You open an Apple Savings Account through the Wallet app on your iPhone, and you need an Apple ID, an may be able to access iPhone, and a valid government ID

Apple Savings Account is a high-yield savings product run by Goldman Sachs, accessible only through Apple's Wallet app. You cannot open one on a computer or through a bank branch — the entire process happens on your iPhone. The account is free to open, has no monthly fees, and no minimum balance requirement.

The setup takes about 10 to 15 minutes if your information is ready. You will need to verify your identity during signup, which means having your Social Security number and a government-issued ID (driver's license, passport, or state ID) on hand. Once approved, you can start moving money into the account the same day.

Key Takeaways

  • Apple Savings Account opens only through the Wallet app on an iPhone running iOS 17.1 or later; you cannot open it on Android, iPad, or a computer.
  • You need an active Apple ID, a valid government ID, and your Social Security number to complete the identity verification step.
  • The account has no monthly fees, no minimum balance, and no maximum deposit limits, though the interest rate changes with market conditions.
  • Transfers from your linked debit card or bank account take one to three business days to appear in your savings account.
  • If you close your Apple ID or remove the Wallet app, your savings account remains open but you lose access to it through Wallet.

What you need before you start

Gather these items before opening the Wallet app: a valid government-issued ID (US driver's license, passport, or state ID), your Social Security number, and a debit card or bank account linked to your Apple ID for transfers. Your iPhone must run iOS 17.1 or later — check Settings > General > Software Update to confirm your version.

You also need to be at least 18 years old and a US resident. Apple Savings Account is not available to residents of all US states; check Apple's support page for your state before starting, because the signup process will fail if your state is not supported. Your Apple ID must be in good standing with no active disputes or security holds.

Step-by-step signup in the Wallet app

Open Wallet on your iPhone and tap the plus sign (+) in the upper right corner. Select "Savings Account" from the list of options. You will see an overview of the account features and current interest rate — read this carefully because the rate shown is what you will earn, not a promotional rate that expires.

Tap "Continue" and enter your personal information: full name, date of birth, address, phone number, and email. Apple will ask for your Social Security number next. This is required for identity verification and is sent securely to Goldman Sachs, not stored on your phone.

When prompted, take a photo of your government ID (front and back) using your iPhone camera. The app will guide you through positioning and lighting. This photo is used only for verification and is not saved in your Wallet. After you submit your ID, Apple verifies your identity in real time — most people see approval within seconds, though some cases take a few minutes.

Once verified, you will link a debit card or bank account for transfers. You can use any US debit card or connect your bank account directly through Plaid (a secure third-party service). This linked account is where you will transfer money from to fund your savings account, and where you can transfer money back to if you need it.

What happens after you are approved

Your Apple Savings Account opens immediately after identity verification completes. You will see your account number and routing number in the Wallet app — you can use these to transfer money from outside sources, though most people use the linked debit card or bank account for simplicity.

Make your first transfer by tapping "Add Money" in the Wallet app and entering the amount. Transfers from a linked debit card or bank account take one to three business days to post. You can transfer as much as you want — there is no daily or monthly limit — but very large transfers may trigger additional verification steps.

Your interest accrues daily and is deposited monthly. The rate changes with market conditions, so check the Wallet app periodically to see your current rate. You can view your transaction history, interest earned, and account balance all within Wallet.

Transferring money out of your account

To move money from your Apple Savings Account back to your linked bank account or debit card, open Wallet, select your savings account, and tap "Transfer Money." Enter the amount and confirm. The transfer takes one to three business days to appear in your linked account.

You can also use your account number and routing number to set up an external transfer from another bank, though this is slower and less common. If you need the money urgently, transfer to your linked debit card first — that is the fastest route.

If you lose access or close your account

If you delete the Wallet app or sign out of your Apple ID, your savings account still exists but you cannot access it through Wallet. To regain access, sign back into your Apple ID and reinstall Wallet. Your money and interest remain in the account.

To close your account, open Wallet, select your savings account, scroll to the bottom, and tap "Close Account." You will be asked to transfer any remaining balance to your linked bank account. Once closed, the account cannot be reopened — you would need to create a new one.

If your Apple ID is compromised or locked, contact Apple Support immediately. Your savings account is protected by the same security measures as your Apple ID, but a compromised account could allow someone else to transfer your money out.

Common reasons signup fails

The most common reason signup fails is that your state is not supported. Apple Savings Account is available in most states but not all — if you live in an unsupported state, the app will tell you during signup and you cannot proceed. Check Apple's current list of supported states before trying.

Identity verification can fail if your photo of your ID is blurry, cut off, or does not match your face. If this happens, the app will ask you to retake the photo. Make sure the ID is well-lit, fully visible, and that you are photographing it straight on, not at an angle.

If you enter your Social Security number incorrectly three times, the app will lock you out temporarily. Wait 24 hours and try again. If verification fails for reasons beyond your control (for example, if your name does not match records), contact Apple Support — they can escalate to Goldman Sachs for manual review.

Frequently Asked Questions

Can I open an Apple Savings Account on my iPad or Mac?

No. Apple Savings Account is only available through the Wallet app on an iPhone running iOS 17.1 or later. You cannot open or manage it on iPad, Mac, Apple Watch, or any other device, though you can view your balance through iCloud.com if you are signed into your Apple ID.

What if I do not have a government ID?

You need a valid government-issued ID to open the account — a driver's license, passport, or state ID. If you do not have one, you cannot open an Apple Savings Account. Passport cards count, but expired IDs do not.

Is my money safe in an Apple Savings Account?

Yes. The account is held at Goldman Sachs, which is a bank insured by the Federal Deposit Insurance Corporation (FDIC). Your deposits are covered up to $250,000 per depositor, per bank. Apple does not hold your money — Goldman Sachs does.

Can I transfer money directly from my paycheck into this account?

Not directly. You cannot set up direct deposit to an Apple Savings Account. You can transfer money from your checking account or debit card using the Wallet app, or you can have your paycheck deposited to your checking account and then transfer it to savings manually.

What happens to my account if I upgrade or change my iPhone?

Your account stays open and your money remains safe. When you sign into your Apple ID on your new iPhone and install Wallet, your savings account will appear automatically. Your account number, routing number, and balance do not change.