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Here's how the Apple Card's new savings rate compares to its competitors

Posted by Joe Rossignol

After recently increasing the Apple Card Savings Account rate to 4.5%, we've updated our guide comparing the annual percentage yield (APY) of some popular high-yield savings accounts (HYSAs) available to U.S. residents.


Apple's price now exceeds the rate of popular HYSAs offered by companies such as American Express, Capital One, and Discover , but there are several other options that offer even higher interest rates ranging from 4.6% to a low 5%, such as Synchrony Bank and Wealthfront. Balance limits and other requirements vary by provider.

There are many other HYSAs not listed in our table, so be sure to do your research before deciding which option is best for you.

Supplier Maximum interest rate*
American Express 4 .35%
Ally 4.35%
Barclays 4.35%
Capital One 4.35%
Discover 4.35%
Citizens Bank 4.5%
Apple (Goldman Sachs) 4.5%
Marcus (Goldman Sachs) 4.5%
SoFi 4.6%
PNC Bank 4.65%
Improvement 4.75%
Synchronicity 4.75%
Wealthfront 5%
CIT Bank 5.05%
UFB Direct 5.25%

* Advertised APY as of January 27, 2024 ., except for limited time and affiliate rates. APYs may vary.

These rates will continue to increase or decrease over time, often in accordance with the Federal Reserve's rate decisions. Money can be withdrawn from an Apple Card savings account and transferred to another HYSA at any time.

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 $250,000, which is lower than some HYSAs.

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 partnership with Apple, but it's unclear how that might affect the Apple Card. In any case, balances up to the $250,000 limit are fully insured by the US Federal Deposit Insurance Corporation (FDIC).

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