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Apple Savings Account Pros and Cons
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Apple Savings Account Review
Apple — the same company that brought you the Mac, iPod, iPad, and iPhone — now offers a high-yield savings account aptly named Apple Savings. The account pays 4.15% APY (Annual Percentage Yield), making it competitive with some of the best online banks.
There is no monthly service fee, a $0 minimum opening deposit, and no minimum balance requirements to earn interest.
Once you set up Apple Savings, any Daily Cash — the cash-back reward you earn from Apple Card purchases — is automatically deposited into your savings account, allowing you to earn interest on the Daily Cash. (You can choose a different Daily Cash destination, such as your Apple Cash balance.)
You also earn interest on deposits from linked external bank accounts or your Apple Cash balance. (Apple Cash is similar to Venmo and other peer-to-peer payment platforms.) You can track your account balance via the Savings dashboard in the Apple Wallet app.
Accessing your savings isn't as simple as visiting an ATM. To withdraw funds, you must transfer money from your Apple Savings account to your Apple Cash card or a linked bank account and wait for the transfer to clear. The process can take several business days, with some users reporting even longer delays. The long wait could be problematic if you need immediate access to your cash.
Is Apple Savings Trustworthy?
Apple is not a financial institution. The Apple Card and Apple Savings are issued and provided by Goldman Sachs Bank USA, a Member FDIC bank. So even though Apple isn't a bank, deposits are insured for up to $250,000 for individual accounts — Apple doesn't offer joint accounts. Apple says on its website that any deposits you make above the $250,000 limit may be rejected or returned to you.
Apple has an A+ rating with the Better Business Bureau, while Goldman Sachs has a B+ rating. A solid BBB grade shows a company responds to customer complaints, maintains transparent business practices, and makes truthful advertising claims. However, remember that BBB ratings don't guarantee you'll have a good relationship with a company.
According to the Identity Theft Resource Center, neither Apple nor Goldman Sachs has had any data breaches within the last five years. The Consumer Financial Protection Bureau hasn't received any complaints about Apple in the past year, and Apple doesn't have any recent controversies.
However, the CFPB has received more than 2 thousand consumer complaints about Goldman Sachs in the past year, mostly pertaining to credit cards and prepaid cards.
Additionally, Goldman Sachs has been involved in several controversies in recent years. In 2022, the Securities and Exchange Commission claimed Goldman Sachs Asset Management failed to follow its policies and procedures involving ESG (environment, social, and governance) investments; GSAM agreed to pay a $4 million penalty to settle the charges. The financial institution was also charged in a 2020 foreign bribery case, agreeing to pay over $2.9 billion as part of a resolution with criminal and civil authorities.
Apple Savings Account FAQs
Yes, Apple introduced the Apple Savings Account in April 2023. It pays 4.15% 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 4.15% APY. This interest rate is significantly higher than the national average savings account interest rate, but you can find slightly 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.
You can usually transfer up to $20,000 out of the account per rolling seven-day period.
Yes. Only iPhone users with an Apple Card are eligible to open and use an Apple Savings account.
The Apple Savings account pays 4.15% APY right now.
How the Apple Savings Account Compares
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 4.50% 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.
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, no balance requirements, and a 4.30% (as of 7/21/23) APY.
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 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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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