Apple Card Savings Account's Lowered Rate Compared to Other Options

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. Following a rate cut this week, the account now has an APY of 3.9%. For example, if you deposited $1,000 into the account and maintained that balance for one year, you would earn $39 in interest over that period based on the current APY.

apple card savings account feature 1
The chart below compares the Apple Card savings account's rate to some other popular high-yield savings accounts in the U.S., as of writing.

Provider APY*
Ally 3.85%
Apple Card Savings 3.9%
Marcus by Goldman Sachs 3.9%
Discover 3.9%
American Express 3.9%
Capital One 3.9%
Citizens Bank 3.9%
SoFi 4%
Barclays 4.1%
Synchrony 4.1%
PNC Bank 4.15%
Betterment 4.25%
Wealthfront 4.25%
UFB Direct 4.31%
Fierce 4.5%
CIT Bank 4.55%
Openbank by Santander 5%
Pibank 5%

* Advertised APYs as of December 5, 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 launched, 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 APY peaked at 4.5% in early 2024, and the current 3.9% is an all-time low.

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.

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Top Rated Comments

cjgrif Avatar
8 months ago

This is incorrect due to compounding since savings account interest is paid monthly. e.g. Your hypothetical deposit of $1000 pays 3.9%. At the end of one month, you would have $1003.90. For the second month, you're earning interest on $1003.90, not the original $1000.

Yes, in this example, the difference across a year is going to be minuscule; a matter of pennies. But, if you're chasing earnings in a HYSA, one would hope you're working with significantly more than $1000. Otherwise, may as well leave it in your Big Bank™ savings account earning 0.5% or whatever and hold it for instant liquidity instead of growth.

Baggy has the right idea, though—If liquidity + earnings is the goal, various money market funds are still throwing off decent earnings. They just require more active management since the rates can change much more frequently.
APY - Annual Percentage Yield
APR - Annual Percentage Rate

The APY takes into account the compounding, so what MacRumors states is correct. The actual periodic rate is lower than the advertised APY.
Score: 4 Votes (Like | Disagree)
cateye Avatar
8 months ago

APY - Annual Percentage Yield
APR - Annual Percentage Rate

The APY takes into account the compounding, so what MacRumors states is correct. The actual periodic rate is lower than the advertised APY.
(facepalm) You are 100 percent* correct. Rookie mistake here as I misread the column in MR's chart labeling the rates. Thank you for the correction. I need more coffee.

* = APY. ;-)
Score: 2 Votes (Like | Disagree)
Baggy Spandex Avatar
8 months ago
SPAXX default core @ Fidelity in brokerages offers similar insurance (via SIPC) and is currently 4.26%, though all rates are always subject to change.

I see no reason to sit in the Apple HYSA.
Score: 2 Votes (Like | Disagree)
orangeadrenaline Avatar
8 months ago

SPAXX default core @ Fidelity in brokerages offers similar insurance (via SIPC) and is currently 4.26%, though all rates are always subject to change.

I see no reason to sit in the Apple HYSA.
If you’re going that route, might as well go to Vanguard for an extra .3% due to lower fees.
Score: 2 Votes (Like | Disagree)
marstan Avatar
8 months ago

I've been heavily interested in the stock market and investments for at least the last 5 years, so I'm far from being ignorant regarding this topic ;-)
Time spent studying a topic is no guarantee that you have learned anything. You're homework is far from complete.
Score: 2 Votes (Like | Disagree)
H3boy Avatar
8 months ago
For now, it's still early in the rate adjustment period. The others will drop also, just wait.
Score: 2 Votes (Like | Disagree)