You’ve heard of Apple Pay and the Apple Card—but did you know Apple now offers a high-yield savings account, too? It works seamlessly with the Apple Card and skips the usual banking fees. Best of all, everything is managed directly on your iPhone for easy access. Let’s break down the details so you know exactly what it offers.
Apple Savings Is A High-Yield Account Offered By Goldman Sachs
Apple Savings is built into the Wallet app, right next to your Apple Card for easy reach. Launched in April 2023, it’s provided by Goldman Sachs Bank USA. Deposits are protected with FDIC insurance up to $250,000 to give users security alongside convenience.
Only Apple Card Owners And Co‑Owners Can Open The Account
Joining Apple Savings is easy but limited to Apple Card owners or co-owners who are 18 or older, live in the U.S. with a valid street address, and have iPhones running iOS 16.4. Authorized users and family members aren’t eligible to open the account.
The Account Offers A 4.25% Annual Percentage Yield
Apple Savings currently offers a 4.25% annual percentage yield (APY), well above the national average of about 0.38%. This rate applies to both Daily Cash and deposits from other banks. Therefore, keeping $5,000 in your account for a year could earn over $216.
No Fees Or Minimum Balance Requirements
With Apple Savings, you avoid monthly maintenance fees entirely. You can open the account with any amount, and every balance earns interest. Plus, there’s no minimum balance needed to keep the account active, an encouragement to flexible and consistent saving habits.
You Manage The Account Through The Wallet App
Open Wallet and head to the Apple Card section, where Savings lives for quick control. There, you can view your current balance and interest earned. Because the dashboard updates in real time, you always see fresh numbers, plus a clear transaction history too.
You Can Deposit And Withdraw Using Apple Cash Or A Linked Bank
Moving money in feels familiar—deposit from Apple Cash or link a bank to pull funds. When it’s time to take money out, you can send it to Apple Cash or your bank. Apple Cash transfers are instant, while bank transfers may take a few days.
Interest Is Compounded Daily And Credited Monthly
Interest builds every day, so each day’s earnings start growing on their own, too. At the end of the month, all that accumulated interest gets added to your balance in one go, helping your savings grow steadily without you needing to do anything.
The Account Caps Your Balance At $250,000
Keep an eye on the ceiling: the account can hold at most $250,000. That maximum mirrors FDIC insurance provided through Goldman Sachs, so coverage and capacity stay aligned. If your balance nears the cap, you’ll receive alerts, which give you time to plan your next move.
Savings Funds Cannot Be Used Directly With Apple Pay
Think of savings as a stash, not a wallet. Money inside can’t be spent with Apple Pay at checkout. Instead, transfer funds to Apple Cash or your bank first. The platform encourages saving, so you build a cushion before choosing when to spend, or not.
Daily Cash Is Automatically Deposited Into The Account
Cashback from your Apple Card, up to 3%, flows automatically into Apple Savings, which makes saving effortless and seamless. You can change the deposit destination anytime in Wallet settings, and once the funds arrive, they immediately begin earning interest.
