You need an iPhone and an Apple ID, but not an Apple Card
Apple Savings is built into the Wallet app on your iPhone and requires only an Apple ID and an active iPhone. You do not need an Apple Card to open one. The account connects to a savings product run by Goldman Sachs, and you can fund it from any bank account you own — checking, savings, or another bank entirely.
The catch is that without an Apple Card, you cannot transfer money into Apple Savings through the Wallet app's direct transfer feature. Instead, you move money the way you would to any external savings account: by setting up an external transfer from your own bank, or by asking your employer to deposit funds directly into the Apple Savings account number that Goldman Sachs assigns to you.
If you already have an Apple Card, transfers into Apple Savings happen instantly within the Wallet app. Without one, the process takes one to three business days and requires you to initiate the transfer from your bank's website or app, not from Apple's side.
Key Takeaways
- An Apple Savings account requires only an iPhone, an Apple ID, and a connection to the internet — an Apple Card is not required.
- Without an Apple Card, you fund the account by transferring money from your bank account, which takes one to three business days.
- Apple Card holders can transfer money instantly within the Wallet app, but non-cardholders must initiate transfers from their own bank.
- You receive a routing number and account number from Goldman Sachs that you can use for direct deposit or external transfers from any bank.
- The savings account itself earns the same interest rate whether or not you hold an Apple Card.
What you need to open an account without an Apple Card
Start with an active Apple ID linked to an iPhone running iOS 16.1 or later. You do not need to own the phone — a family member's device works if they let you use it to set up the account, though you will need your own device to access it afterward. The Wallet app comes built into every iPhone.
You also need a bank account in your name at a U.S. bank. Apple Savings does not work with accounts held in another person's name, and it does not work with international banks. The bank account can be checking or savings; it does not matter which one you link.
Have your bank account number and routing number ready when you start. You can find both on a check, on your bank's website, or by calling your bank's customer service line. If you do not have a bank account yet, you will need to open one first — Apple Savings cannot be your primary account.
How to set up the account through the Wallet app
Open the Wallet app on your iPhone and tap the plus sign in the upper right corner. Select "Savings Account" from the menu. You will be asked to verify your identity, which involves answering questions about your credit history and providing your Social Security number. This is a standard check that Goldman Sachs runs; it takes a few minutes.
Once identity verification is complete, you will see your new account number and routing number. Write these down or take a screenshot — you will need them to transfer money from your bank. Goldman Sachs will mail a confirmation letter to your address within a few days, which also contains this information.
The account is live immediately after verification. You can begin receiving deposits right away, even before you make your first transfer. If your employer offers direct deposit, you can provide them with your Apple Savings account number and routing number, and paychecks will land there automatically.
Funding the account from your bank without an Apple Card
Log into your bank's website or mobile app and look for the option to transfer money to an external account or set up a new payee. Enter the routing number and account number Goldman Sachs gave you. Your bank will ask you to verify the account by depositing two small amounts (usually under $1 each) into the Apple Savings account, then asking you to confirm those amounts. This verification takes one to two business days.
After verification is complete, you can transfer money from your bank account to Apple Savings whenever you want. Each transfer takes one to three business days to appear in your Apple Savings account. There is no limit on how many transfers you can make or how much you can move, though your bank may have its own daily or monthly transfer limits.
Some banks charge a fee for external transfers; others do not. Check your bank's fee schedule before you start, or call their customer service line. Apple does not charge you to receive money into Apple Savings.
Interest rates and account features without an Apple Card
Apple Savings earns the same interest rate whether you hold an Apple Card or not. The rate changes based on Federal Reserve decisions and market conditions; as of late 2024, it has been competitive with high-yield savings accounts at online banks, though rates vary. Check Apple's Wallet app or Goldman Sachs' website for the current rate before you open the account.
Interest compounds daily and is deposited into your account monthly. You can withdraw money anytime by transferring it back to your bank account, which again takes one to three business days. There is no minimum balance requirement and no monthly fee.
The main feature you do not have without an Apple Card is instant transfers. Apple Card holders can move money into Apple Savings and see it appear in their account within seconds. Non-cardholders must wait for the standard transfer timeline. Everything else — the interest rate, the account security, the ability to set savings goals in the Wallet app — works the same way.
What to do if your bank does not support external transfers
Most U.S. banks support external transfers, but some smaller banks and credit unions do not. If your bank does not offer this feature, ask whether they support ACH transfers, which is the system that moves money between banks. If they do, you can use ACH to move money to Apple Savings.
If your bank supports neither external transfers nor ACH, your best option is direct deposit. Provide your employer or the organization sending you money with your Apple Savings routing number and account number. Direct deposit works with almost every bank and employer system, and it is often faster than manual transfers.
If you receive money from sources that do not support direct deposit and your bank does not support external transfers, you may need to open a second account at a bank that does support transfers, or consider whether an Apple Card makes sense for your situation.
Frequently Asked Questions
Can I use Apple Savings if I do not have an iPhone?
No. Apple Savings exists only in the Wallet app, which runs on iPhone. You cannot access it from an Android phone, a computer, or a web browser. You need an iPhone to open the account and to manage it.
What happens to my Apple Savings account if I cancel my Apple Card later?
Your account stays open and works exactly as it does now — you continue to fund it through external transfers from your bank, and you continue to earn interest. Canceling an Apple Card does not close your savings account.
Can I set up direct deposit to Apple Savings without an Apple Card?
Yes. Direct deposit works the same way whether you have an Apple Card or not. Give your employer or the organization sending you money the routing number and account number Goldman Sachs assigned to you, and deposits will arrive automatically.
How long does it take to open an account if I do not have an Apple Card?
Identity verification takes a few minutes. The account is active immediately after that. If you are funding it through your bank, the external transfer verification takes one to two business days before you can move money. Direct deposit can start as soon as your employer processes the change.
Is Apple Savings safe if I do not have an Apple Card?
Yes. The account is held at Goldman Sachs and is insured by the FDIC up to $250,000, the same as any bank savings account. Your Apple ID and iPhone security protect your access to the account. Having or not having an Apple Card does not change the safety of your money.