Jeffrey Wade
Apple Savings is a high-yield savings account (HYSA) that allows Apple Card users to deposit their cash-back rewards and earn interest. Apple Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to the standard maximum deposit insurance amount of $250,000 per depositor, per FDIC-insured bank, and per ownership category. Apple Savings accounts are provided by Goldman Sachs Bank USA, which has a bank charter. While Apple Savings offers a competitive interest rate of 4.15% to 4.25% APY, there are other HYSAs on the market that offer higher rates with fewer restrictions.
| Characteristics | Values |
|---|---|
| Insured by | FDIC |
| Maximum insured amount | $250,000 |
| Interest rate | 4.15% APY |
| Cashback | Up to 3% |
| Minimum balance | None |
| Monthly fees | None |
| Transfer time | 5 business days |
| Transfer limit | $10,000 per transfer |
| Rolling 7-day transfer limit | $20,000 |
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What You'll Learn
- Apple Savings Account is insured by the FDIC for up to $250,000
- Apple Savings Account owners can transfer outside balances by linking an external bank account
- Apple Savings Account is a high-yield savings account (HYSA) offered by Goldman Sachs
- Apple Savings Account cannot be set up as a joint account
- Apple Savings Account owners can deposit funds via an ACH transfer or from Apple Cash
Apple Savings Account is insured by the FDIC for up to $250,000
Apple Savings is a high-yield savings account (HYSA) that allows Apple Card users to deposit their cash-back rewards and earn interest. Apple Savings accounts are guaranteed up to the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 per depositor and per bank. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to the standard maximum deposit insurance amount per depositor, per FDIC-insured bank, and per ownership category.
Apple Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Apple Card users have a competitive option for a high-yield savings account, with a 4.25% annual percentage yield. Shortly after the April 2023 announcement of Apple's partnership with Goldman Sachs, there were reports of Apple customers having difficulty withdrawing savings funds in a timely manner. If you have an Apple Card, you can open an Apple high-yield savings account in just a few minutes by following a few steps.
Apple Savings accounts have some unique limitations. There are no fees or minimum balance requirements, but accessing your funds can be cumbersome. If owners need to access funds in Apple Savings, they must first transfer them to Apple Cash (subject to a $10,000 per-transfer limit or $20,000 per rolling seven-day period) or to a linked external account. Apple Cash is a digital payment service that can be used for spending or money transfers.
Apple Savings can’t be set up as a joint account shared with another person. The Apple Card can be set up with a co-owner or Family Sharing Group, but any proceeds from cash-back purchases would need to be deposited into a savings account owned by one person. This makes it less attractive for many couples who share their finances.
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Apple Savings Account owners can transfer outside balances by linking an external bank account
Apple Savings Account balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to the standard maximum deposit insurance amount of $250,000 per depositor, per FDIC-insured bank, and per ownership category. Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch.
Once your external bank account has been linked, you can transfer money from your Apple Savings Account to your external bank account. To do this, open the Wallet app and tap Apple Card. Then, tap your Savings Account and tap Withdraw. Enter the amount you wish to withdraw, and tap Next. If your preferred bank account is listed in the Transfer To field, simply tap Next. If not, tap Transfer To and select your preferred bank account. Finally, double-click the side button to transfer and confirm with Face ID, Touch ID, or your passcode. Transfers from Apple Savings Accounts to external bank accounts typically take 1-3 business days to complete and are subject to review.
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Apple Savings Account is a high-yield savings account (HYSA) offered by Goldman Sachs
The Apple Savings Account is integrated with the Apple Card, a credit card that offers a reward called Daily Cash, where users can get up to 3% cash back on purchases. This cash back can be deposited into the Apple Savings Account to earn interest. The account has no fees or minimum balance requirements, but accessing funds can be cumbersome and may take up to five business days to transfer to a linked bank account.
