Here's How the Apple Card's New Savings Rate Compares to Alternatives

Following the Apple Card savings account's recent rate increase to 4.35%, we have put together this guide comparing the annual percentage yields (APYs) of some popular high-yield savings accounts (HYSAs) available to U.S. residents.

apple card savings account feature
Apple's rate now matches that of popular HYSAs offered by the likes of American Express, Capital One, and Discover, but there are a handful of other options that offer even higher APYs in the 4.5% to low 5% range, such as Marcus by Goldman Sachs and Wealthfront. Balance limits and other requirements vary.

There are many other HYSAs not listed in our chart, so be sure to do your research before deciding which option is best suited for you.

Provider Advertised APY*
Apple (Goldman Sachs) 4.35%
American Express 4.35%
Ally 4.35%
Barclays 4.35%
Capital One 4.35%
Discover 4.35%
Citizens Bank 4.5%
Marcus (Goldman Sachs) 4.5%
SoFi 4.6%
PNC Bank 4.65%
CIT Bank 4.65% to 5.05%
Betterment 4.75%
Synchrony 4.75%
Wealthfront 5%
UFB Direct 5.25%

* Advertised APYs as of January 5, 2024. APYs may vary.

Ordinary savings accounts at popular banks such as Bank of America and Chase typically offer APYs of only 0.01% or slightly higher.

Apple launched its 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 funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is $250,000, which is lower than some HYSAs, and balances are fully insured by the U.S. Federal Deposit Insurance Corporation (FDIC).

To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.

Goldman Sachs will reportedly be ending its partnership with Apple within the next year or so, but it is unclear how this might impact the Apple Card.

Top Rated Comments

jimbobb24 Avatar
19 weeks ago
Every rate increase is just a crushing reminder that inflation is choking me. I am glad this claws a tiny bit of my losses from inflation back.
Score: 8 Votes (Like | Disagree)
!!! Avatar
19 weeks ago

Ordinary savings accounts at popular banks such as Bank of America and Chase typically offer APYs of only 0.01% or slightly higher.
Credit Unions with much higher rates exist. I don't understand why anyone still uses those massive banks. I only ever hear bad things about them.
Score: 7 Votes (Like | Disagree)
GMShadow Avatar
19 weeks ago

I'm going to need to give PNC a call, because I'm seeing 0.02% APY for my savings account.
Different accounts - a standard savings account tied to a checking account will always pay a pittance.
Score: 5 Votes (Like | Disagree)
thejadedmonkey Avatar
19 weeks ago
I'm going to need to give PNC a call, because I'm seeing 0.02% APY for my savings account.
Score: 4 Votes (Like | Disagree)
Joe Rossignol Avatar
19 weeks ago

I have a CIT Platinum savings account, which has an interest rate of 5.05% (not 4.65, and as long as the account balance is over $5,000). This table should be corrected.
You're right, I was looking at this page: https://www.cit.com/cit-bank/savings-connect

This page shows your Platinum Savings account: https://www.cit.com/cit-bank/bank/savings

I have updated the chart to say "4.65% to 5.05%" for CIT's HYSAs.
Score: 4 Votes (Like | Disagree)
ThisIsMike Avatar
19 weeks ago

and what ThisIsMike said about how earning (what I understood to be) an extra $100/mo would help "someone who is really struggling"

My response was that if you already have money in a high yield savings account, in order to earn an extra $100/month between a high yield savings account with an APY of 4.15% and a high yield savings account with an APY of 4.35%, you'd have to have at least $600,000 in the high yield savings account. And if someone has $600,000 sitting around, that person isn't "really struggling."
I don’t want to go back and forth on this, but your math here is WAY OFF. if you had $600,000 in one of those accounts you’d be earning over $2000 a month. Not $100.
Score: 3 Votes (Like | Disagree)

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