The annual percentage yield (APY) for the Apple Card's savings account increased from 3.4% to 3.5% today.
If you deposited $1,000 and made no withdrawals for one year, you would earn $35 in interest at the current APY.
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Top Rated Comments
6 weeks ago
Yes… that’s how banks work
Fed raises rates by 0.25%, but Apple Savings interest rate only goes up by 0.1%. Someone's pocketing the difference. 😂
In exchange for secure and convenient access to your money, the bank makes a small profit on the spread. If you want the fed rate, start your own national bank. If you want closer to the fed rate, buy treasuries yourself.
6 weeks ago
Nice! Now get it above 4% like it was when I signed up.
6 weeks ago
High Yield Savings accounts? Anyone that wants to keep cash for emergencies and likes to earn more than a typical bank savings account. Typical account can be as low as .01% so at least my money earns 3.5% while it sits waiting for a rainy day.
Sounds pretty worthless. Who uses these
6 weeks ago
It compounds daily: "Your interest is compounded daily and credited to your Savings account monthly."
Compounding annually?
https://support.apple.com/en-us/102676
