The Apple Card savings account is called Apple Card savings, and you open it directly through the Wallet app on your iPhone
Apple Card savings is a high-yield savings account run by Goldman Sachs that connects to your Apple Card. You do not go to a bank website or fill out a separate application — the account opens inside the Wallet app on your iPhone, and you can start moving money into it the same day you set it up. There is no minimum balance, no monthly fee, and no lock-in period.
The account is only available if you already have an Apple Card. If you do not have one yet, you will need to get approved for the card first through the Wallet app, which takes a few minutes. Once you have the card, the savings account option appears in the same app.
Key Takeaways
- You open Apple Card savings through the Wallet app on your iPhone — there is no separate website, form, or bank visit required.
- An Apple Card must already be in your Wallet before you can open the savings account.
- The account has no minimum deposit, no monthly fees, and no withdrawal limits or waiting periods.
- Money you move into the account earns interest at a rate that changes based on market conditions, and you can see the current rate in the Wallet app before you deposit.
- You can transfer money between your Apple Card and the savings account instantly within the Wallet app.
Step-by-step: opening the account in Wallet
Open the Wallet app on your iPhone and tap your Apple Card. Scroll down until you see the savings option — it usually appears as a card or section labeled "Apple Card savings" or "Savings". Tap it to open the savings account details page.
On that page, you will see the current interest rate, the amount you have already saved (if any), and a button to open the account or deposit money. Tap the button to proceed. The app will confirm your identity — this usually means Face ID or Touch ID — and then the account opens immediately. You do not need to wait for approval or confirmation by mail.
Once the account is open, you can deposit money right away by tapping the deposit button and choosing how much to transfer from your Apple Card balance or linked bank account. The money moves instantly and begins earning interest the same day.
What you need before you start
You need an iPhone with the latest version of the Wallet app installed. Apple Card savings is not available on Android, and you cannot open or manage the account through a web browser or on a Mac.
You also need an active Apple Card in your Wallet. If you do not have one, open Wallet, tap the plus sign to add a card, and follow the steps to request an Apple Card. Goldman Sachs will make a decision in a few minutes, and you will see the result on screen. If you are approved, the card appears in your Wallet immediately and you can then set up the savings account.
You will need a valid U.S. address and a U.S. phone number. The account is only available to U.S. residents.
How the interest rate works
Apple Card savings earns interest at a variable rate, which means the rate changes over time based on market conditions. You can see the current rate displayed in the Wallet app before you deposit any money, so you know exactly what you will earn.
Interest is calculated daily on your balance and paid monthly into your savings account. You do not have to do anything to receive it — the payment happens automatically. The rate you see today may be different next month, and Apple will notify you through the app if the rate changes.
Moving money in and out of the account
You can transfer money from your Apple Card balance into savings at any time by opening the savings section in Wallet and tapping the deposit button. The transfer is instant and free. You can also transfer money back from savings to your Apple Card with no waiting period or fee.
There is no limit on how many transfers you can make or how much you can move at once. You can also set up automatic transfers if you want to move a fixed amount into savings on a regular schedule — for example, $50 every week or $200 every month.
If you want to move money to a different bank account, you will need to transfer it back to your Apple Card first, and then transfer from the card to your other bank account using your card's standard transfer options. Savings account funds cannot go directly to an external bank account.
What happens if you close your Apple Card
If you close your Apple Card, your savings account closes as well. Any money in the savings account will be transferred back to your Apple Card balance, and you can then move it wherever you need it. You will have time to do this before the account fully closes.
If your Apple Card is suspended or revoked by Goldman Sachs, the savings account is also suspended, and you will not be able to access the money until the card issue is resolved. Contact Apple Card support through the Wallet app if this happens.
Frequently Asked Questions
Can I open Apple Card savings if I do not have an iPhone?
No. Apple Card savings only works on iPhone through the Wallet app. You cannot open or manage the account on Android, a computer, or any other device. If you do not have an iPhone, you cannot use this savings account.
Is there a minimum amount I have to keep in the savings account?
No. There is no minimum balance. You can deposit $1 or $10,000, and you can withdraw it all at any time with no penalty. The account earns interest on whatever balance you have, no matter how small.
What if I get denied for an Apple Card?
If Goldman Sachs denies your Apple Card request, you cannot open the savings account. You can request the card again after some time has passed, but there is no way to open savings without an approved Apple Card first.
Is my money in Apple Card savings insured if the bank fails?
Yes. Apple Card savings is held at Goldman Sachs, which is a bank insured by the Federal Deposit Insurance Corporation (FDIC). Your deposits are insured up to $250,000 per account holder. You can read the full details in the Wallet app under the savings account information section.
Can I use Apple Card savings as my main checking account?
No. Apple Card savings is a savings account only. You cannot use it to pay bills, set up direct deposit, or make purchases. It is designed to hold money and earn interest, not to replace a checking account.