How to Access & View Apple Savings Account
The Apple Savings Account is available only to Apple Card holders, for now anyway, and while the interest rate on savings is competitive, one of the quirks of an Apple Savings Account is how you access the account itself.
There is no dedicated Apple Savings app, and not even a dedicated Savings tab within the Wallet app, and there is no website to login to where you can access your account or funds. So, how do you view your Apple Savings Account and how do you access it?
Like so many other features of modern iOS, where things are tucked away behind layers of obfuscation or in unexpected places, you’ll be forgiven if you opened an account only to be confused on how to access it, so here’s a tutorial to explain.
How to Access Apple Savings Account on iPhone
Currently, you can only access Apple Savings Accounts in the Wallet app, through the Apple Card. Yes you read that correctly, you must go to your Apple Credit Card to access your Apple Savings Account. Weird!? Maybe. Anyway, here’s how it’s done:
- Open the Wallet app on iPhone
- Tap on your Apple Card
- Scroll down below card details and balances to find “Savings” and tap on that
- You’re now in your Apple Savings Account, where you can view your balance history, interest details, withdraw funds, or add funds
There you have it, you’re now in your Apple Savings Account.
How do you Add Funds or Withdraw from Apple Savings Account?
Access your Apple Savings Account through the Wallet app > Apple Card > Savings > as described above.
If you want to add funds to your Apple Savings Account, tap on the “Add Money” button here.
If you want to withdraw funds from your Apple Savings Account, tap on the ‘Withdraw’ button here.
Where is the Apple Savings app? Does Apple Savings have a dedicated app?
There is no Apple Savings app, currently. The Apple Savings Account is only accessible through the Wallet app, for the time being anyway.
Is there a website to login to Apple Savings Account?
Currently, there is no website or alternative method to access your Apple Savings Account. The only way to access Apple Savings Account is from within the Wallet app on iPhone.
What happens if you lose your iPhone and Apple ID? How do you access your Apple Savings Account if you lost your login information and iPhone?
Great question! This would be something better answered by the official Apple Support channels through https://getsupport.apple.com/, or perhaps directly through the underlying bank, Goldman Sachs.
The Apple Savings Account is fairly new, so it remains uncertain how things like losing your Apple ID apply to accessing your Apple Savings Account and your money.
Typically if you lose your Apple ID, or someone steals it and changes the password, or someone nefarious obtains the recovery key and locks you out, you’re out of luck permanently and locked out of your account forever, as the Wall Street Journal recently covered. Maybe with the inclusion of Apple Savings Accounts and FDIC insurance on the line and tied to an Apple ID, there will be a new account recovery option? But as of now, this remains unclear.
Presumably, an account holder could access their money by proving their identity to Goldman Sachs, but what happens to the related Apple ID if it were lost or stolen, is also unclear.
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This post was inspired by a friend who excitedly setup their Apple Savings Account when it first debuted, only to be confused and annoyed that they couldn’t figure out how to access the account a few days later. They expected a dedicated app, or a tab, or a web portal (like most online savings accounts), but of course found none of those, and soon they had broader questions about the security of the account and it being tied to their Apple ID. Fair questions and concerns!
What do you think of Apple Savings Account? Did you open one? Will you use it for all of your savings needs? Would you trust up to $250,000 (FDIC insurance limit per account balance) in an online savings account that can only be accessed by the Wallet app and by your Apple ID? Let us know your thoughts in the comments!
I like the interest rate, but…. read the fine print!
“NOTICE OF WITHDRAWAL
We reserve the right to require you to notify us in writing seven days before a withdrawal is made from your Account. ”
Why would we have to notify them in writing, before making a withdrawal of our own money? Weird!!
Article today in WSJ discussing how it can take weeks and many phone calls to get money out of the Goldman Sachs Apple Savings Account… yikes!
https://www.wsj.com/articles/apple-savings-account-customers-say-its-hard-to-get-their-money-out-of-goldman-sachs-bd8b9ccb
That’s a heavy price for 4%, which is the same interest rate at AmEx and many other online banks….
I just want to know what sort of kickback is Apple getting from this? Apple is an tech company not a banking middleman. I could see the advantage of the Apple Card given Apple sells products and many retailers have their own credit system. But savings accounts seem to be a strange ideal for a retailer. My guess is that GS thought this would be a way to raise capital on the backs of Apple customers.
I suspect Apple gains a variety of benefits to having the Apple savings accounts and credit cards for the following type of reasons:
– Further customer lock into the Apple ecosystem because the only way to manage these accounts is through an Apple iPhone, and you must have an Apple ID (the issues with Apple ID have been discussed by other people here)
– Data mining about spending and savings habits, this is valuable information for any company
– Maybe they get a kickback on interest charges from credit card balances?
– Maybe Apple is going to eventually offer full banking services, Apple checking accounts, Apple brokerage, etc?
– Expanding into new verticals. There is increasing convergence and pressure to form massive conglomerates and monopolies, particularly in tech. Look at the myriad broad range of businesses that Amazon, Google, Microsoft, etc operate.
– GS is a major US bank with deep political ties to the US and US administrations, by partnering with them, they get further inroads into the political perks and business benefits of such a partnership
I am sure there are many more reasons, but that’s some off the top of my head.
I don’t mind that they’re doing this, but one thing is for sure and that is I can not in a million years imagine Steve Jobs agreeing to any of these type of partnerships. Apple is a very different company today.
I brought these very same issues with GS customer service supervisor today and expressed my displeasure at no web access when GS provides web access to over a dozen other account types via the web. I also discovered that I could not add my wife as a co-owner on the account.
She could only be added as a beneficiary which could make retrieval of the funds a lengthy process if I become deceased. This could also be a big issue if I become incapacitated and she need the savings for medical bills, etc.
FWIW, Marcus by Goldman Sachs is an online savings account with a web portal, and an app, and the same interest rate (4.15%).
I know it’s convenient to use an Apple bank account and I like the idea conceptually, but until the Apple ID has some genuine emergency recovery options as mentioned here, I would not want to use the associated bank account for anything more than a small balance. Similarly, think about your personal data in iCloud and that Apple ID… photos, notes, files, documents, all priceless items… unrecoverable due to the Apple ID situation, no thanks.
If you need a tutorial to use it, it’s too complicated. It’s a savings account, not Ikea furniture.
Also, how has Apple not setup a recovery feature for Apple ID’s yet? The idea that everything is tied to an Apple ID, and can be taken away from anyone with no recourse, is terrifying. What on earth is Apple thinking? I bet you if a celebrity or an executive encounters a problem with their Apple ID, they aren’t locked out forever like the rest of us peasants, so isn’t it time Apple introduces a recovery and verification system so that none of us have to worry about this? Apple wants me to put my savings into an associated Apple ID that is potentially permanently inaccessible if you get unlucky enough to have some loser steal it? Yikes!
Apple, I know you’re not listening because you never do to consumers and only to Big News Media, Hollywood, and Celebrities, but if you happen to even slightly care and want more people to trust and use your products, it’s high time to have a worst-case scenario recovery option for Apple ID and all associated data and accounts. How hard would it be to require a drivers license or passport or something similar to verify your identity, and be able to recover an account? Like, you know, basically every other important account on the face of the earth?