Apple's savings account is no longer available to new customers as of September 2024
Apple ended its savings account program in partnership with Goldman Sachs. The account, which offered 4.15% annual percentage yield (APY), is no longer open to new customers. If you already had an Apple Savings Account, you can keep it and continue earning interest, but you cannot open a new one through Apple.
This was not a sudden shutdown. Apple announced the decision in March 2024, giving existing customers months of notice. The program ran for about two years before Apple decided to wind it down. Your existing balance remains safe and continues to earn the stated rate if you already opened an account before the cutoff.
Key Takeaways
- Apple stopped accepting new savings account customers in September 2024, though existing accounts remain active and earn interest.
- The account offered 4.15% APY through a partnership with Goldman Sachs, which is no longer available to new savers.
- If you already have an Apple Savings Account, you can keep it, withdraw money, or transfer your balance elsewhere without penalty.
- Other banks and financial institutions offer similar high-yield savings accounts with comparable or better rates if you are looking for an alternative.
Why Apple ended the program
Apple did not publicly explain the specific reason for shutting down the savings account. The program was part of Apple's broader push into financial services, which included the Apple Card and Apple Pay. The savings account was designed to be simple—no fees, no minimum balance, and interest paid daily.
Industry observers noted that the program faced challenges common to tech companies entering banking. Goldman Sachs, the partner bank, had already scaled back other consumer banking products. The savings account required customers to use Apple Wallet and the Wallet app, which limited its reach compared to traditional banks with their own apps and websites.
What happens to your existing Apple Savings Account
If you opened an Apple Savings Account before September 2024, nothing changes automatically. Your account stays open, your money remains there, and you continue earning 4.15% APY. You can deposit more money, withdraw whenever you want, and use the account exactly as before.
You are not required to close the account or move your money. However, you have the option to transfer your balance to another bank at any time. There are no early withdrawal penalties or fees for closing the account. If you decide to move your money, you can initiate a transfer through the Wallet app or contact Goldman Sachs directly.
How to transfer your balance to another bank
To move money from your Apple Savings Account, open the Wallet app on your iPhone, tap the Apple Savings Account card, and look for transfer or withdrawal options. You can request an electronic transfer to another bank account you own. The transfer typically takes one to three business days.
Alternatively, you can contact Goldman Sachs directly at the phone number or website listed in your account materials. They can process a wire transfer or ACH transfer to your new bank. Keep in mind that if you transfer your money, you stop earning the 4.15% rate on that portion of your balance.
Finding a replacement high-yield savings account
If you want to keep earning a competitive interest rate, many banks and online financial institutions offer high-yield savings accounts. Rates change frequently, but several banks currently offer rates between 4% and 5.35% APY. The best rate for you depends on whether you want a traditional bank, an online-only bank, or a credit union.
Online banks like Marcus, Ally, and American Express Personal Savings typically have no monthly fees and no minimum balance requirements, similar to the Apple account. Traditional banks may offer lower rates but provide in-person branches. Credit unions sometimes offer competitive rates to members. Compare the current rates and features before opening a new account, since rates can change at any time.
Tax implications of moving your money
Transferring your balance from Apple Savings to another bank is not a taxable event. You are simply moving your own money from one account to another. However, the interest you earned in your Apple Savings Account is taxable income for the year you earned it.
If you received interest payments in 2024, you should receive a Form 1099-INT from Goldman Sachs by January 31, 2025. Report this interest income on your tax return. The interest rate you earned does not change your tax obligation—only the actual dollars you received in interest are taxable.
Frequently Asked Questions
Can I still open an Apple Savings Account?
No, Apple stopped accepting new customers in September 2024. If you want to open a high-yield savings account, you will need to use a different bank or financial institution. Existing account holders can keep their accounts open indefinitely.
Will my money be safe if I keep the account open?
Yes. The account is held at Goldman Sachs, which is a bank insured by the Federal Deposit Insurance Corporation (FDIC). Your balance is protected up to $250,000 per depositor, per bank. Keeping the account open poses no risk to your money.
What interest rate will I earn going forward?
Existing Apple Savings Account holders continue to earn 4.15% APY. Apple has not announced any plans to change this rate for current customers, but rates can change at any time. Check your account statements or the Wallet app for the current rate.
Do I have to pay taxes on the interest I already earned?
Yes. Interest earned in any year is taxable income. You will receive a Form 1099-INT from Goldman Sachs showing how much interest you earned in 2024. Report this on your tax return, even if you have not withdrawn the money yet.
Can I move my money without losing interest?
When you transfer your balance to another bank, you stop earning interest at Apple's rate. However, if you move your money to another high-yield savings account, you can start earning interest at that bank's rate immediately. The interest you already earned at Apple remains yours and is not forfeited.