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Business Insider's personal finance team compared the Apple Savings Account to the best high-yield savings accounts and found it to be a standard offering.
The Apple Savings Account is ideal for Apple Card users wanting a competitive interest rate with no minimum balance requirements or monthly service fees. If you're not an Apple user or want to open other types of bank accounts, our best online banks guide will let you find other digital savings account reviews.
Overview of Apple Savings
While its interest rates are good and it doesn't charge any monthly service fees or require a minimum opening deposit, the best savings accounts with high interest give better rates. It's also hampered by its requirements; you have to be an iPhone user with an Apple Card to use it.
Apple Savings Account Rate
The Apple Savings Account account pays 4.40% annual percentage yield, which isn't quite as good as the rates you can find at some of the best banks. However, it's still well over the national savings account average of 0.46% APY.
Apple Savings Account
Start saving
On Apple's website
Insider’s Rating
4.5/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.40%
Pros
- Competitive interest rate
- No minimum opening deposit
- No monthly service fees
Cons
- Only available for iPhones
- Only available for Apple Card users
- No joint accounts
- Cannot access cash immediately
Product Details
- Digital account
- To withdraw funds, transfer money from your Apple Savings account to your Apple Cash card or a linked account and wait for the transfer to clear
- Interest compounded daily, paid monthly
- Funds are FDIC-insured through partner bank, Goldman Sachs Bank, USA
How Apple Savings Works
Apple Savings Account Setup Process
The Apple Savings Account setup process is more complicated than you might expect. Before you open an account, you have to have an Apple Card with a linked iPhone that's running at iOS 16.4 or later. You'll also need to be an adult with a physical U.S. address and either a Social Security number or an individual taxpayer identification number.
When you're ready to create your Apple Savings Account, you'll need to go into your Wallet and tap your Apple Card. You'll press the More button (which looks like three dots in a circle) and tap Daily Cash. From there, you'll tap the Set Up button next to savings and follow the onscreen instructions. You can choose whether to transfer any Apple Cash when you open your savings account.
Apple Savings Earnings
If you use the cash-back credit card features of the Apple Card, you'll be able to automatically deposit the Daily Cash you earn into your Apple Savings Account, allowing it to earn interest. You can also deposit your Apple Cash balance into your Apple Savings Account. This Apple Savings Account benefit can help you earn a bit of extra interest if you're already immersed in the Apple ecosystem.
Apple Savings Fees and Charges
Apple Savings doesn't charge any monthly service fees, and it doesn't require a minimum opening deposit. This makes it useful in avoiding bank fees. It also doesn't charge you to withdraw money, although it generally takes several days for withdrawals to go through.
Apple Savings User Experience and Accessibility
Apple Savings Mobile App Features
The Apple Savings Account doesn't have its ownmobile banking app; instead, it's accessed through your Apple Wallet. If you want your bank account to have its own dedicated app, and you don't want to go through submenus to access your account, you might want to consider another financial institution.
Usually, we include user ratings of a bank's mobile banking app to give you an idea of how easy it is to use. However, since Apple Wallet is automatically included on every iPhone, it isn't in the app store and doesn't have user ratings.
Apple Savings Online Banking Experience
Because all Apple Savings Account features are accessed through Apple Wallet, you can't access your savings account from the Apple website. If you don't want to do all of your online banking from your phone, you might want to consider another bank. And if you want to bank in-person, you might want to consider a bank or credit union with physical branches.
Apple Savings Customer Service and Support
Apple offers 24/7 customer service through Apple Support. However, since Apple isn't a bank, there's a chance your issue will need to be shared with Apple's partner bank, Goldman Sachs. This might increase wait time if you have a problem.
Apple Savings Security
Apple is not a financial institution. The Apple Card and Apple Savings are issued and provided by Goldman Sachs, a Member FDIC bank. So even though Apple isn't a bank, deposits are insured for up to $250,000.
