Apple Savings Account Interest Rate Increases to 4.50% APY

[MacRumors]

Apple is sending out push notifications to Apple Savings account holders letting them know about yet another rate increase. The Apple Card Savings Account APY is now at 4.50%, up from 4.35%.

This is the third APY rate increase the Apple Card Savings Account has seen since December. The first increase brought it from 4.15% to 4.25%, and the second, which happened in early January, increased it from 4.25% to 4.35%.

Apple's prior rate increase put it on par with the APY offered by many other popular high-yield savings accounts from American Express and Discover, and with the newest hike, the Apple Savings Account also matches the APY of Marcus by Goldman Sachs.

https://twitter.com/i/web/status/1751080572452012510

Apple's high-yield savings account has been available to U.S. Apple Card holders since April 2023, and it is offered in partnership with Goldman Sachs.

Apple Card users are able to earn interest on their automatic Daily Cash deposits and also personal funds that are added to the account. Apple allows users to deposit up to $250,000.

Article Link: Apple Savings Account Interest Rate Increases to 4.50% APY

 

[Justin Cymbal]

I just got a notification on my iPhone that my interest rate increased to 4.5% on my Apple savings account

I’m definitely happy that the rate has continued to go up since Apple launched the Apple savings account back in April of last year

This account has been my main savings account since Apple launched it because of both the convenience of having my Apple Card rewards automatically deposited as well as being able to easily transfer money from my Bank of America checking account at any time

I hope that Apple continues to raise the interest rate even more throughout the rest of this year so that it becomes more competitive with the current rates being offered by other banks

 

[Ethosik]

No alert here yet.

 

[turbineseaplane]

Been getting this rate for quite a while with US Bank

 

[gr33nra1n]

Makes no difference you can take money out no matter how high the interest rate goes. Deposit at your own risk has been my experience.

 

[grantishere]

How was the article released the exact same time as the Tweet was posted? Seems off.

 

[alexandr]

Indeed! Improvement after improvement, as this partnership is supposed to end)

 

[Tokenfreak]

Better then discovers rate now which is 4.35%. Might move some back over.

 

[antiprotest]

Instead of going to college or starting a business, just put all that money in an Apple savings account.

 

[dumastudetto]

I bet EU citizens wish they had access to such consumer-friendly initiatives and experiences. Maybe the EU should try and mandate an Apple Savings product must be offered across the whole of the EU?

 

[Rafagon]

Makes no difference you can take money out no matter how high the interest rate goes. Deposit at your own risk has been my experience.

You probably meant to write "can't."

And this isn't true. I've never had an issue. This is probably user error.

 

[haunebu]

And with ~20% inflation you're only losing 15.5% of your money's purchasing power every year. Yay!

 

[dannyyankou]

The good thing about these high yield savings accounts are that there's almost no risk, but I think you're better off investing in a mutual fund in the long run. I have money in the S&P 500 and my balance has grown nearly 27% over the past 3 years.

Edit: I'm not a financial expert, do not take my advice without consulting with a professional.

 

[munpip214]

And with ~20% inflation you're only losing 15.5% of your money's purchasing power every year. Yay!

Last year yes, this year you should be ahead.

Still they spent too long at 4.25 that I ditched them.

 

[orangeadrenaline]

Moved my emergency funds to treasury-only money market funds earning 5.3% right now. State tax benefits as well.

 

[Zest28]

The good thing about these high yield savings accounts are that there's almost no risk, but I think you're better off investing in a mutual fund in the long run. I have money in the S&P 500 and my balance has grown nearly 27% over the past 3 years.

Edit: I'm not a financial expert, do not take my advice without consulting with a professional.

Too much fees with mutual funds. ETF's are better.

Disclaimer: I do not provide personal investment advice and I am not a qualified licensed investment advisor. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions.

 

[supergt]

I hope that Apple continues to raise the interest rate even more throughout the rest of this year so that it becomes more competitive with the current rates being offered by other banks

Hate to break it to you but this is as high as it will go. If you follow what’s happening with the FED, they plan to lower the rate anywhere from 3-5 times this year. As the FED funds rate goes, the interest rate on savings accounts will follow thereafter.

 

[iGeneo]

And with ~20% inflation you're only losing 15.5% of your money's purchasing power every year. Yay!

3.4% Would be more accurate

 

[Zest28]

Hate to break it to you but this is as high as it will go. If you follow what’s happening with the FED, they plan to lower the rate anywhere from 3-5 times this year. As the FED funds rate goes, the interest rate on savings accounts will follow thereafter.

Let's wait what Jim Cramer has to say about all of this. And then do the inverse.

Disclaimer: I do not provide personal investment advice and I am not a qualified licensed investment advisor. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions.

 

[Robert.Walter]

I just got a notification on my iPhone that my interest rate increased to 4.5% on my Apple savings account

I’m definitely happy that the rate has continued to go up since Apple launched the Apple savings account back in April of last year

This account has been my main savings account since Apple launched it because of both the convenience of having my Apple Card rewards automatically deposited as well as being able to easily transfer money from my Bank of America checking account at any time

I hope that Apple continues to raise the interest rate even more throughout the rest of this year so that it becomes more competitive with the current rates being offered by other banks

Agreed. They are about 1% short of best in class.

 

[Robert.Walter]

Moved my emergency funds to treasury-only money market funds earning 5.3% right now. State tax benefits as well.

What fund names please?

 

[DocMultimedia]

Jeez. Just invest wisely and don't worry about small changes. Think long term for investment, short term for fun.

 

[citysnaps]

Not bad for liquid money.

 

[Robert.Walter]

Makes no difference you can take money out no matter how high the interest rate goes. Deposit at your own risk has been my experience.

What are you talking about?

We have all our liquid cash in this account and when any deposit comes into our CU checking we immediately move it to Apple savings.

We maintain a 50$ float in our CU checking acct.

Then before bills come due we move the necessary funds from GS back to our CU. (In 2023 we moved 7 days but to maximize interest income this year we cut to 3 days and may go to 2 days given the speed of the ACH transfers out of GS.)

Three different family members in 3 different accounts doing this with consistently good results.)

We wish Apple would look for near best in class rates because we are actively planning to move where 5.5% is possible (the ease of the Apple UI is not worth the 1% opportunity cost penalty.)

 

[Robert.Walter]

You probably meant to write "can't."

And this isn't true. I've never had an issue. This is probably user error.

Agreed. After setting it up even my 91 year old mom is able to move money out of GS and have it arrive in her ckg acct in about a day.