In the United States, the Apple Card offers a high-high-top savings account option, allowing you to earn more interest on your money than the original savings account of the average bank. However, the interest rate of the account was reduced this week, with the annual percentage yield (APY) dropped from 3.75% to 3.65%.
If you have deposited $ 1,000 in the account, and maintained that balance for a year, you will earn $ 36.50 in interest on the basis of current APY.
The chart below compared APY of the Apple Card Savings Account to some other popular high-upper savings savings accounts in the United States.
Provider AP* Associate 3.60% discovery 3.60% American Express 3.60% Capital One 3.60%
Apple card savings
3.65%
Marcus 3.65% Citizens Bank 3.70% SOFI 3.80% Barcalage 3.80% PNC Bank 3.95% Sinkoni 4.00% Sinkoni 4.00% Wealth 4.00% UFB Direct 4.01% UFB Direct 4.40% Pibank
* Except for APYS, promotional rate and concerned bonus advertised till May 28, 2025. Minimum balance requirements and other conditions vary in per account. APYS can change at any time, so we cannot guarantee the accuracy of the above rates above.
Apple started her savings account in partnership with Goldman Sachs in April 2023. The account can be opened and managed in the wallet app on the iPhone, and has no fees, there is no minimum deposit, and there are no minimum remaining requirements. To open an account, you must have an Apple card, an American resident, and at least 18 years old.
The account allows Apple card holders to earn interest on their daily cashback balance, and linked bank account or the money deposited through the Apple Cash balance. Originally more than $ 250,000 maximum balance is $ 1 million.
When the account was launched, Apple and Goldman Sachs offered an APY of 4.15%, but the rate has raised, often in accordance with the change in the US Federal Reserve Benchmark rate. The APY reached 4.5% in early 2024, and the current 3.65% is an all -time lower.
To open a savings account in the wallet app, tap on your Apple card, tap on the circle with three dots, tap on the daily cache, and select the set up set next to the savings.
Goldman Sachs can eliminate his consumer lending partnership with Apple, but it is not clear whether it will affect the Apple card holders. According to a report earlier this year, there were at least three companies to convert Goldman Sachs into Apple Card’s financial partner, including Barclays, Sinkoni and JP Morgan Chase. Meanwhile, the Visa or American Express MasterCard may succeed as a payment processor for Apple Card.
