Apple Savings Account Review 2023

Apple Savings Account Review 2023

Can we ever expect Apple to be mediocre? Fifteen years earlier, they changed the game of smartphones with their iPhones. Now, 15 years later, they have decided to provide customers with yet another feature, the Apple High Yield Savings Account. They might not be the first company to offer a high-yield savings account, but it sure is a feature you’ll enjoy if you’re an iOS user. Our in-depth review will introduce you to the feature, allowing you to understand the benefits that come with using the Savings account. Later, you can also learn how to open an Apple Savings Account!

So, let’s dive into the world of Apple’s newest addition and find out if it is worth the hassle. 

Apple Savings Account Review

Apple’s new high-yield savings account is an interesting addition to the myriad of features it provides to its customers. But before you set it up for yourself, it’s crucial you know the perks of having yours. 

While the usual brick-and-mortar banks are used to earning 2% on their savings accounts, with Apple, you cannot expect the normal and ordinary, and that’s precisely what they have done. Apple High Yield Savings Account provides users with a 4.5% APY, and that is the highest rate that we have found to date. Another advantage of signing up for the Apple Savings Account is that there are no extra charges and no minimum or maximum deposit barrier. Apple doesn’t require a certain balance in the account for users to sign up. There’s another feature that you can enjoy is that Apple allows its users to link their accounts. 

You can link your account to an external banking app, which can be the perfect means to withdraw cash by transferring it from your Apple Savings Account to your bank. This way, moving money becomes easy. 

Apple Savings Account: Is it Trustworthy or not?

To begin with, Apple is not a banking or a financial organization. The company provides gadgets, including iPhones, Macs, iPads, and AirPods. But at the start of 2023, Apple Savings and Apple Cards are provided and issued by Goldman Sachs Bank USA, which is a member of the FDIC Bank. So, Apple isn’t a financial institution, but it allows individual accounts to deposit up to $250,000. As the website mentions, any amount deposited above the limit will either be returned or rejected. 

In collaboration with BBB Better Business Bureau, Apple ensures an A+ rating. While the Goldman Sachs issues a B+ rating. A solid BBB grade portrays how the company provides satisfied customers by responding to their emails and complaints, making proper advertising claims, and ensuring a smooth business running. However, these BBB ratings do not promise good terms with the organization. 

As per the Identity Theft Resource Center, Goldman Sachs and Apple haven’t had any breaches of data and information within the last five years. So, it’s safe to say that your data is in good hands. The CFPB hasn’t received any complaints from Apple within the past few months. However, there have been 2 thousand consumer complaints from Goldman Sachs in the past year, primarily related to their prepaid and credit cards. 

Furthermore, Goldman Sachs has been named in multiple controversies in the past few years; in 2022, the SEC declared that Goldman Sachs Asset Management has failed to quiet a few policies involving the environment, social, and governance investments. They paid around $4 Million to settle the suit. 

But then Apple Inc. is involved in this so things might be safe from that corner. 

Apple Savings Account: Learn How to Get Access to the Money

Apple Savings Account: Learn How to Get Access to the Money

If you have experience using a bank account before, you might have a general idea of how bank accounts work. But it’s okay to be baffled at first. If you’ve never opened one, The Apple Savings Account is a different approach where you won’t be walking to the nearby branch to resolve your issues; everything is online, and the best part is that nothing is as complicated as you might believe. It’s essential you know the basic workings and how the depositing and withdrawal works. 


The minute you open your Apple Savings Account, you can immediately begin depositing the money. Here’s a step-by-step guide to assist you:

  1. Start by tapping on the Apple Wallet application on your iPhone. 
  2. Then tap on the Apple Card. 
  3. Now Tap on the Savings Account and then choose the Add Money option. 
  4. You must enter the amount you wish to add and tap on the Add. 
  5. Now select the source of payment to which you wish to add money to your account. 
  6. Double-click the side button to confirm your transaction by getting a touch ID, Face ID, or passcode verification. 

As per instructions provided by Apple, the money that you deposit starts earning interest after the initiation from your Apple Wallet app. Money transfers from Apple Cash are available instantly, and then the money that has been transferred from an external account takes a few days to clear out before it’s available. 


After you have linked your external bank accounts with the Apple Savings account, here’s a step-by-step guide to assist you in withdrawing your money:

  1. Start by opening your Apple Wallet app on your iPhone. 
  2. Then tap on the Apple Card and then the Savings Account.
  3. Click on the Withdraw option, and add the amount you wish to withdraw from your account. 
  4. Now tap on Next!
  5. Then, select the bank account you wish to deposit the money into. 
  6. Double-clicking the side button requires a passcode, Touch ID, or Face ID verification to confirm the withdrawal. 

It takes around one to three business days for the transaction to be successful. After the money is credited to your external bank account, you can withdraw it conveniently. 

People with Apple Savings Accounts can also transfer their money to Apple Cash. This is done instantly, and then you can use the money to make the transaction. Apple Cash also allows transfers to a debit card, but you will be charged a small fee. This is for those who do not want to wait and need to use the money instantly. 

How to set up Apple Savings Account

If you already have an Apple card, opening the Apple savings account requires the following steps. Follow them to activate your account successfully:

  1. Open the Apple Wallet on your iPhone.  
  2. Then tap on the Apple Card and three dots, which is also the button. 
  3. Then click on the Daily Cash option. 
  4. Right next to the Savings option, there’s Set Up; tap on that. 
  5. Then, follow the provided prompts. 

With the Apple Savings Account, you can quickly transfer money from the Apple Cash account and even an external banking account. But make sure your iPhone is updated and is operating on iOS 16.4 or a newer iOS version. All the cash you earn daily will be collected in your Apple Card Savings Account. If you already have a balance of Cash then it will show up in your Apple Savings Account after completing the steps mentioned above. 

Pros and Cons of the Apple Savings Account

Pros and Cons of the Apple Savings Account

Now that you know the overview of the Apple High Yield Savings account, you must learn the advantages and disadvantages that come with it:


  • It does not require a minimum deposit amount and no requirements for account balance
  • No charges
  • A competitive APY
  • Apple Card cashback is deposited automatically into the savings account


  • No access to the ATM 
  • Available only to Apple Card users
  • There is no option for joint accounts 


  1. Is the new Apple  Savings account worth it?

If we look at the specifics, then it requires no monthly charges and has no limit on the minimum requirement. Even the APY is impressive and is more than what an average savings account offers to users (0.45%). So, at 4.15%, an account with $6000 will earn $270 interest after a year. 

  1. What are the downsides of Apple Savings Account?

One of the downsides of the Apple High Yield Savings Account is that it’s only available for iPhone and Apple Card users. It has no joint account system, and accessing cash is tricky for a user. 

  1. How safe is Apple Bank for savings?

The FDIC insurance covers all Apple Banks deposit accounts, which includes business and personal accounts, savings accounts, money marketing accounts, and even the certifications for deposit. 

Bottom Line

So, after reading the review, you have an idea about the Apple High-Yield Savings Account. They are offering a lot, but limiting it to Apple users results in the experience being cut short, too. So, Apple users are probably in for a treat with this new addition. There’s no harm in trying, so reap the benefits and see what the hype is really about. Start with low amounts and check how they can be benefiting for you! 

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Abdul Wahab is a Software Engineer by profession and a Tech geek by nature. Having been associated with the tech industry for the last five years, he has covered a wide range of Tech topics and produced well-researched and engaging content. You will mostly find him reviewing tech products and writing blog posts. Binge-watching tech reviews and endlessly reading tech blogs are his favorite hobbies.