Update 1/25/24: Now 4.35%
Apple finally announced today the launch of a new high yield savings account in partnership with Goldman Sachs. Apple Card users can open a linked savings account where they can have their Apple Cash automatically deposited. They can also deposit funds directly into the high yield savings account from a linked bank account. There are no fees on the account.
The current APY rate on the Apple Card savings account is 4.15% on up to $250,000 in deposits. That’s reasonably competitive. For comparison sake, Goldman Sachs’ own Marcus Bank is offering 3.90% high yield savings account at the time of this writing, and Ally Bank high yield savings accounts offers 3.75% right now. There are top high yield savings accounts earning as much as 5.00%, though. My assumption is that Apple will maintain the high rate, and increase/decrease the APY rate as the market adjusts over time.
It appears that only Apple Card users can sign up for this savings account. We’ll add the account to our list of Best High Yield Savings Accounts.
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