How Apple Savings compares vs other high-yield savings accounts

AppleInsiderAppleInsider
Posted:
in General Discussion edited April 1
Apple Savings is now available for Apple Card users. Here's how it compares to other high-yield savings accounts in July.

Apple Savings requires Apple Card
Apple Savings requires Apple Card

The finance sector isn't new to Apple, with Apple Wallet, Apple Pay, Apple Card, Apple Pay Later, and now Apple Savings. Customers have multiple avenues to entrust vital financial processes to Apple.

Apple Savings is a high-yield savings account provided by Goldman Sachs. It requires users to have an Apple Card and be over 18 years old. Otherwise, there are no minimum balances or fees associated with the account.

Here's how Apple Savings compares to other savings accounts. Interest rates are current as of April 1, 2024 -- but as Apple says, this can and will change with time.

Apple Savings vs other banks



For the most part, Apple is competitive, but there are some notable differences.

BankAPYMinimum Balance for APYMinimum Balance to avoid feesMonthy feeMaximum balance
Apple4.4%$0$0$0$250,000
Marcus4.5%$0$0$0$3 million
UFB5.25%$0$0$0N/A
PNC4.65%$0$0$0$5 million
SoFi4.6%$0$0$0N/A
Vio Bank5.3%$0$0$0$2.5 million
Barclays4.35%$0$0$0N/A
Citizens4.5%$0$0$0N/A
American Express4.35%$0$0$0N/A
Bank of America0.01%$100$500$8N/A



Note that some values have changed since this article first run in April 2023 and a January 2024 update. Several banks have increased their APY to be more competitive since Apple joined in, with Apple falling behind some of the competition.

Apple decreased its APY for the first time in April 2024 from 4.5% to 4.4%.

The maximum balance portion of the table was interesting, as many of these accounts list a specific value. Banks that did not directly reference a maximum balance are labeled as N/A. Apple's maximum of $250,000 is directly related to FDIC insurance limits, without extra fees.

All-in on Apple and digital



Users have to access their account via the Apple Wallet app on iPhone or the Settings app on iPad. There is no website or other option for Mac, Windows, or Android users.

You'll need an iPhone or iPad to manage Apple Savings
You'll need an iPhone or iPad to manage Apple Savings



Every other bank listed has an app and website to manage accounts. Most banks even offer ATM access for withdrawals -- Apple Savings does not.

Apple's Savings is competitive in the industry, even though users have to be all-in on Apple and retain either an iPhone or iPad to manage the account. Users can transfer money to Apple Cash or a certified bank account, but the Savings account isn't available for direct payments to Apple Card.

Users can set up direct deposits to Apple Savings thanks to an account number and routing number provided in the app. Though, users should be wary before going all in on the Apple Savings account.

Some checking accounts can't be properly verified for use
Some checking accounts can't be properly verified for use



Some checking accounts do not immediately qualify for direct transfer from Apple Savings through the app. Apple says users with banks that do not qualify will need to use the account and routing number to perform transfers from their institution's website -- at least until they get their external bank verified.

Alternatively, users can still add money to Apple Cash and then transfer the money to Apple Savings or vice versa. Paying Apple Card balances isn't possible with Apple Savings either, users will need to transfer from Savings to Cash, then to Apple Card.

Choosing Apple Savings over others



Apple Card users have an obvious entry point into the Apple Savings account. Everyone else will have a little overhead.

Other banks have little to no requirements to create an account. Most banks will create a checking and high-yield savings account after a person fills out a few forms, even without a history with that bank.

Apple Savings can't be created without an Apple Card
Apple Savings can't be created without an Apple Card



Apple users interested in an Apple Savings account will need to go through a credit approval process for Apple Card. Once approved, the Apple Savings account will become available.

We recommend checking with your existing bank to learn about their high-yield savings options before jumping on Apple Savings -- there might be a better deal or easier access. That and the all-digital aspect of Apple Savings and Apple Card might not appeal to you.

For the average Apple fan that has no intention of switching away from iPhone, there is no risk in getting an Apple Savings account. Provided you're eligible for an Apple Card.

And of course, as it is with many Apple financial systems and regulatory differences worldwide, Apple Savings is US only. Everyone else will have to wait until Apple Card launches in other countries, followed by Apple Savings.

Update April 1, 2024: Changed the APYs to reflect current rates.



