Apple Savings Account
Vault Verified
Expert Take: The Apple Savings account is a high-yield savings account specifically for Apple Card users. The current annual percentage yield (APY) is 4.50%, which is on the higher end of what competitors are offering. This account can be a good option for regular users of the Apple Card and the Apple Wallet.
APY
4.50%
Monthly Service Fee
None
Minimum Deposit
None
Minimum Balance to Earn Interest
None
Pros
- Competitive APY
- No fees
- Automatically transfer Daily Cash back from Apple Card to savings
Cons
- The account is only available to Apple Card holders
- No option to connect a checking account to Apple Savings
- Not available in American Samoa, Guam, Northern Mariana Islands or U.S. Minor Outlying Islands
Vault’s Viewpoint on Apple Savings Accounts
The Apple high-yield savings account offers a competitive APY of 4.50%. Apple has partnered with Goldman Sachs Bank to provide this account. This account has been available since April 2023, and the current APY is close to being one of the best high-yield savings accounts.
The savings account is an extension of the Apple Card and Apple Wallet. If you already use an Apple Card and are receiving Daily Cash rewards, opening an Apple bank account could be a simple way to accrue interest automatically. If this isn’t the case, then other options may offer a higher interest rate and more features.
If you’re not an iPhone user, or you don’t have an Apple Card or use Apple Pay, this savings account will not be a good fit. But if you do, keep reading this Apple Savings account review to see if it’s the right option for you.
About Apple Savings
Apple Savings is a high-yield savings account for Apple Card users. The current APY is 4.50%, which is far above the national average interest rate. Apple Savings is provided by Goldman Sachs Bank and is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per customer (the standard FDIC limit). You can’t spend money directly from your Apple Savings account—to do that, you need to transfer it to your Apple Cash account first.
Who Is the Apple Savings Account Best for?
The Apple Savings Account is the best fit for regular Apple Card users who want a convenient way to transfer their Daily Cash reward into a high-yield savings account. Daily Cash rewards are Apple’s equivalent of credit card points or rewards, and you can get up to 3% cash back for your everyday purchases. If your Daily Cash rewards are already sitting in your Apple Card account, receiving interest through the Apple high-yield savings could be a good way to earn even more without any additional effort.
Many credit card companies offer cash back rewards and reimburse their customers monthly. Apple is distinct in that you receive cash back daily. This is where the potential benefit of the Apple Savings Account can come in. When you open a savings account with Apple, your Daily Cash rewards will be automatically transferred to your savings account and start earning interest right away.
Who Should Consider an Alternative to an Apple Savings Account?
If you don’t use Apple Pay, the Apple Savings account won’t be relevant to you. Even if you have the Apple Card, Apple Savings might not be worth your time if you don’t spend a lot in the high-value cash back categories. A large benefit of the Apple Savings account is that it makes earning interest on your daily rewards from your Apple Card easier, so if you don’t think the cash back spending categories are best suited for you, both accounts may not be the right fit.
Additionally, the Apple Savings account isn’t connected to a checking account. This is something to keep in mind if you prefer being able to move funds between your checking account and savings account easily.
Since the Apple Savings Account is not available for joint owners, if you plan to open a savings account with another person, this account isn’t a good choice. Also, you can only access the Apple Savings Account through your iPhone, iPad or iPod. There isn’t a way to log into your account through your desktop, which could be prohibitive for many users.
How to Open an Apple Savings Account
To open an Apple Savings account, you will need to already have an Apple Card. The credit card application is similar to others. After you apply online, Apple will run your credit, and if you’re approved, you receive a credit card with a line of credit. The APR for the Apple Card is 19.24% to 29.49% (the specific amount is based on creditworthiness.)
After you have your Apple Card, you can open your Apple Savings. You’ll go to the Apple Wallet app and then to your Apple Card, where you’ll be able to apply. Just provide a U.S.-based address and your Social Security number or Individual Taxpayer Identification Number to be eligible for an account. You also need to be at least 18 years or older, have a valid US. residence and have two-factor authentication on your Apple ID.
