Apple Savings Account: What You Need to Know

Apple’s high-yield savings account, launched in partnership with Goldman Sachs in 2023, has garnered significant attention for its user-friendly design and seamless integration with the Apple ecosystem.

This article provides a detailed Apple Savings account review, outlining its key features, benefits, and eligibility requirements. Discover how it works, its current interest rates, and whether it aligns with your financial goals.

Overview of the Apple High-Yield Savings Account

Thinking about switching banks or adding more iOS tools and wondering, “Is Apple Savings account worth it” Let’s explore this financial option together to see if it's the right fit for you.

Apple Savings is a high-yield savings account (HYSA) designed exclusively for Apple Card users. It offers a seamless way to manage finances while maximizing cash-back rewards. Launched in partnership with Goldman Sachs (an FDIC member) in April 2023, it is fully integrated into the iOS ecosystem, providing a convenient financial management tool for iPhone users.

It offers a reward called Daily Cash, providing 3% cash back on purchases, and has no monthly fees, minimum opening deposit, or minimum balance requirements.

The Apple Savings account offers a competitive annual percentage yield (APY) of 4.25%, while the current national average APY on savings accounts is 0.56%, according to November Bankrate’s survey of institutions. However, the 4.25% APY is lower than the rates offered by many other HYSAs. So, if you want a higher interest rate, consider a high-yield savings or money market account offering 5% APY or more to maximize your earnings.

Did you know that, according to Statista, Gen Z and millennials are significantly more likely to open Apple Savings accounts than older U.S. adults?

Steps to Set Up Apple Card High-Yield Savings

To open an Apple Savings account, ensure you meet these requirements:

• Have an Apple Card (as owner or co-owner, not as a participant).
• Have iOS 16.4 or later installed.
• Be at least 18 years old.
• You must be a US resident with a valid physical address.
• Provide a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
• Enable two-factor authentication (2FA).

With the outlined requirements, you now know how to get an Apple Savings account seamlessly. You can then complete the process online in just a few clicks:

1. Add your Apple Card to your iPhone.
2. Open the Wallet app and select the Card.
3. Tap More and then Daily Cash.
4. Select Set Up and follow the instructions.

Once set up, your cashback rewards are automatically deposited into your Savings account, enabling you to earn interest on the Daily Cash earned from your card purchases. This effortless process turns your everyday spending into a valuable opportunity to grow your savings.

Note: If your Apple Card is locked or restricted, you may not be able to open the account. To access your funds, contact a Savings Support Specialist for assistance.

Withdrawals

Note that you can’t directly spend or make purchases with the funds in your Savings through Apple Card or Apple Pay. To access your funds, transfer them to Apple Cash or another linked bank account. The second option may take 1–5 business days, while transfers to Cash are processed instantly.

Setting up a transfer is simple:

1. Launch the Wallet app and select your Apple Card.
2. Tap on Savings, then choose Withdraw.
3. Specify the amount you wish to withdraw and tap Next to proceed.
4. Select Apple Cash or add another linked bank account you want to transfer funds to.
5. Confirm using Face ID, Touch ID, or the passcode.

Deposits

Depositing money into your Savings is an easy task—you can transfer money from your linked bank account or Apple Cash. Just follow these simple steps:

1. Launch the Wallet app and select your Apple Card.
2. Tap Savings and choose Add Money.
3. Enter the desired deposit amount and choose the account from which you’d like to transfer funds—whether it's your linked bank account or Apple Cash.
4. Complete the process securely using Face ID, Touch ID, or your passcode.

Benefits and Perks of the Apple Savings Account

Let’s explore the key benefits, Apple Savings account minimum balance and APY, to determine if they genuinely support improved financial well-being.

Integration with iOS Ecosystem

The account integrates seamlessly with the Wallet app on your iPhone, making it easy to manage money with other companies’ financial tools like Apple Pay and Apple Card. This makes it ideal for Apple users who prioritize ease of use over high returns.

User-Friendly Interface

Building upon Apple’s renowned design philosophy of simplicity and intuitiveness, the account offers a clean, intuitive mobile interface. Once fully integrated into the Wallet app, it combines financial functionality with the same ease of use. Users can ensure a consistent experience across devices, including iPhones, iPads, and Macs.

Competitive APY

As of November 2024, this account provides an APY of 4.25%. This makes it a good option for users seeking to get more on their deposits and faster than with traditional accounts. At a current APY of 4.25%, an initial deposit of $5,000 will earn over $216 in interest after one year. However, you don’t need to start with thousands of dollars to benefit from this savings account.

Automatic Daily Cash Deposits

Users can have their Daily Cash rewards automatically deposited into their savings accounts. This enables effortless growth of savings over time without requiring customers to transfer funds manually. Such set it and forget it approaches encourage earning by eliminating extra steps.

No Fees or Minimum Balance Requirements

This account has no maintenance fees and doesn’t require a minimum balance, making it an accessible option for a wide range of users.

Final Thoughts

Apple Savings is a relatively new yet increasingly popular high-yield savings account designed specifically for Apple Card users. With a competitive APY and seamless integration into the Apple ecosystem, it’s an excellent choice for existing cardholders and users who frequently earn Daily Cash rewards.

The account stands out for its lack of monthly fees or minimum balance requirements, offering a convenient and accessible way to grow your savings. However, if maximizing returns is your priority, exploring another high-yield account with even higher APYs could help you earn even greater returns on your deposits and put more money in your pocket.