In addition, like many secure digital savings accounts, Apple uses end-to-end encryption to keep your financial information safe. Keep in mind, though, that it will share some of your information with Goldman Sachs in order to to provide you with banking services, including your Social Security number or individual taxpayer identification number.
Apple Savings Account Pros and Cons
Apple Savings Account Pros
- Competitive interest rate
- $0 minimum opening deposit
Apple Savings Account Cons
- For iPhone users only
- Must have an Apple Card
- Can be complicated for new Apple users
- May take several days to access your cash
- No joint accounts
Is Apple Savings Right for You?
Unless you're already an invested Apple user, you'll probably want to steer clear of an Apple Savings Account. Its good-but-not-great interest rate and lack of fees don't quite balance out its heavy opening requirements for people who aren't already using an iPhone and an Apple Card. For people who are using an Apple Card, it's still important to consider that you'll have to bank exclusively through your phone and that it can take a while to withdraw your money.
Apple Savings Account Alternatives
Apple Savings Account vs. Synchrony High-Yield Savings Account
The Synchrony High Yield Savings Accountis one of the best savings accounts right now. The bank has excellent CD rates, too.
Like Apple Savings, the Synchrony account has a $0 minimum opening deposit and no monthly service fee. However, Synchrony comes out ahead with a 4.50% APY and an ATM card — a rare feature among savings accounts. (Remember that Apple Savings users don't have immediate access to funds due to transfer delays.)
Synchrony may be the better choice if you want flexibility when accessing your cash. At the same time, Apple Savings could be a convenient way to save if you're an iPhone user with an Apple Card and are comfortable using the Apple Wallet app.
Synchrony Bank Review
Apple Savings Account vs. Capital One 360 Performance Savings Account
The Capital One 360 Performance Savings account shares several features with Apple Savings. It has no monthly service fee, a $0 minimum opening deposit, and no balance requirements. They also offer similar savings rates.
What sets the two options apart is that Capital One offers other types of accounts, including a free checking account and CDs with competitive rates and no minimum deposit requirements.
Capital One may be more appealing if you want to open a checking account or CD at the same bank as your savings account. Meanwhile, loyal Apple users may prefer the convenience of a savings account linked to other Apple services.
Capital One 360 Bank Review
Why You Should Trust Us: How We Reviewed Apple Savings
We rated Apple Savings using Business Insider's bank account methodology. We generally look at customer support, mobile apps, ethics, and other factors depending on the type of account we're reviewing. For example, we consider interest rates, service fees, and minimum opening deposits to review savings accounts, such as Apple Savings.
Apple Savings Account FAQs
What is Apple Savings?
The Apple Savings Account in an online savings account that connects to your Apple Card. It pays 4.40% APY, and it has no monthly service fee, a $0 minimum opening deposit, and no minimum balance requirements to maintain the account.
What interest rate does Apple Savings offer?
The Apple Savings Account pays 4.40% APY. This interest rate is significantly higher than the national average savings account interest rate, but you can still find higher rates elsewhere.
How do I open an Apple Savings Account?
To set up Apple Savings, open the Wallet app on your iPhone and tap Apple Card. Next, tap the three dots and select Daily Cash. Finally, tap Set Up next to Savings and follow the on-screen instructions. If your Apple Card is restricted or locked, you may be unable to open the savings account. Likewise, if your Apple Cash or Apple Savings account is restricted or locked, you may not be able to transfer money to or from Savings.
Are there any fees associated with Apple Savings?
No, there aren't any Apple Savings Account fees. It doesn't require a minimum opening deposit, it doesn't charge monthly service fees, and it doesn't charge to withdraw money from your account, although the withdrawal might take a while to go through.
Is Apple Savings Secure?
Apple Savings is secure. It uses end-to-end encryption to keep your financial information safe, and it's partnered with Goldman Sachs to provide FDIC insurance for your money, protecting up to $250,000 in case Goldman Sachs fails.
Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company.
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Lifeseries with Business Insider.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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