You need an iPhone, an Apple ID, and the Wallet app to open an Apple Card savings account
Apple Card savings accounts are opened through the Wallet app on your iPhone — there is no website version or way to open one on Android. You will need an active Apple ID, a compatible iPhone model (iPhone XS or later), and the current version of iOS. The account opens in minutes once you have those three things, and money can move into it the same day.
The savings account is tied to your Apple Card, so you must have an Apple Card first. If you do not have one yet, you will set that up before you can access the savings account feature. The savings account itself costs nothing to open or maintain, and there are no monthly fees.
Key Takeaways
- Open the Apple Card savings account through the Wallet app on your iPhone, not through a website or another device.
- You need an iPhone XS or later, an active Apple ID, and the current iOS version to open and use the account.
- An Apple Card must already exist before you can open the savings account — they are linked together.
- The savings rate changes over time and is set by Apple, so check the Wallet app to see the current rate before you transfer money.
- Transfers between your Apple Card and the savings account happen instantly, and you can move money out to your linked bank account within one to three business days.
Step-by-step process to open the account
Open the Wallet app on your iPhone and tap your Apple Card. Scroll down until you see the savings account option — it will be labeled as a savings feature or savings account. Tap it to begin. Apple will show you the current interest rate and ask you to confirm that you want to open the account.
Tap the button to confirm and open the account. That is the entire process. Your savings account is now active and ready to receive transfers. You do not need to provide bank account details, Social Security numbers, or any other information beyond what Apple already has on file for your Apple Card.
If you do not see the savings account option in your Wallet app, make sure your iPhone is running the latest iOS version. Go to Settings, then General, then Software Update to check. You may also need to update the Wallet app itself through the App Store.
Moving money into and out of the savings account
Once the account is open, you can transfer money from your Apple Card balance into savings. Open Wallet, tap your Apple Card, scroll to the savings account section, and tap the transfer option. Enter the amount you want to move and confirm. The transfer happens instantly — the money appears in your savings account right away.
To move money out of the savings account back to your linked bank account, open Wallet, tap the savings account, and select the transfer or withdrawal option. Enter the amount and choose your linked bank account as the destination. This transfer takes one to three business days, depending on your bank. Transfers back to your Apple Card balance happen instantly.
You can transfer money as often as you want with no limits on the number of transfers per month. There is no minimum balance required to keep the account open.
Interest rates and how they work
Apple Card savings accounts earn interest at a rate that Apple sets. The rate changes over time and is not locked in — it moves with market conditions. You can see the current rate in the Wallet app before you transfer any money in. The rate applies to your full balance, and interest is deposited into your account monthly.
Interest is calculated daily on your balance and paid out once a month. If you have $5,000 in the account for the full month, you will earn interest on that $5,000. If you withdraw $2,000 halfway through the month, the interest for that month will be calculated on the average balance or the daily balance, depending on how Apple structures it at that time — check the Wallet app for the exact method.
The savings account is held at Goldman Sachs Bank USA, which means deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This is the same protection that regular bank savings accounts have.
What to do if you cannot see the savings account option
If the savings account feature does not appear in your Wallet app, the most common reason is that your iPhone or iOS is out of date. Update your iPhone to the latest iOS version first. Go to Settings, General, Software Update, and install any available updates. Then close the Wallet app completely and open it again.
If you still do not see the option after updating, make sure your Apple Card is in good standing — accounts with past-due balances or other issues may not have access to the savings feature yet. Contact Apple Card support through the Wallet app to ask whether your account is may be able to access.
In some cases, Apple rolls out the savings account feature to users gradually rather than all at once. If your account is in good standing and your iPhone is fully updated, the feature may simply not be available to you yet. Check back in a few weeks.
Linking a bank account for transfers out
Your savings account is already linked to your Apple Card, so you can move money between them instantly. To transfer money out to a regular bank account, you need to link that bank account to your Apple ID first. Open Wallet, tap your Apple Card, and look for the option to add or manage linked bank accounts.
You will enter your bank's routing number and your account number. Apple will verify the account by depositing two small amounts (usually under $1 each) into that account. Check your bank account for these deposits, then return to the Wallet app and enter the amounts to confirm the link. Once confirmed, you can transfer money from your savings account to that bank account anytime.
Transfers to your linked bank account take one to three business days. Weekends and bank holidays may add extra time. If a transfer does not arrive within three business days, contact your bank to confirm they received it.
Taxes and reporting
Interest earned in your Apple Card savings account is taxable income. At the end of each tax year, Apple will send you a Form 1099-INT if you earned $10 or more in interest during the year. You will report this interest on your tax return as income.
Keep track of how much interest you earn each month by checking your Wallet app. The interest deposits will also show up in your transaction history. If you do not receive a Form 1099-INT by January 31 and you earned more than $10 in interest, contact Apple Card support to request it.
Frequently Asked Questions
Can I open an Apple Card savings account without an iPhone?
No. The savings account can only be opened and managed through the Wallet app on an iPhone XS or later. There is no web version or Android version. If you have an Apple Card but no compatible iPhone, you cannot open a savings account at this time.
What happens to my savings account if I close my Apple Card?
If you close your Apple Card, your savings account will also close. Apple will return any money in the savings account to your linked bank account within one to three business days. You will not lose the money, but you will need to move it somewhere else.
Is there a minimum deposit to open the account?
No. You can open the account with zero dollars in it. You can transfer money in whenever you want, and there is no minimum amount required to keep the account open or to earn interest.
Can I set up automatic transfers into the savings account?
The Wallet app does not currently offer automatic recurring transfers. You must transfer money manually each time. Check the Wallet app periodically to see if Apple adds automatic transfer features in the future.
What if I have questions about my account after I open it?
Open the Wallet app, tap your Apple Card, and scroll to find the support or help option. You can message Apple Card support directly through the app. Response times vary, but Apple typically replies within one business day.