Apple’s 4.15% APY High-Yield Savings Account: What to Know

Apple Card users have a competitive option for a high-yield savings account, one that pays a 4.15% annual percentage yield. In April 2023, Apple announced the federally insured account — serviced by Goldman Sachs Bank — was available to customers.

The fact that Apple's savings option is open only to Apple Card customers hasn’t seemed to hurt its popularity. In August 2023, Apple announced the account had reached more than $10 billion in deposits since its launch. To compare, only about 150 U.S. banks (out of nearly 5,000) have deposits of more than $10 billion, according to data from the Federal Deposit Insurance Corp.

Shortly following the April announcement, there were reports of Apple customers having difficulty withdrawing savings funds in a timely manner. As with any financial product, it’s important to weigh the pros and cons, as well as potential rules and restrictions, before choosing a new account.

Why you'll like the Apple savings account

The account has no monthly fee or minimum balance requirement and the APY is notable. It is much more than the average savings rate for savings accounts, which is 0.46%, according to the FDIC. At 4.15%, an account with a $5,000 deposit will earn $211 in interest after one year, per the NerdWallet savings calculator.

And you don’t need to start with thousands of dollars to take advantage of a high-yield savings account. Say you start with $50, and deposit $50 a month for five years. According to the calculator, you will put away $3,050. Thanks to an interest rate of 4.15%, your money would earn you an extra $339, for a total savings of $3,389.

How the Apple savings account works

As noted above, the catch is that this account is available only to people who have an Apple Card. This is a credit card that offers a reward called Daily Cash, where you can get up to 3% cash back on purchases. Once you open an account, those funds are automatically deposited into the new high-yield savings account. (You can also opt for a different destination for Daily Cash, such as your Apple Cash account, instead.)

In addition to depositing money earned through Daily Cash, you can deposit funds into the savings account via an ACH transfer from a linked external account or from your Apple Cash balance.

You can access your savings account, including balance and interest earned information, in the Apple Wallet app.

How to open the Apple high-yield savings account

To open the account, you will need to go to your Apple Card in your Apple Wallet app and set up Savings. According to Goldman Sachs, you’ll need to provide your Social Security number or Individual Taxpayer Identification Number to get an account. You’ll also need a U.S.-based address (including U.S. Territories and U.S. Jurisdictions).

Funds in this account are federally insured up to the FDIC’s insurance limits. FDIC insurance generally covers bank account balances up to at least $250,000.

According to the deposit account terms from Goldman Sachs Bank, you can deposit a maximum amount of $250,000. If you try to deposit more than that amount, the bank may reject your deposit.

How to find high-yield alternatives

If you don’t have an Apple Card or don’t want to open one, you can look for other high-yield savings accounts. Many tend to be online only. This means institutions that offer them typically don’t have the costs of paying for bank branches and in-person tellers, so they can pass on the cost savings in the form of high APYs and no monthly service fees.

Today, some of the best federally-insured savings accounts available have rates as high as 5% or more, often with no monthly fees or minimum requirements.