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Apple Savings account Review: Great APY and Easy Access for Current Apple Users

Review Updated
Dana George
Dana George
| 2 others [ + ]
Matt Frankel, CFP®
Matt Frankel, CFP®
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Apple, the company that brought you the iPhone and so much more, may not be the first place you think of when opening a high-yield savings account.

And yet, an Apple Savings account helps Apple users gain access to high-yield savings directly from their smartphone.

Ratings Methodology
Rates as of May 20, 2025

Apple Savings account

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
3.90%
Min. To Earn APY
$0
  • Very competitive APY
  • No fees
  • No limit on the amount of Daily Cash that can be transferred to savings
  • Ability to directly link to another bank account
  • Only available to Apple Card holders
  • Must have an iPhone to open an account
  • Unable to access funds without making a transfer first
  • There's a learning curve to using this account and related products

Allows Apple users to build a savings account with little effort.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Apple Savings account interest rate

Account APY Minimum Deposit
Apple Savings account 3.90% $0
Data source: Apple.

You can find higher APYs on other accounts offered by online banks. But the benefits of no minimum deposit/minimum balance requirement make this account worth considering, especially if you're already an Apple fan.

Full Apple Savings account review

There is no denying that Apple's new savings account is attractive. However, it's not without flaws. Here are the top perks and what we believe could be improved.

Top perks

3.90% APY: While brick-and-mortar bank customers are lucky to earn 2% on their savings accounts, Apple offers more than double that.

No fees: Apple is serious when it promises no junk fees. In addition, there's no minimum deposit required and no minimum balance requirement.

No limits on Daily Cash: Many longtime Apple enthusiasts made the Apple Card their credit card of choice when it was first released. One of the things they've come to count on is the amount of cash back they earn for each purchase. Any Daily Cash earned is automatically deposited into their Apple Savings account. For some, it makes saving a little easier.

Ability to link accounts: Customers can easily link their Apple Savings account to another bank account. Let's say someone typically pays bills from their account with a large hometown bank. Linking the two accounts means it's easy to move money between them as needed.

What could be improved

Must be an Apple Card user: This restriction alone means Android users are out in the cold. This also means that you need to have an iPhone.

Must make a transfer to access cash: Unlike your typical bank or credit union, you can't simply drive up to an ATM to withdraw money from your Apple Savings account. First, you need to transfer the money from the Goldman Sachs account in which it sits to an external linked bank account, and wait up to three business days for the transaction to clear. Only then can you withdraw the desired amount. While the process is straightforward, it may be frustrating in emergency situations.

There's a learning curve: For an Apple user who has not set up Apple Pay or applied for the Apple Card, it can take time to familiarize themselves with how each Apple product works independently and together.

How to access your money

If you've never opened an online bank account before, it's natural to wonder how it all works. After all, you won't be able to walk into a local branch to do your banking business. As mentioned, there's nothing complicated about accessing your funds with Apple Savings. All you need is to understand how it works and to practice a time or two.

Deposit options

You can begin making deposits as soon as your Apple Savings account is open. Here's how:

  • Open the Wallet app on your iPhone
  • Tap Apple Card
  • Tap Savings account
  • Tap Add Money
  • Enter the amount you want to add and tap Add
  • Select the payment source that you're adding money from
  • Double-click the side button to confirm the transaction with Face ID, Touch ID, or your passcode

According to Apple, the money you deposit starts earning interest on the day the transfer is initiated from your Wallet app. Money transfers from Apple Cash are usually available right away. Money transferred from a linked external account will typically take a few days to clear and become available.

Withdrawal options

Once you have an external bank account linked with your Apple Savings account, here's how you make a withdrawal:

  • Open the Wallet app on your iPhone
  • Tap Apple Card
  • Tap Savings account
  • Tap Withdraw
  • Enter the amount that you want to withdraw and tap Next
  • Select the external bank account you want to deposit money into
  • Double-click the side button to confirm the transaction with Face ID, Touch ID, or your passcode.

It typically takes one to three business days for the transfer to be completed. Once the money hits your bank account, it's ready to be withdrawn.

Account owners can also choose to transfer money from the Apple Savings account into Apple Cash, and these transfers are available for use instantly. Apple Cash also has an option to instantly transfer money (for a fee) to a linked debit card. This is a potential workaround for the one to three business day waiting period, but is still less convenient than withdrawal methods offered by other high-yield savings accounts.

An Apple Savings account is right for you if:

  • You're an iPhone user with an Apple Card
  • You're looking for a competitive APY
  • You're comfortable banking online
  • You want a no-fee savings account

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Yes, Apple offers a high yield savings account to iPhone users who have an Apple Card. It pays an APY that is competitive with most other online-based high yield savings accounts, and is offered through a partnership with Goldman Sachs.

  • The Apple Savings account is best suited for people who want to maximize the returns from their savings, but don't anticipate needing quick access to their money. For example, the Apple Savings account can be a great place to put your emergency savings if you're an iPhone user who also has an Apple Card.