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Comments

  • Reply 1 of 15
    2morrow2morrow Posts: 20member
    Any word on how quickly the money becomes available for withdrawal after you transfer it into Savings? I added money on Tuesday 4/18 and it is still not available to be withdrawn. I read somewhere that it said “a few days” but is looking more like a week which is fine, I just would like to know it will be 7 - x days. 
  • Reply 2 of 15
    tapetape Posts: 47member
    2morrow said:
    Any word on how quickly the money becomes available for withdrawal after you transfer it into Savings? I added money on Tuesday 4/18 and it is still not available to be withdrawn. I read somewhere that it said “a few days” but is looking more like a week which is fine, I just would like to know it will be 7 - x days. 
    Usually when you first open a savings account, your initial deposit will be restricted from being able to withdraw for something like 10 days. I can't remember if this is a government-imposed restriction or if banks have just settled on doing it this way, but it's been the case with every account I've opened in the last 25 years.

    Once you clear that 10 days, I imagine outgoing transfers will probably take 2-3 days.
    2morrowdewmetwokatmew
  • Reply 3 of 15
    S8ER95ZS8ER95Z Posts: 9member
    Stop thinking like a poor person.. this is yet another place for the wealthy among us to deposit the max amount and earn high interest on their money. 
    edited April 2023 twokatmew
  • Reply 4 of 15
    Stabitha_ChristieStabitha_Christie Posts: 441member
    2morrow said:
    Any word on how quickly the money becomes available for withdrawal after you transfer it into Savings? I added money on Tuesday 4/18 and it is still not available to be withdrawn. I read somewhere that it said “a few days” but is looking more like a week which is fine, I just would like to know it will be 7 - x days. 
    For me it’s somewhere around never. Money is there but every time I try to transfer money to my Apple Cash card the transaction failed. I tried adding a personal checking account and it won’t allow me to do that either, I’m told I have to call in and talk to a special group to add my account. 

    Over two hours in the phone and neither issue is resolved. 
    williamlondon
  • Reply 5 of 15
    jamnapjamnap Posts: 89member
    My 5k transfer posted after 2 days but maybe cuz zi moved finds from Marcus GS to Apple GS.  
  • Reply 6 of 15
    tartarintartarin Posts: 1member
    Stabitha_Christie said:
    2morrow said:
    Any word on how quickly the money becomes available for withdrawal after you transfer it into Savings? I added money on Tuesday 4/18 and it is still not available to be withdrawn. I read somewhere that it said “a few days” but is looking more like a week which is fine, I just would like to know it will be 7 - x days. 
    For me it’s somewhere around never. Money is there but every time I try to transfer money to my Apple Cash card the transaction failed. I tried adding a personal checking account and it won’t allow me to do that either, I’m told I have to call in and talk to a special group to add my account. 

    Over two hours in the phone and neither issue is resolved. 
    I had the same problem. None of my "available balance" could be transferred to Apple Cash -- the transaction was always declined. As you note, the problem was account verification by my bank. They refused to do a three-way call with Goldman Sachs and me to verify that the Apple Savings account belonged to me.

    The only solution that GS could suggest was to withdraw the funds back to my checking account and try another bank. So last night I withdrew the money from Apple Savings back to the checking account from which they originally came. The money was debited immediately from Apple Savings and reappeared this morning in my checking account and is included in my available balance. I have a checking account at another bank (Wells Fargo) which I will use from now on.

    I would guess that this problem could be avoided by transferring the funds from your bank to Apple Savings by setting up Apple Savings as an external account with your bank and then "pushing" the money to Apple Savings. Then verification would be done with micro deposits/withdrawals instead of by phone calls.
    twokatmew
  • Reply 7 of 15
    2morrow2morrow Posts: 20member
    tape said:
    2morrow said:
    Any word on how quickly the money becomes available for withdrawal after you transfer it into Savings? I added money on Tuesday 4/18 and it is still not available to be withdrawn. I read somewhere that it said “a few days” but is looking more like a week which is fine, I just would like to know it will be 7 - x days. 
    Usually when you first open a savings account, your initial deposit will be restricted from being able to withdraw for something like 10 days. I can't remember if this is a government-imposed restriction or if banks have just settled on doing it this way, but it's been the case with every account I've opened in the last 25 years.

    Once you clear that 10 days, I imagine outgoing transfers will probably take 2-3 days.
    It was 7 days for me ,and now it is available. 
  • Reply 8 of 15
    Stabitha_ChristieStabitha_Christie Posts: 441member
    tartarin said:
    Stabitha_Christie said:
    2morrow said:
    Any word on how quickly the money becomes available for withdrawal after you transfer it into Savings? I added money on Tuesday 4/18 and it is still not available to be withdrawn. I read somewhere that it said “a few days” but is looking more like a week which is fine, I just would like to know it will be 7 - x days. 
    For me it’s somewhere around never. Money is there but every time I try to transfer money to my Apple Cash card the transaction failed. I tried adding a personal checking account and it won’t allow me to do that either, I’m told I have to call in and talk to a special group to add my account. 

