Is the Apple high-yield savings account right for me?
Apple’s savings account may be worth it for Apple fans interested in maximizing their ROI with its 4.40% APY, but there are several caveats.
This high-yield savings account is only available to Apple Card holders. Both assets live in the Apple Wallet. With your credit and savings options so closely tied to your smartphone and other daily living apps, you can spend and save with a few quick taps.
If that convenience — and the savings account APY — sounds enticing, ask yourself if you mind doing all your banking through your smartphone. You’ll also have to be okay with no ATMs and jumping through a few hoops to make deposits and withdrawals.
Pros and cons of the Apple high-yield savings account
How does the Apple savings account work?
Apple’s high-yield savings account is backed by banking giant Goldman Sachs. You’ll need an Apple Card to access and use an Apple savings account, which comes with zero monthly service fees and no minimum balance requirement.
There are no brick-and-mortar Apple banking locations. Instead, you’ll manage your savings account using your smartphone and the Wallet app. Apple Card users can have their daily cash-back credit card rewards automatically deposited into their Apple HYSA.
To deposit and withdraw money, you must link to another bank account and initiate an ACH transfer. Or you can use the money in your Apple Card savings account to fund purchases made with Apple Pay by transferring funds from savings to Apple Cash through your iPhone wallet.
Apple savings account interest rate
The Apple high-yield savings account offers a 4.40% APY. That’s almost 10 times the current national average savings account interest rate of 0.45%, according to the FDIC. As if that rate wasn’t competitive enough, Apple also gifts account holders additional perks, including no minimum deposit requirement and no minimum balance requirement.
| APY |
Monthly Fee |
Minimum Opening Deposit |
| 4.40% |
$0 |
$0 |
How much can I earn with an Apple savings account?
The amount you can earn with an Apple savings account depends on how much you deposit into the account, how long you leave the money to earn interest and whether your interest rate changes over time.
Apple savings accounts come with a higher-than-average interest rate, and interest compounds daily and is credited monthly.
With daily compounded interest, an initial deposit of $5,000 at 4.40% APY would result in $224.90 in interest earned over one year. That’s assuming you make no additional deposits and don’t withdraw any money.
Given that Daily Cash from your Apple Card’s cash-back rewards program is automatically added to your savings account balance, where it can then generate interest, the more you spend via your credit card, the more money you can potentially earn via your savings account.
Let’s take a look at how much you can earn over the years with an initial deposit of $5000 and a steady APY of 4.40%:
| Initial deposit |
Additional deposits per month |
Total balance after one year |
Total balance after two years |
Total balance after five years |
| $5,000 |
$0 |
$5,224.90 |
$5,459.91 |
$6,230.30 |
| $5,000 |
$50 |
$5,837.17 |
$6,711.99 |
$9,579.72 |
| $5,000 |
$75 |
$6,143.30 |
$7,338.03 |
$11,254.43 |
| $5,000 |
$100 |
$6,449.44 |
$7,964.08 |
$12,929.14 |
| $5,000 |
$200 |
$7,673.98 |
$10,468.24 |
$19,627.99 |
*The savings estimates provided are meant for general information purposes only and should not be considered as financial advice. We strongly encourage you to check with the specific financial institution for an accurate estimate before applying for any financial product.
How the Apple savings account interest rate compares
Apple’s 4.40% APY is exponentially more than the current national average savings rate. Apple savings rates also have no tiers or minimum balance requirements, so you’ll earn the maximum available interest rate and the same amount of interest over time, no matter how much money you tuck into your account initially. This is not the case with all banks.
Here’s what major bank interest rates look like currently:
*Figures are correct as of June 2024. Although this table is updated regularly, the availability of the savings accounts listed through our partner may vary. In this case, check with the respective financial institution for the most up-to-date information.
Apple Savings vs. SoFi Savings Account
Apple HYSA and SoFi Savings have competitive APYs and no-fee offers in common, but the similarities end there. SoFi offers just 0.50% APY on checking accounts, but that soars to 4.60% APY for savings accounts that meet certain criteria.
With the SoFi savings account, You must set up a direct deposit and put at least $5,000 into your account every 30 days to get that 4.60% rate. Otherwise, your savings interest plummets to just 1.20% APY — still far above the national average but much lower than Apple’s savings rate.
Apple Savings vs. Western Alliance Bank High-Yield Savings Account
Western Alliance Bank is one of the only savings accounts with a 5% interest rate, with its hefty 5.22% APY. It also has full FDIC protection and absolutely no fees. You can open an account with as little as $500, but that’s still $499.99 more than you need to open a savings account with Apple.
As with an Apple HYSA, Western Alliance accounts are accessible online only, not through a physical bank branch. You’ll also need to use ACH and wire transfers to fund the account and make withdrawals.
Apple comes out ahead if you’re already an Apple Card holder and you crave the convenience of having all your major financial assets in one wallet. But Android users and anyone else not utilizing Apple products may be better off with Western Alliance.
How to open the Apple high-yield savings account
To open an Apple high-yield savings account, you’ll need to apply for an Apple credit card first then, all cardholders are eligible for Apple savings.
You can apply for an Apple Card online. The process doesn’t affect your credit score (although accepting the card might), and decisions are generally made in less than a minute.
How to withdraw money from an Apple savings account
You can’t withdraw money from your Apple account via an ATM or at a bank branch, but you can transfer funds to Apple Cash. From there, you can use your money to pay bills or make online purchases.
You can also use an ACH or wire transfer to send money from your Apple high-yield savings account to another linked account, such as an external checking or savings account held by a traditional or online-only bank.
Follow these steps to transfer money from Apple Cash to your external bank account:
- Open your Apple Wallet app.
- Find and tap the “Apple Cash” button.
- Tap the circle icon with three dots inside (generally found on the upper right-hand corner of the screen).
- Select “Transfer to Bank.”
- Type in the total amount you want transferred.
- Tap “Next” and select your preferred delivery route.
- Wait one to three business days for the transaction to complete.
How to deposit money to an Apple savings account
You can deposit money into your Apple savings account in several ways:
- Initiate an Apple Cash transfer using the Wallet app.
- Transfer money from an external bank account using an ACH or wire transfer.
- Watch as Daily Cash rewards from your Apple Card are automatically deposited into your Apple Card savings.
Apple savings account limits your balance to a maximum of $250,000.
Is the Apple high-yield savings account worth it?
Apple high-yield accounts are worth it if you’re an Apple fan who wants simplicity and doesn’t mind doing your financial management online.
Currently, the advertised Apple savings account interest rate is 4.40%, which will help you grow your nest egg relatively quickly. If you use your Apple Card often, the card’s cash-back scheme will funnel even more funds into your savings account.
Other Apple financial products
Apple offers several financial products, all of which can be linked to Apple’s savings accounts in various ways.
Apple Card
The Apple Card is a rewards-based credit card that gives consumers up to 3% cash back — called Daily Cash — on every purchase. Daily Cash is automatically sent to your Apple high-yield savings account. There are no fees associated with the card and no limits on how much cash back you can generate each day.
Apple Cash
Apple Cash is essentially a digital debit card. It lives in your Apple Wallet, and you can use it to buy items in stores and online or to send and receive money to or from friends and family. You can transfer money from Apple Cash to your Apple savings account.
