Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain.

Apple announced a high-yield savings account through a continued partnership with Goldman Sachs, the card issuer for the Apple Card. The savings account has no fees and earns a robust 4.15% APY up to account balance limits. Apple's Savings account could be a welcome addition for current Apple Card holders and iPhone users, but is it good enough to compete with other high-yield savings options? Keep reading to learn more about Apple's high-yield savings account, how it works and whether it's right for you.

Pros

  • Offers a highly competitive APY
  • No monthly fee
  • No amount limits on Daily Cash transfers to savings

Cons

  • Requires having an Apple Card to open an account
  • Requires electronic transfer to access funds
  • Not available for Android users

Apple Savings Account Highlights

  • Earns an impressive 4.15% APY
  • No monthly maintenance fee
  • No minimum deposit requirements
  • Maximum balance limit of $250,000
  • Requires an Apple Card account
  • Must use iPhone with iOS 16.4 or later
  • FDIC insured through Goldman Sachs 
  • Savings account access through Apple Wallet
  • Deposits and withdrawals occur through ACH transfers with a linked external bank account
  • Daily Cash earned via Apple Card is automatically deposited into Savings

What You Need to Open an Apple Savings Account

apple store sign

Unsplash

There are a few requirements to open an Apple Savings account—you must:

  • Use an iPhone running iOS 16.4 or later
  • Have an Apple Card in good standing (this is Apple’s credit card)
  • Be 18 years of age or older
  • Have a Social Security number or Individual Taxpayer Identification Number
  • Have a valid U.S. street address (Puerto Rico, Virgin Islands military and embassy addresses also count)

Apple may request other personal information to verify your identity during the application process.

Quick Tip

There is no minimum opening deposit requirement to open an Apple Savings Account.

How to Set Up an Apple Savings Account

To set up an Apple Savings account, follow these steps:

  1. First, you'll need to have an active Apple Card in your iPhone Wallet.
  2. Open Wallet and tap on your Apple Card.
  3. Tap on "More" and then "Daily Cash."
  4. Tap "Set Up," which is next to "Savings."
  5. Follow the instructions from there to finish the set up process.
  6. Any Daily Cash statement credits you have will be automatically moved to Savings.
  7. You can also add funds from your Apple Cash balance or an external bank account.

Apple Savings Account Features

Here’s a look at the best features of Apple Savings:

  • APY: Apple Savings has a strong APY of 4.15%, which isn’t the highest rate you can find, but it beats a lot of other savings accounts out there.
  • No fees: Savings has no monthly service fees or other bank fees.
  • Minimum deposit: The account also has no minimum balance or opening deposit requirements.
  • FDIC insured: Apple Savings is FDIC insured through Goldman Sachs, up to $250,000.
  • Automatic savings: If you earn cash back with your Apple Card (called Daily Cash), it will be automatically deposited into your Savings account.

Apple Savings Account Drawbacks

It's hard to argue with a savings account that has impressive APY and no fees. Still, here are some drawbacks to consider before opening an Apple Savings account:

  • Requires an Apple Card: You must have an Apple Card—which is a credit card—in good standing to apply for Savings. You also need to meet credit and other requirements to qualify for an Apple Card.
  • Limited access to funds: The only withdrawal options from Savings are electronic transfers to a linked external bank account or transferring funds to your virtual Apple Cash card in your Apple Wallet.
  • No Android: Savings is not available to Android users. You'll need an iPhone with iOS 16.4 or later to access Apple's Savings account. 
  • Daily Cash restrictions: Previously, cardholders could direct Daily Cash earnings to an Apple Cash card in their wallet to spend as they wanted. When you open a Savings account, Daily Cash is automatically deposited into that account.

One interesting detail we noticed in the Deposit Account Agreement is a clause that states, "We reserve the right to require you to notify us in writing seven days before a withdrawal is made from your Account." While it's unclear how strictly this rule is enforced, it's certainly an unusual stipulation to include with a bank account.

mobile banking Related Article

Best Online Banks of 2024

Read More

Alternatives to the Apple Savings Account

Apple's Savings account stands among the top high-yield savings accounts with its competitive APY, but it may not be available or a good fit for everyone. Here are some other high-yield savings accounts to consider to maximize your savings.

