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.
Apple Savings Account Overview
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.
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 own mobile 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 Account is 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 4.00% 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.
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.
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.
We rate bank accounts on a scale of one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Apple Savings Account FAQs
The Apple Savings Account in an online savings account that connects to your Apple Card. It pays 3.90% APY, and it has no monthly service fee, a $0 minimum opening deposit, and no minimum balance requirements to maintain the account.
The Apple Savings Account pays 3.90% APY. This interest rate is significantly higher than the national average savings account interest rate, but you can still find higher rates elsewhere.
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.
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.
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.
