Apple card savings account APY surges to 4.50%

Apple Savings Account: Apple has notified its Apple Savings account holders of yet another increase in the annual percentage yield (APY). The APY for the Apple Card Savings Account 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. 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.