Recommended High-Yield Savings Accounts

Bank Account APY Features Learn More
UFB Direct logo

UFB Direct Secure Savings Account

5.25% More Info

UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

No minimum deposit
No monthly fee

SoFi Checking and Savings

0.50% - 4.60% More Info

Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

No minimum deposit
No monthly fee

CIT Bank logo

CIT Bank Platinum Savings Account

5.05% More Info

Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

$100 minimum deposit
No monthly fee

CIT Bank logo

CIT Bank Savings Connect Account

4.65% More Info

Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.

$100 minimum deposit
No monthly fee

CIT Bank Savings Connect Account

Open Account

Member FDIC.

  • Our Rating 4.5/5 How our ratings work Read the review
  • APY4.65% More Info

    Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.

  • Minimum
    Deposit Required
    $100
  • Intro Bonus N/A

CIT Bank's Savings Connect account is one of our top picks for high-yield savings accounts. Featuring a competitive flat APY on all balances, it can go head-to-head with most of the top savings accounts available. What's more, you don't have to do anything special to earn this high interest rate; many similar accounts (including some offered by CIT) only offer their highest interest rates to customers who complete certain requirements.

Overview

With extremely competitive interest rates and a host of convenient features, the CIT Bank Savings Connect account can go head-to-head with nearly any other savings account in the U.S.

Pros

  • Competitive APY
  • No monthly service fee
  • Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)

Cons

  • No fee-free ATM network
  • Minimum opening deposit required

CIT Bank's Savings Connect account is among the top high-yield savings accounts, earning an impressive 4.65% APY on all balances. There are no hoops to jump through to earn this online bank account's highest rate. Savings Connect has no monthly maintenance fees and requires a $100 minimum deposit to open an account.

UFB Direct Secure Savings Account

Open Account

at UFB

  • Our Rating 5/5 How our ratings work Read the review
  • APY5.25% More Info

    UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

  • Minimum
    Deposit Required
    N/A
  • Intro Bonus N/A

The UFB Direct Secure Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% APY. Plus, there are no monthly fees and no minimum balance to open.

Overview

With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s Secure Savings Account is an extremely attractive package.

Pros

  • Strong interest rate
  • No maintenance fees or minimum monthly balances
  • Free complimentary ATM card
  • Mobile app and SMS banking

Cons

  • No signup bonus
  • No associated checking account

The UFB Direct Secure Savings Account is also among the top high-yield savings accounts, earning up to 5.25% APY. This high-yield savings account has a complimentary ATM card and no monthly fees or minimum deposit requirements.

SoFi Checking and Savings

Open Account

at SoFi

  • Our Rating 5/5 How our ratings work Read the review
  • APY0.50% - 4.60% More Info

    Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

  • Minimum
    Deposit Required
    N/A
  • Intro Bonus $50-$300Expires June 30, 2024 More Info

    New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.

Pros

  • Accounts with monthly direct deposit earn interest
  • No minimum opening balance or minimum monthly balance
  • No maintenance fees, non-sufficient fund fees or overdraft fees
  • Access to Allpoint’s worldwide ATM network
  • Get paid up to two days early

Cons

  • No physical branch locations

SoFi Checking and Savings earns up to 4.60% APY on the savings balance. You'll also earn up to 0.50% APY on the checking balance. The online bank account duo has no monthly maintenance fees or minimum deposit requirements.

Want to earn some extra cash?

Explore the Best Bank Bonuses Currently Available

Visit the Marketplace
gift box

Is the Apple Savings Account Right for You?

The Apple Savings account could be right for you if you’re already an Apple user and either have or are willing to get Apple’s credit card. If you like the idea of having a little bit of cash back automatically transferred to a savings account, don’t need in-person banking support and don’t want the hassle of monthly fees, then Apple Savings might also be a great fit. 

However, if you’re an Android user or just don’t want to add another credit card to your wallet, you’re probably better off with a different high-yield savings account. This is especially true if your main goal is finding the highest APY out there—though Apple Savings has a respectable interest rate, it’s not the best we’ve found.

KP

Kevin Payne

Kevin Payne is a personal finance, credit card, and travel writer. He is the family travel and budget expert behind FamilyMoneyAdventure.com. Kevin lives in Cleveland, Ohio, with his wife and four kids. His work has appeared on several websites, including FinanceBuzz, Credit Karma, Millennial Money, Club Thrifty, Student Loan Planner and Slickdeals.