Apple Savings Account Review: High APY for iPhone users

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 savings account has no monthly fees and earns a high APY at 3.65% 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 0.39% 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.

What could be better

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. If you’re not an Apple user, other high-yield savings accounts may be a better fit.

Also, it’s worth noting that all of the Apple savings account features are accessed through Apple Wallet, which means you can’t access your savings account from the Apple website. If you don’t want to do all of your online banking from your iPhone, you might want to bank elsewhere.

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.

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6 of 19 results

Finder Score	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn APY	Minimum deposit to open	Rebate
Promoted Finder score 8.6 Great Synchrony High Yield Savings	Finder score 8.6 Great	Traditional savings,Custodial account	3.50%	Up to $250,000	$0	$0		Go to site View details Compare product selection Compare	loading
Promoted Finder score 9.2 Excellent Public High-Yield Cash Account	Finder score 9.2 Excellent	Cash management account	3.30%	Up to $250,000	$0	$0		Go to site View details Compare product selection Compare	loading
Promoted Finder score 9.2 Excellent SoFi Checking and Savings	Finder score 9.2 Excellent	Traditional savings,Checking	Up to 3.30%	Up to $250,000	$0	$0		Go to site View details Compare product selection Compare	loading
Finder score 8.4 Great Axos ONE	Finder score 8.4 Great	Savings app	Up to 4.21%	Up to $250,000 individual and $500,000 joint	$0	$0		Go to site View details Compare product selection Compare	loading
Finder score 8.6 Great Alliant High-Rate Savings	Finder score 8.6 Great	Savings app	3.10%	Up to $250,000 by the NCUA	$100	$5	$5 opening deposit is paid for you. T&Cs apply.		Go to site View details Compare product selection Compare	loading
Finder score 9.4 Excellent Varo	Finder score 9.4 Excellent	Traditional savings	Up to 5.00%	Up to $250,000	$0	$0		Start with 2.50% APY, then qualify next month for 5.00% APY on up to $5,000 by getting $1,000+ in direct deposits and a positive balance.	Go to site View details Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full breakdown

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.

Apple customer reviews and ratings

Because Apple is such a massive company with millions of customers worldwide, it’s pretty natural to see a high volume of negative reviews across third-party platforms like the Better Business Bureau (BBB) and Trustpilot. The majority of those complaints were about Apple’s physical products, though, instead of the savings account specifically.

That said, it’s still worth paying attention to the reviews regarding poor customer support, since you will need to go through Apple Support if you have any issues with your savings account. But note that since Apple itself isn’t a bank, certain issues may need to be handled by its banking partner, Goldman Sachs.

In Reddit discussions about Apple Savings and Apple Cash, some users shared their frustrations when trying to transfer funds between accounts. A common theme is getting routed back and forth between Apple Card and Apple Cash support without clear answers on transfer timelines or eligibility. Some also mentioned temporary account locks tied to fraud reviews, which in some cases also restricted access to their Apple Card.