In the U.S., the Apple Card offers a high-yield savings account option, allowing you to earn far more interest on your money compared to the average bank's basic savings account. Apple's account offers an APY of 4.1% as of writing, and while that is a competitive rate, it is not the absolute best offer available at this time.
The chart below compares the Apple Card saving account's rate to some other popular high-yield savings accounts in the U.S., as of writing.
| Provider | APY* |
|---|---|
| Ally | 3.85% |
| Discover | 3.9% |
| American Express | 3.9% |
| Capital One | 3.9% |
| Citizens Bank | 3.9% |
| Apple Card Savings | 4.1% |
| Marcus by Goldman Sachs | 4.1% |
| Barclays | 4.1% |
| Synchrony | 4.1% |
| PNC Bank | 4.15% |
| SoFi | 4.2% |
| Betterment | 4.25% |
| Wealthfront | 4.25% |
| UFB Direct | 4.31% |
| Fierce | 4.5% |
| CIT Bank | 4.55% (on $5,000+) |
| Openbank by Santander | 5% |
| Pibank | 5.5% (dropping to 5% starting December 2) |
* Advertised APYs as of November 27, 2024, excluding promotional rates and affiliate bonuses. Minimum balance requirements and other conditions vary per account. APYs can change at any time, so we cannot guarantee the accuracy of the rates listed above.
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 million, up from $250,000.
When the account first became available, Apple and Goldman Sachs offered an APY of 4.15%, but the rate has fluctuated in line with U.S. Federal Reserve benchmark rate changes. The rate increased three times, reaching a peak of 4.5% in early 2024, but it has since been cut three times and has stood at 4.1% since early October. Apple has yet to change the rate after the Federal Reserve's latest rate cut in early November.
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. JPMorgan, owner of Chase Bank, reportedly could take over as Apple's financial partner.
