by Joe Rossignol
After lowering the Apple Card Savings Account rate to 4.4% APY, we've updated our High Yield Savings Account (HYSA) comparison chart for US residents.
4.4% is still a competitive APR compared to many other popular high-yield savings accounts that typically offer rates as low as 4.25 % up to 5.25%.
| Supplier | 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% |
| Synchronicity | 4.75% |
| Improvement | 5% |
| Wealthfront | 5% |
| CIT Bank | 5.05% |
| UFB Direct | 5.25% |
* Advertised APY as of April 3, 2024, excluding advertising and affiliate rates. APYs are subject to change at any time. This list is not exhaustive.
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 iPhone and has no fees, minimum deposits or minimum balance requirements. To open an account, you must have an Apple Card, be a U.S. resident, and be at least 18 years of age.
This account allows Apple Card holders to earn interest on their Daily Cash Cash Back balance and funds . deposited through a linked bank account or Apple Cash balance. The maximum balance allowed is now $1,000,000, up from the previous limit of $250,000.
When the account first became available, Apple and Goldman Sachs offered an APY interest rate of 4.15%. The rate was 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 rate cut.
To open a savings account in the Wallet app, tap your Apple Card, tap the three-dot circle at the top of the screen, tap Daily Money ” and select “Set Up Savings.”
Goldman Sachs is reportedly planning to end its consumer lending partnership with Apple, but it is unclear whether this will have any impact on Apple Card holders.
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