Apple Card Savings Account's Interest Rate Lowered to 4.4% Today

Following the Apple Card savings account's rate cut to a 4.4% APY, we have updated our high-yield savings accounts (HYSAs) comparison chart for U.S. residents.

apple card savings account feature
4.4% is still a competitive APY compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.

Provider Maximum APY*
Ally 4.25%
Discover 4.25%
American Express 4.35%
Barclays 4.35%
Capital One 4.35%
Apple (Goldman Sachs) 4.4%
Marcus (Goldman Sachs) 4.4%
Citizens Bank 4.5%
SoFi 4.6%
PNC Bank 4.65%
Synchrony 4.75%
Betterment 5%
Wealthfront 5%
CIT Bank 5.05%
UFB Direct 5.25%

* Advertised APYs as of April 3, 2024, excluding promotional and affiliate rates. APYs are subject to change at any time. This list is not comprehensive.

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 now $1,000,000, up from a previous limit of $250,000.

When the account first became available, Apple and Goldman Sachs offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% is the first time the rate has gone down.

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 consumer lending partnership with Apple, but it is unclear if this will have any impact on Apple Card holders.

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Top Rated Comments

magicschoolbus Avatar
15 weeks ago
Chase:0.000003
Score: 18 Votes (Like | Disagree)
Unregistered 4U Avatar
15 weeks ago
There should be an addition to the chart that lets folks know which one of these provide that APY with the requirement of “put your money here”. For example UFB looks great until you understand that if you don’t have $5,000 in there, there’s a $10 per month fee. In that case, someone just starting by putting their Apple Cashback into an account would be best served by going with Apple, at least until they get $5000 in there.
Score: 10 Votes (Like | Disagree)
bigboy29 Avatar
15 weeks ago
Meanwhile, treasury bonds still pay ~5.3%... Don't get me wrong, this is a good rate for a savings account but if you want to get the best rate, t-bills are the way to go.
Score: 9 Votes (Like | Disagree)
Biro Avatar
15 weeks ago

Chase:0.000003
Chase actually has what it calls a high-yield savings account that pays in the neighborhood of the others listed. But you must deposit at least $100,000 first. And they have repeatedly offered this deal to a number of people I know - with a straight face.
Score: 8 Votes (Like | Disagree)
nosnhojm Avatar
15 weeks ago
Goldman wants out of the consumer business; Apple needs continuity for Apple Card...why not purchase Goldman's consumer infrastructure and own the whole stack?
Score: 7 Votes (Like | Disagree)
magicschoolbus Avatar
15 weeks ago

Goldman wants out of the consumer business; Apple needs continuity for Apple Card...why not purchase Goldman's consumer infrastructure and own the whole stack?
If you mean Apple becoming a bank - pretty sure it's not that easy.
Score: 5 Votes (Like | Disagree)