Apple Savings Account is a competitive option for those seeking a high-yield savings account, particularly for iOS users who are already using Apple Pay for their daily purchases. However, it is important to note that the account cannot be set up as a joint account, which may be a drawback for couples who share finances.
While the Apple Savings Account offers a decent yield, there are other HYSAs on the market that provide more attractive yields with fewer restrictions. For example, CIT Bank Platinum Savings offers a 4.85% APY with a $5,000 minimum balance requirement. Additionally, some online banks and credit unions offer high-yield checking accounts with APYs ranging from 1-7%.
Overall, the Apple Savings Account may be a good option for those with sub-$100,000 savings who are looking for a competitive high-yield savings account with the convenience of integration with Apple products and services. However, for those with larger savings amounts, it may be worth considering alternative options with higher yields and fewer restrictions.
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Apple Savings Account cannot be set up as a joint account
Apple Savings is a high-yield savings account (HYSA) that allows Apple Card users to deposit their cash-back rewards and earn interest. Apple Savings accounts are guaranteed up to the Federal Deposit Insurance Corporation's (FDIC) insurance limit of $250,000 per depositor and per bank.
Apple Savings cannot be set up as a joint account shared with another person. This makes it less attractive for couples who share their finances. However, the Apple Card can be set up with a co-owner or Family Sharing Group. Any proceeds from cash-back purchases would need to be deposited into a savings account owned by one person.
The Apple Savings account is only worth opening if you already have an Apple Card. If you're already earning cash back with this card, the Apple Savings account gives you an easy way to increase your reward. However, you cannot spend money directly from your Apple Savings account. Instead, you must transfer the money to a linked bank account.
Apple Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. As of April 2023, Apple Savings is a federally insured account serviced by Goldman Sachs Bank.
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Apple Savings Account owners can deposit funds via an ACH transfer or from Apple Cash
Apple Savings is a high-yield savings account (HYSA) that allows Apple Card users to deposit their cash-back rewards and earn interest. Apple Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch, and are FDIC-insured up to the standard maximum deposit insurance amount of $250,000 per depositor, per bank, and per ownership category. This means that if the account has just your name on it, you are covered up to $250,000. If you have a joint account, each person is covered for another $250,000. The same applies if you have an account with a beneficiary.
Apple Savings account owners can deposit funds via an ACH transfer from a linked external account or from their Apple Cash balance. This is in addition to depositing money earned through Apple Card's Daily Cash reward, which offers up to 3% cash back on purchases. Once you open an Apple Savings account, those funds are automatically deposited into the new high-yield savings account. However, it is important to note that you cannot spend money directly from your Apple Savings account. To access your funds, you must first transfer them to a linked external account. Apple Cash is a digital payment service that can be used for spending or money transfers.
While Apple Savings offers a competitive interest rate of 4.15% to 4.25% APY, there are other high-yield savings accounts on the market that offer higher rates, such as Poppy Bank (5.50% APY), Western Alliance Bank (5.31% APY), and LendingClub (5.30% APY). These alternative accounts often have fewer restrictions and quicker access to funds. For example, transferring large sums of money out of an Apple Savings account can take several business days, and there have been reports of Apple customers having difficulty withdrawing their savings in a timely manner.
Despite these drawbacks, Apple Savings may still be a compelling option for iOS users who are already using Apple Pay for their daily purchases, particularly those who are big spenders or already sharing the Apple Card with family members. The seamless transfer of cash-back balances to an FDIC-insured savings account with a decent yield is a notable advantage. Additionally, Apple Savings has no fees or minimum balance requirements, making it accessible to those with varying financial situations.
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Frequently asked questions
Yes, Apple Savings accounts are FDIC-insured up to $250,000 per depositor and per bank.
Apple Savings is a high-yield savings account (HYSA) that allows Apple Card users to deposit their cash-back rewards and earn interest.
To access your Apple Savings funds, you must first transfer them to Apple Cash (up to $10,000 per transfer or $20,000 per rolling seven-day period) or to a linked external bank account.
