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Following the Apple Card savings account's recent rate increase to 4.5%, we have updated our guide comparing the annual percentage yields (APYs) of some popular high-yield savings accounts (HYSAs) available to U.S. residents.

apple-card-savings-account-feature.jpg

Apple's rate now exceeds that of popular HYSAs offered by the likes of American Express, Capital One, and Discover, but there are a handful of other options that offer even higher APYs in the 4.6% to low 5% range, such as Synchrony Bank and Wealthfront. Balance limits and other requirements vary by provider.

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

ProviderMaximum APY*
American Express4.35%
Ally4.35%
Barclays4.35%
Capital One4.35%
Discover4.35%
Citizens Bank4.5%
Apple (Goldman Sachs)4.5%
Marcus (Goldman Sachs)4.5%
SoFi4.6%
PNC Bank4.65%
Synchrony4.75%
Wealthfront5%
CIT Bank5.05%
UFB Direct5.25%

[td]Betterment[/td]
[td]4.75%[/td]

* Advertised APYs as of January 27, 2024, excluding limited-time/affiliate rates. APYs may vary.

These rates will continue to increase or decrease over time, often in line with U.S. Federal Reserve rate decisions. Money can be withdrawn from the Apple Card savings account and switched to a different HYSA at any time.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 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 $250,000, which is lower than some HYSAs.

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 partnership with Apple, but it is unclear how this might impact the Apple Card. In any case, balances up to the $250,000 limit are fully insured by the U.S. Federal Deposit Insurance Corporation (FDIC).

Article Link: Here's How the Apple Card's New Savings Rate Compares to Competitors
 
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newyorksole

macrumors 603
Apr 2, 2008
5,045
6,344
New York.
I don’t mind keeping some of my savings in Apple’s account. sure some will say “you’re leaving money on the table! you could be getting 5%, 5.25% etc. elsewhere!” but idc. it’s not that big of a difference. if Apple/GS was only giving like 3% then I’d be like ok this isn’t worth it lol.

just very curious who Apple’s future partner will be. 🤔
 

TheApplenator

macrumors newbie
Jan 27, 2024
13
10
I feel like Apple should just take their banking in-house and move the rate to 5%, but still require credit card approval. It's a good way for them to attract users to their credit card in order to help them buy more expensive Apple products, and if they brought everything in-house they would have more control over the process, and they could be a lot more consumer-friendly than banking companies ever could. And it integrates with my Apple products well, and I trust Apple more than I would any other bank anyways.
 

wigby

macrumors 68030
Jun 7, 2007
2,734
2,657
We can recommend everyone to have like 5 accounts and then fill them monthly and send the money to where you get high interest. Have a maximum per bank to not exceed and add more accounts.

Every bank may go under anytime so always have multiple banks.
So long as bank is insured and you don't exceed FDIC limit of $250k, there's no reason to worry about any bank going under. Multiple online accounts is convenient for shifting money around to capture the best rates easily. If you're still worried beyond FDIC, that's a much bigger problem involving the entire global economy dissolving in which case money becomes pointless.
 

chevman

macrumors member
Feb 15, 2010
63
44
If you're looking to park cash, the way to do it is buy a fund in your brokerage that is investing in federal t-bills and the like, eg:


These track the market and you'll always basically get the optimal rate.

No need to be opening up random savings accounts across 10 different random banks.
 

jooish

macrumors regular
Jul 16, 2020
145
445
Palos Verdes, CA
I don’t mind keeping some of my savings in Apple’s account. sure some will say “you’re leaving money on the table! you could be getting 5%, 5.25% etc. elsewhere!” but idc. it’s not that big of a difference. if Apple/GS was only giving like 3% then I’d be like ok this isn’t worth it lol.

just very curious who Apple’s future partner will be. 🤔

The difference scales... and it's impact on you depends on numerous factors.

If you have $1000 in your savings then the difference between 4.5% and 5.25% is $7.50 per year.

If you have $10k in your savings then the difference between 4.5% and 5.25% is $75.00 per year.

...

If you have $250k in your savings than the difference between 4.5% and 5.25% is an extra $1875 per year.


Either way... nice to see another bump, and parity with Marcus.
 

chewbaka

macrumors regular
Jun 2, 2014
232
575
If you're looking to park cash, the way to do it is buy a fund in your brokerage that is investing in federal t-bills and the like, eg:


These track the market and you'll always basically get the optimal rate.

No need to be opening up random savings accounts across 10 different random banks.
These aren’t savings accounts. Yes good for parking cash. But a HYSA is better for your emergency fund or short term savings.
 

ghanwani

macrumors 601
Dec 8, 2008
4,465
5,490
No thanks. I'll keep buying t-bills which offer a higher yield and are not subject to state income tax.
1-mo treasury is currently at 5.54% and no state tax!

Plus you should be wary when you have a computer company peddling a financial product. Maybe they should fix their snorkeling goggles so Netflix will allow people to swim with them? Or fix their phone and laptop displays so they don't cause eye strain and headaches? Or fix Siri so that it actually works on HomePod?
 
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