Apple and Goldman Sachs have announced the first interest rate increase for Apple Card Savings Account. Starting today, customers will now earn a 4.25% annual percentage yield, up from the 4.15% that’s been offered since the platform launched in April.
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Apple Card Savings Account interest rate boost
Apple Card Savings Account is available exclusively to Apple Card users. As you earn Daily Cash rewards with your Apple Card, you can choose to have that money automatically deposited into the high-yield savings account in the Wallet app.
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance. Interest is compounded daily and paid at the end of the month.
Apple announced the boosted interest rate in a push notification sent to Apple Card Savings Account users on Wednesday evening. The 4.25% APY is far better than the industry average, but still less than select other high-yield savings accounts.
For instance, Goldman Sachs offers a 4.50% APY through its in-house Marcus savings account. Use this link to get an extra 1% for the first three months of your account being open.
Learn more about Apple Card Savings Account in our in-depth guide right here.
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