Apple Savings Account Review: Is It Worth It?
Written by
Rudri Patel
Edited by
Melanie Grafil
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- Apple Savings Account
- How the Apple Savings Account Works
- Who Is the Apple Card Savings Account For?
- Apple Savings Account Interest Rate: Key Details
- How to Open an Apple Savings Account
- Benefits of the Apple Savings Account
- Drawbacks of the Apple Savings Account
- How the Apple Savings Account Compares to Competitors
- Final Verdict: Is the Apple Savings Account Worth It?
No minimum deposit required
The high-yield savings account doesn't require a minimum deposit or balance, which makes it accessible to those with an Apple Card.
Are you looking for an upgrade to your regular savings account? In April 2023, Apple launched its high-yield savings account through Goldman Sachs. Learn more about the Apple savings account and whether it is the right fit for you.
Apple Savings Account
Apple offers a high-yield savings account that requires no minimum deposit. There’s no minimum balance requirement and it’s easy to access through the Apple ecosystem.
- No minimum deposit
- No monthly service charge
- APY
- FDIC insured
Apple Card Savings Account
Best For
High APY
User-Friendly
No Minimum Deposit
No Fees
App-Based Banking
No Monthly Service Charge and No Minimum Balance Requirement
Apple’s high-yield savings account has a APY and no monthly service charge. The savings account is easy to integrate if you are already an Apple user.
Fees
$0
APY
Min Opening
$0
Pros
- No monthly service charge
- Relatively high APY
- User-friendly mobile experience
Cons
- Online-only–no physical branches
- Only Apple iPhone users are eligible
- No ATM access for quick cash withdrawals
Why We Like It
Apple offers a high-yield savings account that is convenient for people in the Apple ecosystem. There is no minimum deposit or monthly service charge, but for non-Apple users, it may be too inconvenient.
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How the Apple Savings Account Works
Knowing how an Apple savings account works may help you decide if you want to add this to your portfolio.
When you open an Apple Card Savings account, you’re agreeing to automatically deposit your Apple Card Daily Cash into your Savings account. You can alternatively elect to send it to Apple Cash anytime.
You can make additional deposits by transferring funds from Apple Cash or an external bank account. You earn a APY on your entire account balance.
Here’s a step-by-step explanation of setting up and managing the account:
- You must meet eligibility requirements. Have your Apple Card and Apple ID ready. You must also have the latest version of the Apple Wallet.
- Open the wallet app. Open the Apple Wallet app where your Apple Card is set up.
- Select daily cash. In your Apple Wallet, find the daily cash option and press select.
- Set up your savings. Tap the option to “Set Up a Savings Account.” Follow the prompts to link a bank account for deposits and withdrawals; this is optional. You will have to agree to the terms and conditions provided by Goldman Sachs, Apple’s banking partner.
- You’re now eligible to earn cash. Now that your account is open, any rewards you earn from Apple Card purchases will automatically deposit into the savings account.
To use your Apple Savings for a purchase, you must transfer the funds to your linked external bank account or Apple Cash. Apple Savings does not have an ATM or debit card for cash withdrawals or purchases.
Who Is the Apple Card Savings Account For?
The Apple savings account is designed to appeal to the following individuals:
- Those who already use the Apple Wallet or Apple Card or are willing to sign up to become a part of the Apple ecosystem.
- It will appeal to individuals who do not require physical bank access.
- If you’re tech-savvy and prefer digital banking, the lack of a monthly fee and service charge will appeal to you.
- If you want to maximize your cash, Apple Card users will earn interest on their Daily Cash rewards, which are automatically deposited into the account.
Apple Savings Account Interest Rate: Key Details
The Apple savings account offers a APY. This rate is competitive compared to some traditional savings accounts. However, there are competitors that offer a high-yield savings account with higher APYs without tthhe requirement of belonging to an entire ecosystem of products. Also, keep in mind that the Apple APY is variable and can fluctuate depending on economic conditions. Interest is accrued daily and paid monthly.
What Factors Can Influence the APY and Interest Rate?
The APY and interest rate can be influenced by the Federal Reserve’s decisions. When the Fed raises rates to combat inflation, banks often increase savings account APYs. Conversely, rate cuts by the Fed can lead to reductions in savings yields. In addition, economic conditions can impact APY and interest rates.
In a period of economic growth, high interest rates may be offered on savings accounts to attract more customers. In downturns, interest rates may be lower on financial products.
How to Open an Apple Savings Account
To open an Apple high-yield savings account, you have to meet certain requirements. These requirements include the following:
Eligibility Requirements
To qualify for an Apple Savings account, you must be at least 18 years old and meet the following requirements:
- Be a U.S. resident with a valid physical address and a Social Security number or individual taxpayer identification number
- Have an active Apple Card
- Have the Apple Card added to a compatible iPhone running the latest version of iOS
- Have two-factor authentication enabled for your Apple ID.
Account Setup
You have to take certain steps to set up an Apple Card Savings account. Those steps include the following:
- Launch the Wallet app on your iPhone.
- Select Apple Card.
- Tap the More button.
- Tap Daily Cash.
- Next to Savings, select Set Up.
- Follow the on-screen prompts.
When you sign up, you agree to have your Apple Card Daily Cash balance automatically transferred to your Apple Savings account. After setup, you can link an external deposit account to transfer other funds into Apple Savings.
