Apple Increases Annual Percentage Yield (APY) for Apple Card Savings Account
Apple has announced yet another increase in the annual percentage yield (APY) for its Apple Card Savings Account. The APY has been raised to 4.50 per cent, up from the previous rate of 4.35 per cent. This marks the third rate increase since December, with the initial uptick from 4.15 per cent to 4.25 per cent, followed by another increase from 4.25 per cent to 4.35 per cent in early January. This latest adjustment aligns Apple’s savings account APY with other popular high-yield options such as those offered by American Express and Discover. In fact, the Apple Savings Account now stands at par with the APY provided by Marcus by Goldman Sachs.
Introduced in April 2023 for U.S. Apple Card holders, the high-yield savings account is a collaborative effort between Apple and Goldman Sachs. Users of the Apple Card can earn interest on both their automatic Daily Cash deposits and personal funds added to the account, with a maximum deposit limit of $250,000.
This move by Apple comes as a response to the increasing competition in the high-yield savings account market. With other financial institutions offering attractive APY rates, it is essential for Apple to stay competitive and continue providing value to its customers. By constantly increasing the APY for its savings account, Apple is demonstrating its commitment to offering a lucrative option for those looking to grow their savings.