Apple Savings Account Interest Rate Increased to 4.25% APY
Apple Savings account holders are currently receiving push notifications informing them that Goldman Sachs has raised the interest rate on the account to an annual percentage yield (APY) of 4.25% from 4.15%. This is the first increase in the interest rate since the feature launched back in April.
While the increase is a welcome one for Apple Savings customers and is a fairly competitive rate, there are some other high-yield savings accounts on the market that currently offer even higher rates.
The interest rate hike comes as Apple and Goldman Sachs are working out how to terminate their partnership for Apple Card and Apple Savings as Goldman Sachs seeks to exit the consumer business.
Recent reports have indicated that Apple has submitted a proposal to Goldman Sachs that would wind down the partnership over the next 12 to 15 months, but for the time being, there have been no changes to the availability of Apple Card and Apple Savings.
Apple and Goldman Sachs are reportedly looking for a new partner or partners to take over management of Apple Card and Apple Savings, and it's unclear how the offerings may be affected by such a shift.
(Thanks, KPOM!)
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