How to Transfer to Your Apple Savings Account and Make Withdrawals
Transferring money to your Apple high-yield savings and making withdrawals is a straightforward process. When you open up an Apple bank account, your Daily Cash rewards will be transferred to your savings account by default. You can deposit additional funds through a linked external bank account, a check made out to Goldman Sachs or from Apple Cash.
Apple Cash is Apple’s version of a digital debit card that lets you send money through Messages or Wallet. Goldman Sachs typically transfers funds from your Apple Cash and Apple Savings on the same day, making it the faster way to move your money around.
You can also transfer money out of your account when you link an external account. Once you select the amount, you’ll be asked to confirm your identity with Touch ID, Face ID or your Apple passcode.
How Does Apple Savings Stack Up to Its Competitors?
You might find that a competitor offers a savings account with better benefits or is more suited for your needs.
Apple Savings Account vs SoFi Savings Account
SoFi offers a generous 4.60% APY. In this sense alone, SoFi is a better option than Apple Savings. SoFi’s account also automatically comes with a checking account, which will make it easy to manage your money in one place. On top of that, there are no fees or minimum balances, and you can receive up to a $300 welcome bonus if you set up direct deposit. While the Apple Savings account is also a no-fee savings, there are currently no welcome bonuses.
Apple and SoFi have different strengths and are best suited for different needs. Apple Savings is a good fit for people already using the Apple Card who want to make the most of their Daily Cash. On the other hand, SoFi doesn’t have a credit card connected to its savings account, but it will automatically open a checking account for account holders.
Apple Savings Account vs Capital One 360 Performance Savings
Capital One 360 Performance Savings currently offers a 4.25% APY, which is less competitive than the Apple Savings Account’s 4.50% APY. Capital One allows you to create multiple savings accounts for different goals. It also has a mobile app to make it easy to manage your funds on your phone. The Capital One account does not have any maintenance fees or minimum balance requirements.
If you prefer to keep all of your accounts in one bank, such as a savings account, certificates of deposit (CDs) and checking account, then Capital One is better suited for this. However, the Apple Savings account does offer a higher rate, and if you’re already regularly using the Apple Card, you’ll end up receiving money back both in rewards and in interest payments.
Apple Savings Account vs Marcus Savings Account
The Marcus Online Savings Account by Goldman Sachs also currently has a 4.50% APY. There are no minimum deposits required for this account. Additionally, you can open CDs, a checking account and more on Marcus. Marcus also comes with its own mobile app (though the same is true for most online banks).
Since both of these accounts offer the same APY, the best fit for you will likely depend on the features you prefer and which platform you find more convenient. For example, if you’re already using your Apple Wallet and know that it will be easier to manage your account through an application you regularly open, then the Apple Savings Account could be a good choice. If you want a separate account where you can manage investments, CDs, a checking account and your savings account, then Marcus is a better fit.
Frequently Asked Questions
What Are the Downsides of the Apple Savings Account?
The biggest downside of the Apple Savings Account is that you’ll need an Apple Card to open an account. However, if you already have an Apple Card, this isn’t technically a downside. Apart from this limitation, you may prefer to keep your savings account in a more traditional bank. Even though the Apple Savings account is FDIC-insured and accounts are issued by Goldman Sachs bank, you might prefer a user interface that isn’t dependent on your iPhone.
How Much Money Can I Put Into My Apple Savings Account?
The maximum amount you can deposit into your Apple Savings account is $250,000. This is the maximum amount insured by the FDIC and will be the same for any savings account. Apple states on its website that it may decline or return any funds that exceed the $250,000 limit. While other banks may allow you to keep funds in your savings account beyond $250,000, those funds won’t be FDIC-insured.
How Does the Apple 3% Daily Cash Work?
With the Apple Card (the credit card available through Apple), you will receive 3% cash back on purchases from a few brands. Apple is on the list (unsurprisingly), along with Mobil, Duane Reade, Uber, Walgreens and a few others. You will receive 2% cash back on all other purchases when you use your Apple Card with Apple Pay and 1% cash back when you use your physical card in stores or your card number online. Not every merchant will accept Apple Pay, but many do (according to Apple, 85% of merchants accept Apple Pay).
