You open an Apple Savings Account through the Wallet app on your iPhone, with no minimum deposit and no monthly fees

The Apple Savings Account is a high-yield savings account offered through Goldman Sachs, accessible only through the Apple Wallet app on iPhone. You do not need an existing Apple Card to open one, though the account integrates with your Apple Cash if you have it. The entire setup happens on your phone and takes about 10 minutes.

Apple Savings Accounts earn interest at a rate that changes with market conditions — Goldman Sachs publishes the current rate on Apple's website. There are no monthly maintenance fees, no minimum balance requirements, and no limits on how much you can deposit. You can withdraw money at any time without penalty.

Key Takeaways

  • You need an iPhone with iOS 17.1 or later and a valid Social Security number to open an account.
  • The account is FDIC-insured up to $250,000 through Goldman Sachs, the same protection as a traditional bank account.
  • You can transfer money in and out using your linked debit card or bank account, and the process typically takes one to three business days.
  • Interest compounds daily and deposits into your account automatically, with no action needed on your part.

What you need before you start

You must have an iPhone running iOS 17.1 or later. The Wallet app comes built into iPhones, so you do not need to download anything separately. You will also need a valid U.S. Social Security number, a U.S. mailing address, and a government-issued photo ID (driver's license, passport, or state ID).

Have a debit card or bank account information ready. You will link one of these to move money into and out of your savings account. You do not need to have an Apple Card or Apple Cash, though if you already use Apple Cash, the savings account will appear alongside it in your Wallet.

The step-by-step setup process

Open the Wallet app on your iPhone and tap the plus sign to add a new card. Select "Savings Account" from the menu. You will be asked to confirm your identity by entering your Social Security number, date of birth, and mailing address. Goldman Sachs will verify this information against public records.

Next, you will upload a photo of your government-issued ID using your phone's camera. The system reads the ID automatically and checks it against your personal information. If everything matches, you move to the funding step. Link a debit card or bank account by entering the card number or routing and account numbers. Goldman Sachs will verify the account by depositing two small amounts (usually under $1 each) and asking you to confirm those amounts within a few days.

Once verification is complete, your account is active and you can begin depositing money. The entire process from start to finish usually takes 24 to 48 hours, though the identity verification step can occasionally take longer if the system flags something for manual review.

How to move money in and out

Transfers from your linked debit card or bank account into your Apple Savings Account typically take one to three business days. You initiate the transfer directly from the Wallet app by tapping your savings account, selecting "Add Money," and entering the amount. The money leaves your bank account immediately, but does not appear in your savings account until the transfer clears.

Withdrawals work the same way in reverse. Tap your savings account, select "Transfer Money," choose the linked account you want the money to go to, and enter the amount. The money leaves your savings account right away and arrives at your bank account within one to three business days. There are no limits on how often you can transfer or how much you can move.

Interest rates and how earnings work

Apple Savings Accounts earn interest at a variable rate set by Goldman Sachs. The rate changes based on Federal Reserve decisions and market conditions, so it is not locked in. You can see the current rate on Apple's website or in the Wallet app itself. Interest compounds daily, meaning you earn interest on your interest, and the earnings deposit automatically into your account each month.

You do not have to do anything to earn interest — it accrues automatically as long as money sits in the account. There is no cap on how much interest you can earn, and no fees that reduce your balance. If the rate drops, your earnings drop with it, but your principal (the money you deposited) is never at risk.

FDIC insurance and account safety

Your Apple Savings Account is FDIC-insured up to $250,000 through Goldman Sachs. This means if Goldman Sachs fails, the federal government guarantees your deposits up to that limit. The insurance covers the account itself, not your Apple ID or device — if your phone is stolen, your account remains secure because it is protected by your Apple ID password and two-factor authentication.

If you have multiple accounts at Goldman Sachs (for example, an Apple Savings Account and a Marcus savings account), the $250,000 insurance limit applies to all of them combined, not to each one separately. If you have more than $250,000 to save, you would need to keep the excess at a different bank to maintain full insurance coverage.

Troubleshooting common problems

If your identity verification fails, the app will tell you why — usually because the information you entered does not match public records, or the photo of your ID is unclear. Take a new photo in good lighting, making sure all four corners of the ID are visible and the text is readable. If the problem persists, contact Goldman Sachs customer service through the Wallet app.

If a transfer is taking longer than three business days, check that you linked the correct bank account and that the account is active. Transfers can be delayed if your bank is processing them slowly or if there is a holiday. You can see the status of any pending transfer in the Wallet app. If a transfer has been pending for more than five business days, contact Goldman Sachs support.

Frequently Asked Questions

Can I open an Apple Savings Account without an Apple Card?

Yes. The Apple Savings Account is separate from the Apple Card. You do not need a credit card to open a savings account — you only need an iPhone, a Social Security number, and a way to fund the account.

What happens to my money if Apple goes out of business?

Your money is held by Goldman Sachs, not Apple, and is FDIC-insured up to $250,000. If Apple stopped offering the product, your account would continue to exist at Goldman Sachs and you could still access it through the Wallet app or by contacting Goldman Sachs directly.

Can I use an Apple Savings Account if I do not have an iPhone?

No. The account is only available through the Apple Wallet app on iPhone. You cannot open or manage it from an Android phone, computer, or web browser.

Is there a limit to how much I can deposit?

There is no stated limit on deposits, but FDIC insurance only covers up to $250,000. If you deposit more than that, the excess is not insured. You can keep money in the account indefinitely — there is no time limit or requirement to withdraw.

Can I set up automatic transfers to my savings account?

The Wallet app does not have a built-in automatic transfer feature. You have to manually initiate each transfer. However, you can set up automatic transfers from your bank account to Apple Savings through your bank's app if your bank supports transfers to external accounts.