Apple’s Savings Account vs. Other High-Yield Options: Full Comparison

benefits of apple's new savings account

Apple’s Savings Account vs. Other High-Yield Options: Full Comparison

Key Points

  • Apple’s Savings account offers a flat 4.15% APY, regardless of the account balance, which is unlike many other high-yield savings accounts.
  • Apple Savings has zero transaction fees, making it a flexible and competitive option compared to other banks.
  • To open an Apple Savings account, you need an Apple Card, a good credit score, and an Apple device, unlike most savings accounts that have no hard requirements.
  • Apple Savings does not offer an ATM or debit card, requiring you to transfer funds to a separate bank account for access, unlike other high-yield accounts that provide a complementary debit card.
  • While Apple Savings may not be the most flexible or robust option, it offers a flat APY rate, no transaction fees, and no minimum balance, making it worth considering for those seeking a higher APY.

Apple’s Savings account vs. other high-yield options: which is the better choice? There are quite a few options on the market today for savings accounts. Apple’s take on it is fairly recent and is structured in a way that’s unlike many of the other high-yield savings accounts you’ll find.

The Apple Savings account is administered by Goldman Sachs but is honestly quite a great product for saving money. If you’ve been on the hunt for a new place to build your savings with a higher annual percentage yield, then the tech giant might be the place to look.

Apple’s Savings Account vs. Other High-Yield Options: Side-by-Side Comparison

Apple SavingsOther High-Yield Options
APY4.15%3 – 6%
Monthly FeesNoneVaries between vendors; most will offer zero monthly fees, some will offer a nominal fee
Transaction FeesNoneVaries between vendors; most will offer zero monthly fees, and some will offer a nominal fee
Checking AccountNoneOn average, a checking account is also offered alongside most high-yield savings options
Minimum BalanceNoneSome require zero minimum balance but will have a required minimum to actually begin earning returns
Maximum Daily TransactionsNoneSome offer unlimited daily transactions, while other banks will have a set daily maximum allowed for transactions between savings and checking
Overdraft FeesNoneIt depends on the bank
ATM CardNoneYes

As you can see, there is quite a world of difference between typical financial products and what Apple is offering as a savings account.

Apple’s Savings Account vs. Other High-Yield Options: What’s the Difference?

Apple's Savings account vs. other high-yield options
Apple Savings allows for easy access to funds from your iPhone or iPad device.

Minimum Deposits

The Apple Savings account doesn’t require a minimum balance to open. You will need to qualify or already have the Apple Card to open the account itself. Where it differs from other financial products is that you still get access to a flat 4.15% APY, regardless of the balance in your account. Now, more would certainly be better, especially if you’re looking to see greater returns on an annual basis.

For comparison, Digital Federal Credit Union’s primary savings account offers a stellar 6.17% APY. However, that is only applicable to the first $1,000 deposited. After that, the account defaults between 6.17% to 0.16% APY, depending on the amount deposited.

Mango’s savings account likewise offers a fairly strong APY of 6%, but that’s only applicable to the first $2,500 deposited into the account. You can expect a 0.10% APY for account balances over $2,500, with a hard cap of $5,000 on what earns interest.

Transaction Fees

Once again, Apple Savings shows a great amount of flexibility. You’ll see zero transaction fees when using the savings account, even if you’re moving funds or depleting the balance regularly. This is fairly atypical, but not unseen with savings accounts. Apple is a new mover in the world of finance, but it seems to offer a fairly competitive product without the usual foibles seen by some banks.

CIT Bank’s Platinum Savings is one such account. You can expect up to $10 per transaction, which caps out at a maximum of $50 per month. Now, this isn’t an obscene amount by any measure, but it still adds up, especially if you’re making regular transfers out of your savings.

CFG Bank’s High Yield Money Market offers a great APY but has a $10 transaction fee, provided your account is under $1,000. You can forego the fee entirely if you maintain an account balance over $1,000, but that leaves you in a lurch in the event of an emergency.

Requirements to Open an Account

Apple's Savings account vs. other high-yield options
You’ll need an iPhone and an Apple Card to open your own Apple Savings account.


Apple Savings requires an Apple Card to open. You’ll have to have a decent credit rating and an Apple device to take full advantage of the savings account itself. However, aside from that, actually opening a savings account when you have an Apple Card is relatively easy. You just need a linked card, two-factor authentication, and a valid Social Security Number.

Most savings accounts offered through banks will typically not have any hard requirements to open. This gives a distinct advantage over the likes of Apple Savings, which requires a good credit score and an Apple device to open. With most savings accounts, like the aforementioned DFCU primary savings account, you simply need to sign up for the account by itself.

This is more or less the norm when signing up for a banking account. The actual process itself is rather simple, and signing up just requires filling out the requisite forms and making your initial deposits.

ATM or Debit Cards

Apple Savings doesn’t have an associate ATM or debit card available for the account itself. The Apple Card is a credit card, which doesn’t really function as a debit card. As such, you don’t really have a way to access your savings from checking without initiating a transfer to a separate bank account.

Apple itself doesn’t have the option for a checking account either, so you’ll need to use a separate personal bank to handle any transfers. That said, it isn’t necessarily a drawback, but it does make the process a little more time-consuming as a whole.

Most high-yield accounts will have a separate checking account for you to handle transfers. Many, like DFCU, CIT Bank, and CFG Bank, will have the means to have a complementary debit card to handle transfers and access funds on the go.

In fact, it’s hard to think of a high-yield savings account from most banks that isn’t able to operate an ATM or debit card. The simple fact remains that Apple is a very atypical offering from many of the financial products available from most banks.

Apple’s Savings Account vs. Other High-Yield Options: 5 Must-Know Facts

  1. Apple Savings offers a flat 4.15% APY with no minimum balance needed.
  2. Apple Savings is handled by Goldman Sachs.
  3. Apple Savings requires the use of an Apple Card to open an account.
  4. You will need an Apple device to start an Apple Savings account.
  5. Apple Savings has no transaction fees.

Apple’s Savings Account vs. Other High-Yield Options: Which One Is Better? Which One Should You Choose?

So, is Apple Savings worth it? Admittedly, it’s not the most flexible or robust financial product on offer. What it does deliver over its competitors is a flat APY rate without a hard cap, zero transaction fees, and no minimum balance.

In exchange, however, it’s only a savings account. You’ll need a good credit score to qualify for the Apple Card to even open an account. That isn’t to mention that you need to be tied to Apple’s ecosystem with an iPhone or iPad.

It’s not the best choice for your first high-yield savings account, but it is a great option to consider if you’re in the market for an additional savings account with a higher APY than the national average. Your first savings account should preferably not require a credit rating or a dependency on a single technological device to save money.

Frequently Asked Questions

Does Apple handle the savings account directly?

No, the Apple Savings Account is provided by a partnership between Apple and Goldman Sachs. As such, you’ve got the native advantages of using your Apple device to administer the account but the backing of a major financial institution.

Does the APY on the Apple Savings account have a minimum balance?

No, and it doesn’t max out past a certain threshold either.

Does the Apple Savings account require a bank account?

To open, it doesn’t require a bank account in itself, however, you’ll probably want to like a third-party account to actually transfer funds.

Does the Apple Savings account have transaction fees?

There are no transaction fees or monthly fees associated with the Apple Savings account.

Do you need an Apple account to open the savings account?

You will need an Apple device, an account, and an Apple Card to open a Savings account for yourself.

To top