Apple Savings Account Review
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Apple Savings lets you grow your money with a competitive APY, all from your iPhone. Keep reading for all the details.
Overall Score | 4.0 | ||
Savings | 4.5 | ||
Fees | 4.0 | ||
Mobile App | 4.5 | ||
Customer Service | 3.0 | ||
Pros and Cons
- High APY
- No monthly fees
- For iPhone users only
- Must have an Apple Card first
Bottom Line
High-yield savings account with a great APY, designed for iPhone users
Apple is a beloved brand known for innovations such as iPhones, iPads, MacBooks, and more. In recent years, it's expanded into offering financial services through its Wallet app.
More recently, they made a major move by introducing their high-yield savings account in collaboration with Goldman Sachs. Offering a competitive interest rate and no monthly fees, it's ideal for those seeking passive growth of their funds.
But is there more to the Apple Savings account? Continue reading to find out.
What is Apple Savings?
In 2023, Apple expanded its financial services by introducing a high-yield savings account in partnership with Goldman Sachs. It boasts a competitive 3.65% APY, outshining typical savings accounts that offer rates around the national average.
Plus, there are no monthly fees or balance requirements, making it easy to manage.[1]
Apple, in collaboration with Goldman Sachs, offers a high-yield savings account for Apple Card users in the US. Goldman Sachs manages the banking, while Apple provides the tech and user-friendly interface.
Apple High-Yield Savings Account
- 3.65% APY
- No monthly account fees
- No minimum balance requirement
- Up to 3% cash back on daily purchases
How Apple Savings Works
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This new savings feature is available to Apple Card users, who earn unlimited Daily Cash rewards—instant rebates from Apple Card purchases.
Previously, these rewards were deposited into an Apple Cash account, which doesn't earn interest. Now, you can automatically deposit your Daily Cash rewards into your Apple Savings account, which boasts an impressive APY well above the national average.
Additionally, you can deposit extra funds into your Apple Savings account from a linked bank account or their Apple Cash balance.
To open and maintain an Apple Savings account, you need to meet the following requirements:[2]
- Be an iPhone user with iOS 16.4 or later
- Be an owner or co-owner of an active Apple Card account
- Be a US resident with a valid, physical US address
- Have a social security number or individual taxpayer identification number
- Have two-factor authentication set up for your Apple ID
Who is It Best For?
Apple Savings is perfect for current Apple Card owners or anyone considering getting one, as you need the Apple Card to access Apple Savings.
Plus, opening an Apple savings means having your Daily Cash rewards from your Apple Card automatically transferred into your savings account. From there, it can earn interest.
It's a great option for tech-savvy individuals who prefer digital banking. With Apple Savings, all you need is your iPhone to grow your funds and you can easily access your money with just a few taps.
Is the Apple Savings Account Worth It?
If you're already an iPhone and Apple Card user, the Apple Savings Account could be worthwhile. It features a competitive APY and provides a smooth digital banking experience, ideal if you rely heavily on your iPhone for daily tasks.
However, if maximizing your savings rate is your priority, exploring other options might offer better rates.
Yes, Apple Savings accounts are covered by FDIC insurance because they are offered through Goldman Sachs, an FDIC member (Cert #33124). This means your deposits are protected up to $250,000, ensuring you'll get your money back even if the bank fails.
Pros and Cons
Pros
- Good APY
- No monthly fees
- No balance requirements
- No opening deposit
- FDIC-insured
Cons
- For iPhone users only
- Must have an Apple Card first
- Bank transfers take time
Fees to Look Out For
Another great feature of the Apple Savings Account is its lack of hidden costs. There are no monthly maintenance fees or minimum balance requirements, so you have full access to all your earnings.
You also won't have to worry about fees when you make ACH transfers. However, you'll have to wait a few days for the transaction to reflect in your account.
How Apple High-Yield Savings Compares
If you're still on the fence about Apple's high-yield savings, here are some other options to consider:
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 3.95% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
How to Access Your Money
You can only access your funds by transferring them from your Apple Savings account into your Apple Cash account or an external bank account (and vice versa). [3]
Here's how to transfer money into your account:
- Link an external bank account to your Apple Savings account.
- Open the Wallet app on your iPhone and tap on Apple Card.
- Go to your Savings account and tap on Withdraw.
- Enter the amount you want to transfer.
- Choose the account to transfer your money to.
From there, all you need to do is review the details and confirm the transaction.
How to Set Up Apple Savings
To open an Apple Savings account, you must first be an Apple Card user. Once you have an Apple Card, follow these steps to set up your Apple Savings account:
- Open the Wallet App and tap on Apple Card.
- Go to Daily Cash and then tap Savings.
- Answer the questions and provide your info.
- Tap on Confirm & Open an Account.
From there, wait for the account to be created, and you'll be all set to start funding it.
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Apple Savings:
Here's how to use the calculator:
- State your initial or current balance and your estimated monthly contribution.
- Choose the number of years you plan to grow your savings.
- Input the current APY offered by the bank.
From there, just hit Calculate. You'll then see how much you've contributed, the total interest earned, and your final balance based on your chosen number of years.
More About Apple's Financial Services
The Wallet App works like a virtual wallet right on your iPhone. It securely holds digital versions of your credit and debit cards, government IDs, transit cards, event tickets, key cards, and more.
It also offers other great features:
- Apple Cash: A digital prepaid debit card where you can keep cash for everyday use. Just note that it doesn't earn interest.
- Apple Pay: A payment tool that lets you use your digital credit cards to make payments and send or receive money with Apple Cash.
- Apple Card: A credit card from Apple, in partnership with Goldman Sachs. You can apply for it directly on your iPhone. It has no fees and offers up to 3% cash back on purchases.
These features make managing your finances easier and more convenient right from your iPhone.
Bottom Line
Apple Savings is a solid choice with a competitive APY and no hidden fees. If you use an iPhone and have an Apple Card, you can easily sign up, deposit funds, and start growing your savings with just a few taps.
However, if you prefer traditional banking or don't use an iPhone, this account may not fit you best. You might want to consider other online banks that offer more accessibility.
References
- ^ Apple. Apple Card's new high-yield Savings account is now available, offering a 4.15 percent APY, Retrieved 06/30/2024
- ^ Apple. Set up and use Savings in Apple Wallet, Retrieved 06/30/2024
- ^ Apple. Transfer money from Savings to Apple Cash or your external bank account, Retrieved 06/30/2024
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 2.68% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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