Apple today increased the Apple Card savings account's APY to 4.35%, according to a notification sent to cardholders, including MacRumors contributor Aaron Perris.
This is the second increase to the savings account's APY in as many months, after Apple raised it from 4.15% to 4.25% in December. Apple's rate now matches that offered by popular high-yield savings accounts from American Express and Discover, but there are still some other options that offer even higher APYs up into the 4.5% to low 5% range in the U.S., such as Marcus by Goldman Sachs and Wealthfront.
Apple launched the high-yield savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on personal funds deposited via a linked bank account, or from their Apple Cash balance. The maximum balance allowed is $250,000, and balances are fully insured by the U.S. government's Federal Deposit Insurance Corporation.
The rate increase comes after The Wall Street Journal in November reported that Goldman Sachs is looking to terminate its Apple Card partnership, as part of its broader exit from the consumer lending business. The partnership is expected to end within the next year or so, but it's unclear how this might affect the Apple Card in the future.
Thursday January 9, 2025 5:45 am PST by Joe Rossignol
While the iPhone 17 Pro and iPhone 17 Pro Max are not expected to launch until September, there are already plenty of rumors about the devices.
iPhone 17 Pro concept based on rumors
Below, we recap key changes rumored for the iPhone 17 Pro models as of January 2025:
More aluminum: iPhone 17 Pro models are rumored to have an aluminum frame, whereas the iPhone 15 Pro and iPhone 16 Pro models ...
Thursday January 9, 2025 3:42 pm PST by Juli Clover
If you've been hearing a chiming sound from your AirPods Pro 2 case when the AirPods are charging, it's a feature that Apple added with the launch of Hearing Health last year.
In a support guide, Apple says that the AirPods Pro may play a sound every so often while in the case to ensure the microphones and speakers are working as intended. From Apple:
To help ensure that your AirPods...
Wednesday January 8, 2025 6:18 am PST by Joe Rossignol
It was recently reported that new Apple TV and new HomePod mini models will launch this year, and the devices are expected to have one thing in common.
Bloomberg's Mark Gurman last month reported that the new Apple TV and the new HomePod mini will be equipped with Apple's own combined Wi-Fi and Bluetooth chip. Gurman said the chip supports Wi-Fi 6E, so that could end up being a key upgrade...
Wednesday January 8, 2025 6:33 am PST by Tim Hardwick
Apple in October 2024 overhauled its 14-inch and 16-inch MacBook Pro models, adding M4, M4 Pro, and M4 Max chips, Thunderbolt 5 ports on higher-end models, display changes, and more. That's quite a lot of updates in one go, but if you think this means a further major refresh for the MacBook Pro is now several years away, think again.
Bloomberg's Mark Gurman has said he expects only a small...
Friday January 10, 2025 3:14 am PST by Tim Hardwick
This year's iPhone 17 Pro models will feature a smaller main camera sensor than the one used in the Fusion camera currently found in iPhone 16 Pro models, according to Weibo-based leaker Digital Chat Station.
The Chinese leaker claims that Apple will adopt a 1/1.3" sensor for the 48MP main camera in the iPhone 17 Pro and iPhone 17 Pro Max, down from the 1/1.28" sensor used in the iPhone 16...
Tuesday January 7, 2025 11:12 am PST by Joe Rossignol
A new iPhone SE and an iPad 11 might be coming very soon.
In late December, a private account on X with a track record of leaking accurate iOS-related information said devices codenamed "V59" and "J481" will be released alongside iOS 18.3 and iPadOS 18.3. Bloomberg's Mark Gurman has previously reported that "V59" is a new iPhone SE, and that "J481" is a new entry-level iPad.
iOS 15.3, iOS ...
Thursday January 9, 2025 7:18 am PST by Joe Rossignol
Apple's annual "Back to School" or "Back to Uni" promotion has returned this week in Australia, New Zealand, Brazil, and South Korea.
From January 8 through March 13, qualifying higher-education students and staff in these countries can receive free AirPods 4 with Active Noise Cancellation with the purchase of any new MacBook Air, MacBook Pro, or iMac, or a free Apple Pencil Pro or Apple...
Friday January 10, 2025 9:20 am PST by Joe Rossignol
Apple is widely rumored to be planning a new iPhone SE, and multiple sources lately have commented on the device's launch timing.
The latest word comes from Apple supply chain analyst Ming-Chi Kuo. In a blog post today, he said the device will be released around the middle of the first half of 2025. In other words, around the quarter mark of 2025. That means the next iPhone SE will likely be ...
I thought Goldman Sachs was losing money on the Apple Card. Apple was making money?
Goldman is losing money because they agreed to give credit cards to just about anybody and everybody. It turns out that selling MacBook Pros and iPhone 15 Pros on credit to people with bad credit leads to losses. The deposit accounts are on the low end of “high yield” savings accounts.
Apple doesn’t let Goldman charge late fees and also insists that all statement cycles end on the same day (which means they get deluged with customer service calls early each month). No other card company offers those terms. Goldman was desperate to get into the consumer lending industry so they agreed to it. A few years later they changed their minds.
