Apple Savings account review: Convenient for Apple users, but limited for others

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Apple offers more than just iPhones and MacBooks. The tech company has also partnered with Goldman Sachs to offer a high-yield savings account with a competitive APY, no monthly maintenance fees, and unique perks, including automatic deposits of Daily Cash rewards earned on your Apple credit card.

Just be aware that you need an Apple Card to be eligible for this account. If you don't have an Apple Card (and aren’t planning on getting one), you may want to look elsewhere.

Apple Savings account features 

Interest rate and accessibility

Apple's Savings offers a competitive APY — though it’s not the highest yield on the market. Unlike some savings accounts, Apple’s account doesn’t offer ATM access, and you cannot spend directly from your savings account using Apple Pay or your Apple credit card. Instead, you must transfer funds to an external bank account or Apple Cash for spending. 

If you’re looking for more accessibility, you may want to consider other banks offering higher APYs or ATM access. 

Fees and minimum balance

Apple's Savings account has no minimum balance requirements and no maintenance fees, so you don't need to maintain a daily balance to avoid extra costs. 

Integration with Apple’s ecosystem

Apple's Savings program stands apart from traditional high-yield savings accounts because it’s part of Apple's famously intuitive ecosystem. 

As an Apple cardholder, you can sign up for Savings directly in your Apple Wallet. To open your Savings account, simply select "More," tap Daily Cash, and choose the "Set Up" option next to savings. 

One of the major benefits is the ability to transfer your Apple Card rewards directly into your Apple Savings account. This feature makes it easy to build savings effortlessly by turning your credit card rewards into an extra boost for your high-yield savings account.

The Apple Card offers perks such as no annual fees, late fees, or foreign transaction fees. It also offers up to 3% cash back on purchases, which is delivered as a daily reward when you charge eligible items on the card. 

However, signing up for the Apple Card just to access the Apple Savings account may only be worthwhile if you frequently purchase from partner merchants that allow you to earn 3% back on purchases. 

Managing your savings

You can manage your savings account directly from your Apple Wallet. The app’s user-friendly design and high rating (4.8 out of 5 stars) make tracking your account balance and financial goals simple. 

You can transfer funds into your Apple Savings account from any external bank account or via Apple Cash. However, it takes several days for these funds to clear when they are sent from outside banks, while you can typically use money transferred from Apple Cash in your account immediately. 

Apple's savings account has no minimum balance requirements and no maintenance fees. The only limit is a maximum balance of $1 million, which likely won’t affect most users.

Is the Apple Savings Account right for you?

The Apple Savings account may be a good fit for you if:

• You’re an Apple card user
• You already earn Daily Cash back rewards by using your Apple Card credit card
• You want to maximize the money in your Apple Wallet

Eligibility requirements

To open an Apple Savings account, you must be either the primary owner (the person who originally applied for the card) or a co-owner (a user added later with equal rights) of an active Apple Card. Each can open a separate account; Apple Savings does not offer joint savings accounts. 

However, if you’re listed as a “participant” on the card, otherwise known as an authorized user, you aren’t eligible to open an Apple Savings account, even if you use the card regularly.

Additionally, you must meet the following requirements:

• You must be at least 18 years old.
• You need a Social Security number or individual taxpayer ID number.
• You have to add your Apple Card to your cell phone.
• You must enable two-factor authentication on your phone.

How the Apple Savings Account stacks up 

Apple's Savings is not the only savings account that links up with credit card cash back rewards. For example, Bank of America allows cardholders to redeem cash back rewards by depositing them into a Bank of America checking or savings account.

For regular Apple Card users, this account may be a no-brainer. For those who don't have an Apple Card or who don't often earn Daily Rewards on the card, a different account offering a higher APY would be a better fit. 

The bottom line 

Apple Savings offers a convenient way to grow your credit card rewards, making it an appealing option for Apple Card holders. With the option to automatically transfer your Daily Cash to your savings account, you can start earning interest right away.

Still, a different savings account providing higher yields would make more sense for those without an Apple Card or who don't often spend on Apple Card bonus categories.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.