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.

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'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)

Popular Stories

apple wallet drivers license feature

Apple Said iPhone Driver's Licenses Will Expand to These 8 U.S. States

Monday February 12, 2024 7:51 am PST by
In 2021, Apple introduced a feature that lets residents of participating U.S. states add their driver's license or ID to the Wallet app on the iPhone and Apple Watch, providing a convenient and contactless way to display proof of identity or age. Unfortunately, states have been slow to adopt the feature since it was first announced in September 2021, with IDs in the Wallet app only available ...
New Macs iPads iOS 17 4

New Macs and iPads Coming Soon: What to Expect

Saturday February 17, 2024 3:00 am PST by
Following the launch of Apple's Vision Pro headset, attention has shifted towards what is next on the company's agenda this year. As usual, March should be eventful for Apple, as it is expected to release new MacBook Air, iPad Pro, and iPad Air models during the month. In a recent press release, Apple also confirmed that iOS 17.4 will be released in March. Below, we recap what to expect...
iPhone 15 General Feature Black

iOS 17.3 Added New Feature That Every iPhone User Should Know About

Friday February 16, 2024 6:28 am PST by
Apple's recent iOS 17.3 software update includes an important new feature that all iPhone users should know about: Stolen Device Protection. The Wall Street Journal last year reported about thieves spying on an iPhone user's passcode before stealing the device, often in public places like bars. With knowledge of the passcode, the thief can then change the victim's Apple ID password, turn off ...
iOS 17

iOS 17.4 Will Add These New Features to Your iPhone

Monday February 19, 2024 6:52 am PST by
Apple last month confirmed that iOS 17.4 will be released in March, and the update includes several new features and changes for the iPhone. Key new features in iOS 17.4 include major App Store changes in the EU and Apple Podcasts transcripts. The update also adds new emoji and includes preparations for the launch of next-generation CarPlay later this year. More details about the new...
Apple Watch Series 9

5 Major New Features Rumored for This Year's Apple Watch

Sunday February 18, 2024 3:00 am PST by
Thinking about upgrading your Apple Watch or buying one for the first time? If your current smartwatch is doing its job just fine and it's only the idea of a good deal that's piqued your interest, it could be worth holding out until later this year when Apple unveils its next-generation version. Here's why. There are already several rumors from reputable sources that suggest 2024 could be a...