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

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. This in-depth expert review explains what sets Apple apart from its competition, who makes the "ideal" Apple Savings account customer, and if Apple's new account is worth the hassle of switching over.

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.

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

4.15% 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.

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.

• 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 The Motley Fool Ascent, 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 The Motley Fool Ascent rates bank accounts.