Apple Card Savings Account Receives Another Rate Increase

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.

apple card savings account
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.

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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.

Top Rated Comments

Think|Different Avatar
7 weeks ago

Too bad Apple Card's future is up in the air.
Too bad...it's not. They are making money and another partner will help them continue to make more. It's that simple.
Score: 16 Votes (Like | Disagree)
KPOM Avatar
7 weeks ago

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.
Score: 11 Votes (Like | Disagree)
liberte1776 Avatar
7 weeks ago
Keep the rates rising!
Score: 8 Votes (Like | Disagree)
iF34R Avatar
7 weeks ago
Just opened an account and didn't even realize I had $385 in daily cash lol. It went straight to the savings acct. :)
Score: 7 Votes (Like | Disagree)
munpip214 Avatar
7 weeks ago
Too little too late. Getting over 5% somewhere else
Score: 5 Votes (Like | Disagree)
sniffies Avatar
7 weeks ago
Too bad Apple Card's future is up in the air.
Score: 4 Votes (Like | Disagree)

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