Back in 2007, Apple changed the nature of communication with the introduction of the iPhone. A little more than 15 years later the Cupertino-based behemoth is using that technology to deliver something a little less revolutionary to its customers: a high-yield savings account.
Account details and annual percentage yields (APYs) are accurate as of June 6, 2024.
Apple High-Yield Savings Account overview
The Apple High-Yield Savings Account has an attractive APY of 4.40%; almost ten times the current national average savings rate of 0.46% (as of August 19, 2024, according to the FDIC).
A quick savings calculation puts these two rates into perspective: Over the course of a year, a deposit of $10,000 would earn nearly $460 in interest in the Apple Savings account — but just less than $50 in a savings account earning the national average rate. That’s just about enough to purchase a second generation pair of AirPods.
You don’t need a minimum deposit to open the account and you don’t need to maintain a certain minimum balance to qualify for the 4.40% APY, either.
Even better, the Apple Savings account doesn’t have any monthly maintenance or service fees. While it’s not uncommon these days to find a no-fee savings account, many banks require you to meet specific criteria in order to enjoy the perk. With Apple Savings, there are no hoops to jump through.
How it works
Well, except one: The Apple Savings account is only available to Apple Card*The information for the Apple Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. customers. If you don’t have an existing Apple Card account — you’ll need to have an iPhone, apply and get approved for the card before you’re able to open this savings account.
The Apple Card earns 3% back on Apple and participating partners, 2% when using Apple Pay and 1% on all other purchases. You can choose to automatically deposit these earnings, called Daily Cash, directly into your savings account.
You can also make deposits and withdraw from your account with transfers of up to $10,000 between your savings account and Apple Cash. The account accepts ACH transfers and checks — but you can’t make cash deposits or use wire transfers.
There’s a $250,000 maximum balance limit with the Apple Savings account, but no account balance minimums. Any balance will earn a 4.40% APY with interest compounding daily and credited monthly.
Who should get an Apple Savings account?
If you already have an Apple Card, but aren’t earning a competitive yield on your savings account — you may want to think about opening an Apple Savings account. The high yield on any balance makes it easier to grow your savings. There are likewise no monthly maintenance fees or minimum balance requirements to hinder your saving progress.
On the other hand, if you’re not an Apple Card customer, it may not be worth applying for one just to become eligible for this savings account. Applying for a credit card can have a bigger impact on your financial situation than opening a new savings account, so don’t make the decision lightly.
Even though the Apple Savings account has a high APY and no monthly fees — the best high-yield savings accounts on the market have these same benefits, without you having to open a new credit card to access them.
Pros and cons of the Apple Savings account
Pros
- Competitive APY.
- Can automatically save Daily Cash.
- No monthly maintenance fee, minimum deposit or balance requirements.
- Easy transfers with your Apple Cash account.
Cons
- Required to have an Apple Card first.
- Must have an iPhone with iOS 16.4 or newer.
- No joint accounts.
- No cash deposits, wire transfers, ATM or debit card.
Extra perks and benefits for Apple users
If you’re an existing Apple customer — using the Apple Card in tandem with the Apple Savings account can accelerate your average savings rate. That’s because any cash back earned when you swipe your Apple Card will automatically land in your Apple Savings account — where it’ll earn competitive interest.
If you’re a fan of Apple, integrating your savings, cash and credit card — and having them all accessible from your phone — the Apple Savings account may make managing your financial life easier.
How to open an Apple Savings account
If you’re an existing Apple Card customer, you can open a savings account with the following steps:
- Open your Apple Wallet.
- Tap “Apple Card” and then the More button (it’s three dots).
- Tap “Daily Cash”.
- Next to “Savings”, tap “Set Up”.
- Follow the prompts.
You can transfer funds from Apple Cash or an external bank account. You may be prompted to update your phone, if it isn’t already operating on the iOS 16.4 software or a newer version.
When you earn Daily Cash with your Apple Card, it will start accumulating in your Apple Savings account. If you already have a balance of Daily Cash, it should show up in your savings account once you set it up.
Frequently asked questions (FAQs)
Yes, you need an iPhone and an Apple Card account in order to be eligible for an Apple Savings account. You’ll also need to update your iPhone to iOS 16.4 or newer in order to open and maintain an Apple Savings account.
There is no minimum balance requirement for an Apple Savings account. However, there is a maximum account balance of $250,000. If you need to deposit more, you could open multiple savings accounts across different financial institutions.
If you lose your iPhone, you won’t be able to access your Apple Savings account. You can contact Apple customer support at 877-255-5923 for help regaining access.
Interest on your Apple Savings account balance compounds daily. Interest earnings are credited to your account monthly.
Although Apple’s name is on the account, Goldman Sachs Bank is the financial institution that provides the Apple Card and the Apple Savings account. Goldman Sachs is a member of the Federal Deposit Insurance Corporation (FDIC) — which insures deposits up to $250,000 per depositor, per account ownership category.
*The information for the Apple Card has been collected independently by Blueprint.The card details on this page have not been reviewed or provided by the card issuer.
