Apple Card Launches Savings Account With 4.15% APY

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

What happened

Apple has partnered with Goldman Sachs to offer Apple Card users a chance to grow their Daily Cash rewards with a high-yield savings account. Eligible savers can earn a 4.15% APY on their money, and there are no minimum deposits or minimum balance requirements to worry about.

So what

Apple Card users get a percentage of their purchases back in the form of Daily Cash (whereas most credit card companies make cash back rewards accessible after each billing cycle). Now, they can put that money into a savings account with a very attractive interest rate attached to it.

"Savings helps our users get even more value out of their favorite Apple Card benefit -- Daily Cash -- while providing them with an easy way to save money every day," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet.

Once Apple Card users set up a savings account, all of the Daily Cash they accumulate gets deposited into that account automatically. Users can also opt to deposit cash into their savings accounts through a linked checking account. Funds from savings can be withdrawn at any time, and with no fees.

Our Picks for the Best High-Yield Savings Accounts of 2024

APY
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 13, 2024
Min. to earn
$1
APY
4.50%
Min. to earn
$0.01
APY
5.10%
Min. to earn
$0

Now what

A recent SecureSave survey found that 74% of Americans are living paycheck to paycheck with no financial cushion to fall back on. What makes Apple's new savings account so valuable is not just its higher interest rate, but the way it allows users to seamlessly and automatically bank their daily credit card rewards so that the money accumulates. That could allow people without a safety net to build one.

Meanwhile, a 4.15% APY is extremely competitive in today's savings environment. While it's true that banks are paying higher amounts of interest these days in general, there are few paying above 4% that don't also impose a minimum balance requirement. CIT, for example, is offering 4.5% on its Savings Connect account, but with a $100 minimum needed to earn that APY.

Of course, it's important to note that a savings account's APY can change at any time. The only way to lock in a guaranteed interest rate on cash savings is to open a certificate of deposit. But savings accounts offer far more flexibility, so current Apple Card users may want to look into this new offering so they can capitalize on a higher interest rate without having to commit to locking their money away.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Rates as of Jul 13, 2024 Ratings Methodology
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American Express® High Yield Savings Citizens Access® Savings
Member FDIC. Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: 4.25%

APY: 4.50%

Min. to earn APY: $1

Min. to earn APY: $0.01

Our Research Expert

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