Apple has just announced another increase in the Annual Percentage Yield (APY) for its Apple Card savings account, now reaching an attractive 4.35%. This follows a recent boost in December from 4.15% to 4.25%, making Apple’s rate competitive with well-known high-yield savings accounts from American Express and Discover.
This marks the second consecutive month of rate increases for Apple Card’s savings account, showcasing Apple’s commitment to providing attractive returns for its users.
While Apple’s APY is now on par with other popular high-yield savings accounts, it’s essential to note that alternative options like Marcus by Goldman Sachs and Wealthfront offer slightly higher APYs, ranging from 4.5% to the low 5% bracket.
Launched in April 2023 in collaboration with Goldman Sachs, the Apple Card savings account offers a user-friendly experience. It can be easily opened and managed through the Wallet app on your iPhone, with no fees, no minimum deposits, and no minimum balance requirements.
To open an account, you need to be a U.S. resident, at least 18 years old, and have an Apple Card. This account allows you to earn interest on your Daily Cash cashback balance and personal funds deposited from your linked bank account or Apple Cash balance.
The maximum balance allowed in the Apple Card savings account is $250,000, and all balances are fully insured by the U.S. government’s Federal Deposit Insurance Corporation (FDIC).
The rate increase comes amid reports from The Wall Street Journal suggesting that Goldman Sachs may terminate its partnership with Apple Card within the next year. While the details of this potential separation are unclear, Apple Card holders need to stay informed about any changes that may affect their accounts.
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