Apple Card savings account customers have received a notification on their iPhones that their account’s APY has been increased to 4.35%, according to a new report from MacRumors.
The increase in the savings account’s APY is the second increase in as many months, as Apple also raised it from 4.15% to 4.25% in December. Apple’s rate now matches rates offered by popular high-yield savings accounts from other financial firms, such as American Express and Discover.
Apple launched the high-yield savings account in April 2023, offering an initial APY of 4.15%. The savings account has no fees, no minimum deposits, and no minimum balance requirements, and it can easily be set up and managed directly from Apple Card in Wallet. Customers must also have an Apple Card and be at least 18 years of age.
Once a user sets up their Savings account, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. Users can also deposit additional funds into their Savings account from a linked bank account, or from their Apple Cash balance.
An easy-to-use Savings dashboard in Wallet allows users to conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or their Apple Cash card, with no fees.
Apple Card Savings users are allowed a maximum balance of $250,000, and balances are fully insured by the FDIC. Users can transfer money to their Apple Cash balance or a linked external bank account, a process that Apple says can take 1-3 business days to be completed. There are no fees for withdrawals.
In November, we reported that Apple is pulling out of its Apple Card partnership with Goldman Sachs, according to a report by The Wall Street Journal. Apple is planning to stop working with Goldman Sachs sometime in the next 12 to 15 months. At this point, we don’t know whether or not Apple has a new partner for the Apple Card waiting in the wings.