    Over two hours in the phone and neither issue is resolved. 
    I had the same problem. None of my "available balance" could be transferred to Apple Cash -- the transaction was always declined. As you note, the problem was account verification by my bank. They refused to do a three-way call with Goldman Sachs and me to verify that the Apple Savings account belonged to me.

    The only solution that GS could suggest was to withdraw the funds back to my checking account and try another bank. So last night I withdrew the money from Apple Savings back to the checking account from which they originally came. The money was debited immediately from Apple Savings and reappeared this morning in my checking account and is included in my available balance. I have a checking account at another bank (Wells Fargo) which I will use from now on.

    I would guess that this problem could be avoided by transferring the funds from your bank to Apple Savings by setting up Apple Savings as an external account with your bank and then "pushing" the money to Apple Savings. Then verification would be done with micro deposits/withdrawals instead of by phone calls.
    I eventually got the money out. Slightly different approach. For me, the big selling point of Apple Savings was convenience. What you are describing and what I had to deal with wasn’t particularly convenient. 

    At some point apple will figure out how to get it all working and I’ll reconsider it. 
  • Reply 9 of 15
    i0SZt1ITi0SZt1IT Posts: 5member
    I am having a similar problem.  In my case I can't transfer money from a linked financial institution into my Apple savings account.  My Apple Savings account shows links to my accounts at two different credit unions.  I want to add money from one of the credit unions to Apple Savings.  I go through the steps but when I should be able to choose the institution from which the money will be taken, only one linked account is shown, and it is not the one I want to transfer from.  Calling the "Apple Support" I get a Goldman person, who tells me neither account is linked.  I am further told that, as others have noted, linking the accounts will require a Goldman person to call my credit union and verify that the accounts are mine.  (I am typing this while on hold, for an hour so far, waiting for someone to link the accounts.)  

    Both of my credit union accounts are shown in the Bank Accounts tab associated with the Apple Savings.  I thought this meant they were linked.  Apparently not.  
  • Reply 10 of 15
    eriamjheriamjh Posts: 1,646member
    Apple may not have the highest rate, but the ease of use for the savings, transferring in (i guess I should try transferring out), and balance checking is pretty click and simple.

    Moving money around to get the highest rate is unreasonable.  But when my banks offer only 0.04%, I knew I had to do something.
    omasou
  • Reply 11 of 15
    rtalatirtalati Posts: 4member
    It hasn’t been mentioned that I have seen that the Daily Cash from your Apple Card can be set up to go right into the Apple Savings Account.   This seamlessly then starts earning interest.  Much nicer than it siting around as Apple Cash waiting to be used.  
    MplsP
  • Reply 12 of 15
    MacProMacPro Posts: 19,728member
    I tried it; I attempted $100,000 as a test and was told the limit was $10,000.  I wasted a day trying to solve this. Not to mention, Apple has a low maximum balance allowed.  

    That same day, I got an email from Amex telling me that my Platinum (or Gold) Amex account allowed me to add a savings account with a 4.35% APR.  It has a $500,000 limit.  Setting it up was a breeze, and I already have a linked bank account for paying my Amex balance every month.  The transfer from my Bank to this Amex savings account was as smooth as silk, and $100,000 went through with a click.  I was told it would take two days to complete, but I could click expedite at no charge if I was in a hurry.

    Transfering back (i.e., withdrawing cash) is just as simple.
    edited January 8
  • Reply 13 of 15
    grandact73grandact73 Posts: 30member
    Dozens upon dozens of other banks are offering at least 5%+, all FDIC insured. In this relatively high interest rate environment, this can make a big difference. Zero reason to use the Apple saving account.
  • Reply 14 of 15
    ApplejacsApplejacs Posts: 35member
    So far I’ve had a nice experience with my AC. 
    Setting up the savings account and having daily cash swept in has gone off without a hitch, and that’s both ways moving $$ in and out. 
    GS jumped in and resolved the early teething issues promptly. 
    As long as you pay off your balance every month the AC works well.
    Even better is that it’s cheaper and accepted more widely than AMEX.
  • Reply 15 of 15
    doggonedoggone Posts: 380member
    My biggest issue is that you can only access the account info on an iOS device.  What if my phone is stolen?  Will that allow someone to pull the savings out immediately if they have unlocked the phone?
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