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

Following the Apple Card savings account's recent rate increase to 4.5%, we have updated our 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 exceeds 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 4.6% to low 5% range, such as Synchrony Bank and Wealthfront. Balance limits and other requirements vary by provider.

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

* Advertised APYs as of January 27, 2024, excluding limited-time/affiliate rates. APYs may vary.

These rates will continue to increase or decrease over time, often in line with U.S. Federal Reserve rate decisions. Money can be withdrawn from the Apple Card savings account and switched to a different HYSA at any time.

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.

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 reportedly plans to end its partnership with Apple, but it is unclear how this might impact the Apple Card. In any case, balances up to the $250,000 limit are fully insured by the U.S. Federal Deposit Insurance Corporation (FDIC).

Top Rated Comments

wigby Avatar
4 weeks ago

We can recommend everyone to have like 5 accounts and then fill them monthly and send the money to where you get high interest. Have a maximum per bank to not exceed and add more accounts.

Every bank may go under anytime so always have multiple banks.
So long as bank is insured and you don't exceed FDIC limit of $250k, there's no reason to worry about any bank going under. Multiple online accounts is convenient for shifting money around to capture the best rates easily. If you're still worried beyond FDIC, that's a much bigger problem involving the entire global economy dissolving in which case money becomes pointless.
Score: 12 Votes (Like | Disagree)
k1121j Avatar
4 weeks ago
Apple Card and savings may not be the best but… I do like the instant processing times on payments and deposits. It’s well worth the slightly less sparkling benefits in my opinion.
Score: 9 Votes (Like | Disagree)
newyorksole Avatar
4 weeks ago
I don’t mind keeping some of my savings in Apple’s account. sure some will say “you’re leaving money on the table! you could be getting 5%, 5.25% etc. elsewhere!” but idc. it’s not that big of a difference. if Apple/GS was only giving like 3% then I’d be like ok this isn’t worth it lol.

just very curious who Apple’s future partner will be. ?
Score: 7 Votes (Like | Disagree)
chevman Avatar
4 weeks ago
If you're looking to park cash, the way to do it is buy a fund in your brokerage that is investing in federal t-bills and the like, eg:

These track the market and you'll always basically get the optimal rate.

No need to be opening up random savings accounts across 10 different random banks.
Score: 6 Votes (Like | Disagree)
ghanwani Avatar
3 weeks ago
No thanks. I'll keep buying t-bills which offer a higher yield and are not subject to state income tax.
1-mo treasury is currently at 5.54% and no state tax!

Plus you should be wary when you have a computer company peddling a financial product. Maybe they should fix their snorkeling goggles so Netflix will allow people to swim with them? Or fix their phone and laptop displays so they don't cause eye strain and headaches? Or fix Siri so that it actually works on HomePod?
Score: 5 Votes (Like | Disagree)
mac.cali Avatar
4 weeks ago
Wish apple would offer a web interface to manage this.
Score: 5 Votes (Like | Disagree)

Popular Stories

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 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 ...
samsung galaxy ring

'Apple Ring' Allegedly in Development to Rival Samsung Galaxy Ring

Tuesday February 20, 2024 2:27 am PST by
Apple is speeding up development of a smart ring that can be worn on the finger to track users' health biometrics, claims a new report coming out of Korea. Teaser image of Samsung Galaxy Ring shown at Galaxy Unpacked in January Apple has toyed with the idea of a ring wearable for several years, as indicated by several patents, but with Samsung preparing to bring its own product to market, the ...
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...
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...
m3 macbook pro 14 16

Apple Now Selling Refurbished M3 Pro and M3 Max MacBook Pro Models

Monday February 19, 2024 5:04 pm PST by
Apple today began offering refurbished versions of the 14-inch and 16-inch MacBook Pro models with M3 Pro and M3 Max chip options, offering the machines at a discount for the first time since their October 2023 release. The release of M3 Pro and M3 Max models on Apple's refurbished store comes almost two weeks after the entry-level 14-inch M3 MacBook Pro first appeared on the store....