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Apple savings account review: High APY for iPhone users

This new savings account has a high APY that rivals top providers, but you’ll need Apple’s credit card to qualify.

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Our verdict

The Apple savings account earns a high 4.15% APY with no balance requirements. There are also no monthly fees and no minimum opening deposit requirement. The new account can be used to grow Daily Cash rewards earned with Apple's credit card, the Apple Card. Daily Cash earnings are automatically deposited into the savings account to start earning interest. Plus, you can link a bank account to add more money to take advantage of the high APY. But to qualify, you'll have to be an iPhone user with iOS 16.4 and later and have an Apple Card.

Best for: Apple Card users looking to earn a strong APY on their daily cash rewards.

  • High 4.15% APY
  • $0 minimum deposit
  • $0 monthly fee
  • iPhone users only
  • Must have Apple's credit card


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Minimum deposit to open


Who is Apple’s savings account best for?

The Apple Savings account is best for those planning to open or already have an Apple Card and use it frequently. Daily Cash rewards earned through Apple Card‘s cashback program are automatically transferred into this new savings account to help build up your Daily Cash rewards, allowing effortless earnings and financial tracking right in the Apple Wallet.

And if you’re an iPhone user without an Apple Card, it may be worth getting it to qualify for the savings account — especially if you’re a purveyor of Apple products. The Apple Card offers unlimited 3% Daily Cash on all Apple purchases and 3% cash back on purchases at select merchants.

What we like about Apple’s savings account

Apple’s new savings account has no monthly fees and earns a high APY at 4.15% with no balance requirements. The account automatically deposits Daily Cash rewards, allowing you to add to the account without manually making deposits.

Plus, you don’t earn interest on strictly your cash rewards. You can also maximize your savings by transferring money through a linked bank account. With an APY that’s more than 10 times higher than the FDIC’s national average of 0.40% APY, you can grow your savings faster and earn more from your hard-earned money.

Although Apple isn’t a bank, the account is FDIC insured up to $250,000 through Goldman Sachs, the issuing bank.

Where it falls short

The Apple Savings account is solid and straightforward. But you’re out of luck if you’re not an iPhone user with iOS 16.4 or later. And you need Apple’s credit card to qualify for the account.

Compare Apple’s savings account to other accounts

Narrow down top savings accounts by APY and minimum deposits. Select Compare for a side-by-side comparison of up to four providers.

Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA Insured Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Rating: 4.6 / 5: ★★★★★
SoFi Checking and Savings
Traditional savings,Checking



Earn up to $250 with a qualifying direct deposit, terms apply. This offer is available until December 31, 2023.
Western Alliance Bank High Yield Savings Account through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Western Alliance Bank High Yield Savings Account through SaveBetter
Traditional savings


American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings


Finder Rating: 4.4 / 5: ★★★★★
Savings app


Earn $1 for every person that joins using your unique link or code. They'll also get $1
CIT Bank Platinum Savings
Finder Rating: 4 / 5: ★★★★★
CIT Bank Platinum Savings
Traditional savings



Upgrade - Premier Savings
Finder Rating: 4.3 / 5: ★★★★★
Upgrade - Premier Savings
Traditional savings



How to open Apple’s savings account

You must have an Apple Card to open this savings account. Once you have one, follow these steps using your iPhone:

  1. Open your Apple Wallet app and select your Apple Card.
  2. Select Daily Cash and then choose Savings, which you’ll find under Daily Cash Election labeled Apple Cash and Savings.
  3. Verify your Social Security or taxpayer identification number, agree to the terms and conditions, and then tap Confirm & Open Account.
  4. Transfer funds from your Apple Cash card and Daily Cash rewards can be moved automatically into your new savings account. To deposit or withdraw cash, tap Withdraw or Add Money from the Savings menu.

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