Apple Card Savings Account's Interest Rate Lowered to 4.4% Today

[MacRumors]

Following the Apple Card savings account's rate cut to a 4.4% APY, we have updated our high-yield savings accounts (HYSAs) comparison chart for U.S. residents.

4.4% is still a competitive APY compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.

Provider	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%
Synchrony	4.75%
Betterment	5%
Wealthfront	5%
CIT Bank	5.05%
UFB Direct	5.25%

* Advertised APYs as of April 3, 2024, excluding promotional and affiliate rates. APYs are subject to change at any time. This list is not comprehensive.

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 the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.

The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.

When the account first became available, Apple and Goldman Sachs offered an APY of 4.15%. The rate 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 time the rate has gone down.

To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.

Goldman Sachs reportedly plans to end its consumer lending partnership with Apple, but it is unclear if this will have any impact on Apple Card holders.

Article Link: Apple Card Savings Account's Interest Rate Lowered to 4.4% Today

 

[DocMultimedia]

Time for Apple to become a banking institution when the agreement ends.

 

[Shasterball]

4.5% is not terrible. But I recall people having issues withdrawing or transferring money. Which is a problem for a, you know, bank account product.

 

[magicschoolbus]

Chase:0.000003

 

[philstubbington]

Not available in the UK of course, where I can get 4.84% with instant access or 5.1% with a cash ISA.

 

[nosnhojm]

Goldman wants out of the consumer business; Apple needs continuity for Apple Card...why not purchase Goldman's consumer infrastructure and own the whole stack?

 

[Unregistered 4U]

There should be an addition to the chart that lets folks know which one of these provide that APY with the requirement of “put your money here”. For example UFB looks great until you understand that if you don’t have $5,000 in there, there’s a $10 per month fee. In that case, someone just starting by putting their Apple Cashback into an account would be best served by going with Apple, at least until they get $5000 in there.

 

[Unregistered 4U]

4.5% is not terrible. But I recall people having issues withdrawing or transferring money. Which is a problem for a, you know, bank account product.

From what I remember, the ones having problems were dealing with 10’s of thousands of dollars, so, yah, any brand new bank account moving that kind of money around would get flagged anywhere

 

[magicschoolbus]

Goldman wants out of the consumer business; Apple needs continuity for Apple Card...why not purchase Goldman's consumer infrastructure and own the whole stack?

If you mean Apple becoming a bank - pretty sure it's not that easy.

 

[bigboy29]

Meanwhile, treasury bonds still pay ~5.3%... Don't get me wrong, this is a good rate for a savings account but if you want to get the best rate, t-bills are the way to go.

 

[Biro]

Chase:0.000003

Chase actually has what it calls a high-yield savings account that pays in the neighborhood of the others listed. But you must deposit at least $100,000 first. And they have repeatedly offered this deal to a number of people I know - with a straight face.

 

[ttam110]

Wealthfront is the best. Their product team is really strong, and constantly bringing new features. Can move money in and out same day, fully insured, + other great products.

And no, I'm not even trying to spam a referral link which gives 5.5% for 3 months.

 

[Arcus]

I find it hilarious that the balance they show in the savings account is $152 . At any of the usual interest rates with that balance it would be better to walk around town an pick up pennies.

 

[Biro]

Meanwhile, treasury bonds still pay ~5.3%... Don't get me wrong, this is a good rate for a savings account but if you want to get the best rate, t-bills are the way to go.

Another option is I-Bonds. You can take the money out any time you like but the contracts are six months at a time. And each individual can only put in up to $10,000 a year. If you’re married, your spouse can also put in up to $10K. If you take your money out before a given contract expires, you get no interest for that six-month period. But you keep all interest accrued before that.

 

[TechRemarker]

Hope the rumors that Synchrony will take over are true. As better rates and they seem better equipped to handle the Credit Card and Savings. Amex that was also rumored seems so unlikely, since you'd instantly have to start wondering everywhere you go "do you accept Amex?" since no matter what numbers Amex says, in day to day life, countless places you will run into that don't accept Amex. That would be the one thing that would cause me to drop Apple Card. Sachs for Apple Card has consistently been the worst customer experience right up there with Comcast. So imagine Synchrony couldn't be any worse.

 

[JordanCautious]

Meanwhile, treasury bonds still pay ~5.3%... Don't get me wrong, this is a good rate for a savings account but if you want to get the best rate, t-bills are the way to go.

Difference being that I can literally get my money from Apple Savings instantly. If you withdraw to Apple Cash instead of your bank, you can do instant transfer to your bank from Apple Cash. I just did it today actually. The whole process literally took less than 2 minutes, based on my time logs.

 

[JordanCautious]

If you mean Apple becoming a bank - pretty sure it's not that easy.

Apple is almost a bank. I've actually been testing this very idea since the start of March and plan to use the following three for the rest of the year as a test. The only feature Apple is missing in terms of being a complete Digital Bank is the lack of a checking account, which Ive been using Navy Federal Credit Union as a solution for that:

Apple Cash -> Debit (Recently added a debit card number in a recent iOS update)
Apple Card -> Credit
Apple Savings -> Savings

This graphic in Apple Notes is what I made when I figured out it could be done. The lack of a checking account is the only thing they are missing currently:

 

[HMI]

4.5% is not terrible. But I recall people having issues withdrawing or transferring money. Which is a problem for a, you know, bank account product.

Those were people that were impatient when withdrawing a single transaction worth >=$10,000 USD. That’s a legality with the US Banking System. The card/account itself didn’t have any unique issues to my knowledge. Just people being people.

 

[Shasterball]

From what I remember, the ones having problems were dealing with 10’s of thousands of dollars, so, yah, any brand new bank account moving that kind of money around would get flagged anywhere

Not true. UBS, Merrill Lynch, etc... - you have 0 problems with this.

 

[Shasterball]

Those were people that were impatient when withdrawing a single transaction worth >=$10,000 USD. That’s a legality with the US Banking System. The card/account itself didn’t have any unique issues to my knowledge. Just people being people.

It's not a US banking issue at all. You can routinely move $10k, $50k, $100k in or out of an account at any bank I know of.

 

[tgwaste]

I see 4.65 for CIT Bank.

Every month I get a little notification that says "you just made hundreds of dollars for free" and its awesome.

 

[ZZ9pluralZalpha]

Goldman wants out of the consumer business; Apple needs continuity for Apple Card...why not purchase Goldman's consumer infrastructure and own the whole stack?

And here I thought computer-driven cars was too big of a departure from their core business

 

[campingsk8er]

I finally got the Apple Card (and Savings) in February. One thing I wish I could do is pay my Apple Card statement directly from my Savings account.

 

[tgwaste]

Dear Macrumors Moderators:
When you send the automated email that there are new posts the link takes you to email.macrumors.com instead of forums.macrumors.com which of course gives you a blank page. You should fix this.
-Me

 

[tgwaste]

And here I thought computer-driven cars was too big of a departure from their core business

Their core business is making as much money as humanly possible.