate in the Wallet app under your account details, and the app will notify you if the rate changes.

The rate you see when you open your account is not locked in. If the banks lower the rate, your new deposits and existing balance will earn the lower rate. If the rate rises, you will earn the higher rate on all your money. There is no penalty for closing your account if the rate drops, though you will lose the interest you would have earned if you move your money elsewhere.

Interest is calculated daily and deposited into your account monthly. You can see the interest you have earned in the Wallet app under your transaction history. The interest is taxable income, and the bank will send you a 1099-INT form at the end of the year if you earned $10 or more in interest.

Frequently Asked Questions

Can I open an Apple savings account on an Android phone?

No. The account is only available through the Wallet app on iPhone running iOS 17.2 or later. Android users cannot open or manage an Apple savings account.

What if I do not have a government-issued ID?

You will need a government-issued ID to open the account. Acceptable forms include a driver's license, passport, passport card, or state ID card. If you do not have any of these, you cannot open an Apple savings account through the current process.

Can I transfer money between my Apple savings account and my Apple Cash card?

Yes. You can move money between your savings account and Apple Cash through the Wallet app. Transfers between Apple products are usually instant, though they may take up to one business day in some cases.

What if I lose my iPhone or get a new one?

Your savings account is tied to your Apple ID, not to your specific iPhone. If you lose your phone or upgrade to a new one, sign in with your Apple ID on the new device and your account will appear in the Wallet app. Your money is safe and you can access it immediately.

Can I close my Apple savings account anytime?

Yes. You can close your account through the Wallet app at any time. When you close it, any remaining balance will be transferred to the bank account or debit card you linked to the account, usually within one to three business days. There is no penalty or fee for closing.