Apple Savings Account: What It Is And How It Works?

In the hustle of everyday life, who doesn’t dream of making their money work harder for them? Enter the Apple Savings Account, a beacon of hope in a sea of low-interest despair. Imagine your daily coffee runs or online splurges turning into a little nest egg, growing silently in the background. 

This isn’t just any savings account; it’s Apple’s take on financial growth, marrying the convenience of technology with the solidity of traditional saving. 

So, let’s peel back the layers of this financial fruit and find out how it can sweeten your savings strategy. Get ready to turn your everyday transactions into a future of financial freedom.

What Is Apple Savings Account?

1. A High-Yield Savings Option 

The Apple Savings Account is a high-yield savings account offering a substantial 4.15% annual percentage yield (APY). This rate significantly surpasses the national average, making it an attractive option for those looking to grow their savings faster.

2. Exclusivity and Integration

It’s exclusive to Apple Card users, seamlessly integrating with the Apple ecosystem. This means you can manage your savings alongside daily transactions, all within the familiar interface of your Apple Wallet.

3. No Fees, No Minimums

Apple emphasizes simplicity and accessibility. The account comes with no fees, no minimum deposit, and no minimum balance requirements. This approach makes it accessible to a wide range of savers, from those just starting to those looking to maximize their returns.

4. Daily Cash Growth

One of the unique features is the ability to automatically grow your Daily Cash rewards. Every time you earn cash back from your Apple Card purchases, it can directly go into your savings account, earning interest and thus growing over time.

5. Backed by a Trusted Name

The savings account is offered in partnership with Goldman Sachs Bank USA. It’s also FDIC-insured up to $250,000, providing a level of security and peace of mind for your deposits.

6. Easy Access and Management 

Users can easily view their savings, track the interest earned, and manage their accounts directly through the Apple Wallet app. This convenience is part of Apple’s broader strategy to integrate financial services into its technology ecosystem.

How The Apple Savings Account Works

1. Eligibility and Setup

To start, you need to be an Apple Card user. Once you have your Apple Card, setting up a savings account is straightforward. You can do it directly through the Wallet app on your iPhone. The process involves a few taps to opt into the savings account feature, and you’re set to start saving.

2. Daily Cash Transfers

With every purchase made using the Apple Card, users earn Daily Cash — Apple’s version of cashback. Typically, this cashback is added to your Apple Cash card by default, but with the savings account, you can choose to have this Daily Cash automatically transferred to your savings account, where it starts earning interest immediately.

3. Adding Funds

Beyond the Daily Cash, you can add money to your Apple Savings Account at any time. This can be done by transferring funds from a linked bank account or your Apple Cash balance. 

4. Interest Accumulation 

The interest compounds daily and is credited to your account monthly. It means that not only does your balance earn interest, but the interest earned also earns interest over time, accelerating the growth of your savings.

5. Access and Withdrawals

While the account is designed to encourage saving, you have access to your funds when you need them. You can withdraw money at any time through the Wallet app, transferring it back to your Apple Cash card or a linked bank account. 

6. Monitoring and Management  

Through the Wallet app, you can monitor your savings account balance, track the interest earned, and view your transaction history. The app provides a user-friendly dashboard that gives you a comprehensive view of your financial picture, all in one place.

7. Security and Assurance

As with all Apple financial services, security is a top priority. Additionally, all the robust security features of the Apple ecosystem, like Face ID and Touch ID, are in place to protect your account.

How To Open an Apple Savings Account

1. Have an Apple Card

Before you can open an Apple Savings Account, you must be an Apple Card user. If you don’t have an Apple Card, you can apply for one through the Wallet app on your iPhone, provided you meet the credit requirements.

2. Update Your iPhone

Ensure your iPhone is running the latest version of iOS. This ensures that you have all the latest features and security updates necessary to set up and manage your Apple Savings Account.

3. Open the Wallet App

On your iPhone, open the Wallet app. This app is where you manage your Apple Card and will also be where you access and manage your Apple Savings Account.

4. Tap on Apple Card

Within the Wallet app, tap on your Apple Card. This will bring up details about your Apple Card, including your balance, transactions, and more.

5. Find the Savings Account Option

Look for an option related to the Apple Savings Account. It might be a message inviting you to open an account or a new section indicating the savings feature.

6. Follow the Prompts

Tap on the savings account option and follow the prompts to set up your account. This will likely involve agreeing to terms and conditions, verifying your information, and possibly setting up or confirming a linked bank account for transfers.

7. Set Up Daily Cash Transfers (Optional)

During setup, or anytime afterward, you can choose to have your Daily Cash from Apple Card purchases automatically transferred to your Apple Savings Account. This helps your savings grow effortlessly every time you use your Apple Card.

8. Deposit Funds

Once your account is open, you can start depositing funds. You can do this by transferring money from a linked bank account, your Apple Cash balance, or by setting up your Daily Cash to automatically go into your savings.

Eligibility Criteria For Apple Savings Account

1. Apple Card Holder

  • You must have an active Apple Card. The savings account is exclusively available to Apple Card users.

2. Legal Age

  • You need to be at least 18 years old, or the legal age in your jurisdiction, to open an Apple Savings Account.

3. Residency

  • Typically, you should be a legal U.S. resident. The account is usually available to individuals residing in the United States where Apple Card is offered.

4. Valid Apple ID

  • An Apple ID is required to use an Apple Card and, by extension, to open an Apple Savings Account. Your Apple ID must be in good standing.

5. iPhone Compatibility

  • You need to have an iPhone compatible with the latest version of iOS, as the management of your Apple Savings Account is done through the Wallet app on your iPhone.

6. Financial Standing

  • While specific credit scores or financial criteria for the Apple Card (and thus the savings account) aren’t publicly detailed, your financial standing and creditworthiness may be evaluated during the Apple Card application process.


The Apple Savings Account emerges as a compelling choice for Apple Card users looking to amplify their savings. With its high-yield 4.15% APY, seamless integration into the Apple ecosystem, and user-friendly management through the Wallet app, it redefines the saving experience. 

It’s not just about storing money; it’s about growing your Daily Cash rewards and managing finances with ease and security. Whether you’re saving for a rainy day, a big purchase, or simply looking to earn more from your everyday spending, the Apple Savings Account stands out as a smart, accessible option. 

As we’ve explored what it is and how it works, it’s clear that Apple is not just in the business of innovation in technology but also in empowering its users to achieve better financial health.