Benefits of the Apple Savings Account
If you are already part of the Apple ecosystem, having an Apple high-yield savings account is an opportunity to help grow your funds. An Apple sSavings account has the following advantages for users:
- Relatively high APY. The APY is , which is more competitive than the national average
- No minimum balance requirement
- No monthly service charge
- Funds are FDIC-insured
- Easy integration if you have an Apple Card
- Automatic savings of your Apple Card Daily Cash
- User-friendly mobile experience and security features.
Drawbacks of the Apple Savings Account
As much as the Apple Card savings account interest rate may seem appealing for some, there are potential drawbacks. Here are the disadvantages:
- Only for Apple iPhone users
- You must have an Apple Card
- There are comparable high-yield savings accounts without the requirement of an Apple Card.
- May be a learning curve for those who are not familiar with Apple products
- Account is available for a single user
- Lacks check writing, ATM access or direct debit card options
- No physical bank access
- May take a few days to access cash.
How the Apple Savings Account Compares to Competitors
Before you decide to open an Apple sSavings account, you may want to take a look at some of the competitors and what they are offering.
Capital One 360 Performance Savings vs. Apple Savings
You’ll get a APY with Capital One’s fee-free 360 Performance Savings account. You can set up automatic transfers into the account or use the mobile check deposit feature to add to your account balance. There is no minimum opening deposit requirement, so you can open an account with any amount on the Capital One website or the mobile app.
EverBank Performance℠ Savings vs. Apple Savings
A Performance Savings account with EverBank can earn a competitive APY. This account does not have monthly maintenance fees or minimum deposit requirements and is $0 to open an account.
Ally Bank Savings Account vs. Apple Savings
If your savings account balance could benefit from tools for maximizing your savings efforts, you might consider an Ally Bank Savings account. With the Ally app, you can divide your account balance into “buckets” for different savings goals and use the Round Ups and Surprise Savings features to boost your savings and reach your goals faster. You won’t pay monthly maintenance fees or have to meet minimum balance requirements while earning a APY.
Barclays Online Savings vs. Apple Savings
A Barclays Online Savings account may be a good option if you want a basic high-yield savings account with no monthly maintenance fees. It has a APY and does not have minimum deposit or balance requirements. Plus, you can easily manage your account online. With Tiered Savings, you can have up to if your balance is at least $250,000.
TAB Bank High Yield Savings vs. Apple Savings
With its APY, a TAB Bank High Yield Savings account has one of the best rates you can find, plus it does not have monthly maintenance fees. You can open an account for any amount by visiting the TAB Bank website.
Synchrony Bank High Yield Savings vs. Apple Savings
Synchrony Bank High Yield Savings is another account option with few features but a good APY and no monthly fees. You’ll earn a APY regardless of your balance and can use the account’s ATM card to withdraw cash if needed.
SELECTED BANK
Apple Card Savings Account
MOST COMPARABLE
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Fees
$0
No monthly service fee
No monthly maintenance fees
$0
APY
APY
APY
APY
Min Opening
Min Opening
Min Opening
Min Opening
$0
$0
$0
$0
MOST COMPARABLE
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
$25 per wire transfer; free for Diamond status — 3 per cycle
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$0
Apple Savings Account FAQ
Here are some common questions and concerns regarding Apple'ssavings account:- Who is eligible to open an Apple Card Savings account?
- To open an Apple Savings account, you must:
- Be an Apple Card holder
- Have an active Apple ID
- Reside in the United States.
- To open an Apple Savings account, you must:
- Are there fees associated with the account?
- No, the Apple Savings account has no fees, including no monthly maintenance fees, minimum balance fees or hidden charges.
- How do I fund the Apple Savings account?
- You can fund your account through:
- Daily Cash rewards from your Apple Card, which are automatically deposited
- Transfers from your Apple Cash balance
- Transfers from a linked external bank account.
- You can fund your account through:
- What are troubleshooting tips for account-related problems?
- Verify your Apple ID credentials: Check your login credentials, including your password.
- Update your devices and apps: Check to see if your software is correctly updated
- Resolve payment method issues: Check if your payment method is updated correctly in your settings.
- Fix errors with Apple Wallet or savings accounts: If using Apple Savings, ensure you've completed any required identity verification. For Apple Savings account issues, reach out to Goldman Sachs customer support directly.
Final Verdict: Is the Apple Savings Account Worth It?
With a competitive APY and lack of fees, the Apple Card savings account is a good option for building savings, but perhaps only if you already have an Apple Card you regularly use. If you’re earning Apple Card Daily Cash, you might as well put it to work earning interest. Just keep in mind that you’ll only come out ahead financially if you don’t carry a balance on your Apple Card, considering how much higher the card’s APR is than the account’s APY.
If you don’t have an Apple Card, applying for a credit card to access a high-yield savings account might not be the wisest financial move. Many fee-free high-yield savings account options allow you to earn a competitive APY without getting a credit card, and the Apple Card might not be the best rewards credit card for your spending habits anyway. So before getting an Apple Card and Savings account, research your options to determine which accounts will best serve your finances.
Andrea Norris contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 7, 2025.
*Capital One interest rates accurate as of 9/11/2025. See website for all current rates.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
