Savings Account FI

How To Create And Manage An Apple Savings Account

With iOS 16.4.1, the Apple Savings account is a new way to save in a high-yield account without fees.

The Apple Card has been around for a while now, and if you have one, you can make purchases and receive Daily Cash. However, until now, you could only house your cash in the Apple Cash Card.

But what will it offer, and is it worth moving your savings into an Apple-branded account? Here’s what you need to know.

What is the Apple Savings Account

Users with an Apple Card can choose to open an Apple Savings account. Then, deposit their Daily Cash to get more out of the rewards you earn with your Apple Credit card.

Daily Cash is automatically deposited into the account, and users can deposit additional funds directly from a linked bank account.

How Much Interest Will Apple Savings Earn?

Apple Savings offer 4.15 percent APY.

Will there be Fees

Apple is trying to go the no-fee route. In comparison, Apple says its new Apple Savings account has no fees, minimum deposit, or minimum balance requirements.

If your current savings account has been charging these fees, Apple’s Savings account could be a good fit.

Who can Open an Apple Savings Account

Currently, the Apple Savings account is only available to customers with an Apple Card. So you need an Apple Credit card to sign up for the new savings account.

If you have a co-owner on the card, each person can open their own Savings account rather than a joint one. However, this also rules out that if you have a child as an authorized user on your card, they cannot open an account.

You must be 18 years old, and your Apple Card needs to be in good standing.

How to Create an Apple Savings Account

Apple’s Savings account won’t be found directly in the Wallet app. Instead, it’s contained within the Apple Card area. To set it up:

  • Open the Wallet app
  • Tap on your card
  • Select the more icon (circle with three dots
  • Tap Daily Cash 

Now follow the onscreen instructions.

Once set up, users can watch their rewards grow in Wallet through the Savings Dashboard. You can access your account details documents and notifications by:

  • Opening the Wallet app
  • Select Apple card
  • Tap on Savings Account
  • Select the more icon
  • Choose Account Details, Documents, or Notifications.

Account Details will give you information on Routing and Account Numbers. The bank accounts are attached, and tapping Account Information will list your email address, mailing address and a way to manage Beneficiaries. You’ll need to call the number displayed to set that up.

Documents is where you’ll find your Statements and Notifications if toggled on send you APY Updates and Interest Paid. 

How to Make Deposits and Withdrawals

To deposit, have a bank account linked to your Apple Card.

  • Open the Wallet app
  • Select Apple card
  • Tap on Savings Account
  • Select Add Money
  • Enter your amount
  • Tap Next 
  • Choose the bank account you wish to take the money from
  • Double tap on the Side button to complete


To withdraw money:

Follow the instructions above and choose Withdraw. The available money will be listed. Enter your amount. Tap next and select the account you want the funds transferred to.


What is the Maximum Balance

The maximum balance is $250,000. Apple is not a financial institution. However, Goldman Sachs Bank issues the Apple Card and Savings—member FDIC.


The Apple Savings account was a No Brainer for me. However, I have an Apple credit card and Apple Daily Cash available, so I signed up. If you have a card, it might be worthwhile to take a look. The 4.15 APY was far better than what I was getting at my bank.

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