Apple High-Yield Savings Account Review


When most people think of Apple, popular products like the iPhone, iPad, and MacBook usually come to mind first. Recently, the company launched a financial product: a high yield savings account for Apple Card owners.

Administered by Goldman Sachs Bank USA, this account member FDIC insured account offers an impressive 4.15% annual percentage yield (APY) on your savings. This is ten times more than the national average interest rate. Additionally, there is no minimum balance requirement or monthly service fee.

Apple Store

If you’re looking for a way to meet your savings goals faster, the Apple high yield savings account may be worth exploring. This is particularly true if you’re already a loyal Apple user, earn Daily Cash through Apple’s cashback program, and can’t find a higher rate elsewhere. Let’s dive deeper into everything you need to know about the Apple high yield savings account so you can decide if it makes sense for you.

How does the Apple high-yield savings account work?

The new Apple high yield savings account can allow Apple Card users to save money automatically and earn interest on their Daily Cash. Unlike other high yield savings accounts that may have higher rates, this account is free of account fees. It makes it easy to enjoy a 4.15% APY on your savings. You can use it to build an emergency fund or meet other financial goals.

To take advantage of Apple Savings, you’ll need to set up your Apple Card in Wallet. Once you do, you’ll be able to “spend, send, and save Daily Cash all from one place.” Any Daily Cash that you earn will be deposited into the account automatically. You can change the destination of the Daily Cash whenever you’d like and there’s no limit to how much you can earn.

If you’d like to maximize your savings, you can link to an external bank account and deposit extra money into your Savings account. Through the savings dashboard in the Wallet, you’ll be able to keep tabs on your Apple Cash balance and interest earned. You may also withdraw the money at any time with a simple bank transfer.

Pros and Cons of the Apple High Yield Savings Account

Before you go ahead and move forward with the Apple savings account, consider these benefits and drawbacks.


  • High APY: Perhaps the greatest perk of the Apple high yield savings account is its 4.15% APY. This figure is ten times more than the national average interest rate.
  • No monthly fees: With the Apple savings account, you don’t have to worry about any fees. Unlike many other savings accounts, it doesn’t charge monthly service fees or monthly maintenance fees.
  • Automated savings using daily cash: Whenever you earn Daily Cash, the funds will be automatically deposited into your savings account. You’ll be able to save money without much thought.
  • Easy account access: As long as you have Apple Wallet, you can access the high yield savings account quickly and conveniently. You’ll be able to monitor your balance and interest earnings.
  • Two-factor authentication: Apple makes security the utmost importance. That’s why two-factor authentication is required to log into the Apple savings account.
  • No minimum balance requirements: Apple doesn’t require you to keep a minimum balance in your account. It’s up to you how much you store in it.


  • No option to deposit cash: Other savings accounts allow you to deposit cash. The Apply high yield savings account, however, does not offer this option.
  • No sign-up bonus: Some savings accounts reward new users with cash bonuses. Unfortunately, Apple doesn’t offer a cash sign-up bonus.
  • Must be an Apple cardholder: The Apple high yield savings account is only available to Apple cardholders. If you don’t have an Apple Card or want to get one, this account won’t be an option. You’ll need to find another bank or company that offers a competitive yield.

Who should open an Apple high yield savings account?

The Apple high yield federally insured savings account is a great option if you’re already an Apple Card user. If you don’t have an Apple Card but appreciate Apple products and wish to use it in the future, this savings account is worth exploring.

Just keep in mind that applying for a new card may not be ideal if you have plans to take out a mortgage or purchase a new car as it can lower your credit score by a few points.

Features of the Apple High-Yield Savings Account

Competitive 4.15% APY

The most noteworthy feature of the Apple Savings account is the 4.15% APY. You can earn this rate, regardless of what your balance is. As you shop around for other savings accounts, you’ll find that many come with much lower interest rates than Apple’s high yield savings account. Of course, some accounts offer higher rates as well.

Keep in mind that your total balance in the Apple account can’t exceed $250,000 as this is the maximum balance Apple permits. Also, you won’t be able to automatically transfer more than $20,000 from Apple Cash in a 7-day time frame.

Easy Funding

Daily Cash is the unlimited cashback you get when you make eligible Apple Card purchases. Before the Apple Savings account came about, Daily Cash rewards were deposited into Apple Cash (a prepaid digital card in the iPhone Wallet) automatically.

If you decide to open Apple Savings, the account will place your Daily Cash balance in Savings so you can earn interest on it. Rest assured, you can choose whether you want your money to go into Savings or onto your Apple Card so you can shop.

Unfortunately, Apple won’t allow you to split your Daily Cash between Apple Cash and Savings. The good news is you can change it from one to the other whenever you’d like. Another option is to link to your external checking account and transfer additional funds into the account.

Your Apple Cash funds will be available right away but it might take a few days for any transfers from external accounts to show up. Any money you put into Savings will start to earn interest the day you make the transfer.

Excellent User Experience

When it comes to user experience, Apple does an outstanding job. You’ll find that Apple Savings integrates seamlessly into Apple Wallet. You won’t have to download an app or log in to an online bank account to manage your account. Many Apple Savings users note that the dashboard is very intuitive.

As soon as you set up your account, you’ll be able to quickly see your current balance. It will give you a visual of how much money was in your account over the last week, month, six months, year, or all time. Plus, you can withdraw funds and view any recent or pending transactions that you’ve made.


Apple Savings is a lot like a savings account from an online bank like Ally Bank or Discover Bank in that it doesn’t come with any fees. You can open an account without paying maintenance fees or service charges. With this no fee structure, you’ll be able to make the most out of your hard earned money.

How to Get Started

If you’re interested in Apple Savings, you must have an Apple Card. Apple also requires that you’re at least 18, a U.S. resident with a valid address, and have a Social Security Number (SSN) or Taxpayer Identification Number (TIN). You’ll also need to install the latest iOS version and set up two-factor authentication.

Once you meet these criteria, follow these steps to get started with Apple Savings:

  • Open the Wallet app on your Apple device, such as an iPhone or iPad
  • Tap Apple Card
  • Go to the “More” button and choose Daily Cash
  • Tap the “Set Up” icon
  • Follow the directions to transfer Apple Cash

At this point, you’ll be able to make changes to your Daily Cash election, link to external bank accounts, and start accumulating interest.

Bonuses and Promotions

The Apple high yield savings account has recently made its debut. Therefore, it’s no surprise that unlike some savings accounts with higher APYs, there are no bonuses or promotions at this time. Of course, this may change in the future as the Apple Card offers incentives for signing up, making an initial purchase, or referring friends and family.


As stated, Apple Saving is administered by Goldman Sachs Bank. This is a Federal Deposit Insurance Corporation (FDIC) insured institution, so up to $250,000 of your deposits will be protected in the event the bank fails. Apple Savings is also very safe from a cybersecurity standpoint as you can only access it through your Wallet, which requires two-factor authentication.

Bottom Line

The Apple high yield savings account is a new option for Apple Card customers. You can earn a competitive interest rate without paying fees or worrying about minimum deposits. If you don’t think this account is a good fit, you may find other savings accounts with high APYs through online banks and other financial institutions.

Anna Baluch
Meet the author

Anna Baluch is a freelance personal finance writer from Cleveland, OH. She enjoys helping people make smart financial decisions.