Facts ChronicleFacts ChronicleFacts Chronicle
  • Best Of 2024
  • Games
  • Gadgets
  • Graphics Cards
  • How To
  • Automobiles
Reading: Apple Savings Account APY Increased to 4.50%: Third Rate Hike Since December
Share
Font ResizerAa
Facts ChronicleFacts Chronicle
Font ResizerAa
Search
  • Best Of 2024
  • Games
  • Gadgets
  • Graphics Cards
  • How To
  • Automobiles
Follow US
Facts Chronicle > Technology > Apple Savings Account APY Increased to 4.50%: Third Rate Hike Since December
Technology

Apple Savings Account APY Increased to 4.50%: Third Rate Hike Since December

Amelia Collins
Last updated: January 27, 2024 1:23 pm
Amelia Collins Published January 27, 2024
Share
SHARE

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.

In terms of user opinion, the increase in APY is undoubtedly welcomed by Apple Card holders. With a higher APY, customers can grow their savings at a faster rate, thus making the Apple Savings Account a more attractive option. This move will likely lead to increased satisfaction among Apple Card users, further solidifying their loyalty to the brand. Overall, this latest increase in APY reflects positively on Apple’s efforts to provide value to its customers and remain competitive in the financial services sector.

Share This Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -

Pages

  • About Us
  • Amazon Affiliate Disclosure
  • Contact
  • Factschronicle.com – Know the Future
  • Home
  • Privacy Policy
  • Scholarship
  • Terms of Use