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Apple Raises APY on Apple Card Savings Account to 4.35%

Despite the second increase in two weeks, Apple's rate still falls short of several high-yield savings accounts, amid rumors of Goldman Sachs seeking to end its partnership with Apple.

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Overview

  • Apple has increased the annual percentage yield (APY) on its Apple Card Savings account for the second time in two weeks, raising it from 4.25% to 4.35%.
  • The Apple Card Savings account is only available to Apple Card holders and offers the convenience of automatically depositing Daily Cash rewards from Apple Card purchases.
  • Despite the increase, Apple's APY still falls short of several high-yield savings accounts, with some offering as much as 5.50% APY.
  • Goldman Sachs, the current partner bank for Apple Card, offers a higher APY of 4.5% on its Marcus-branded savings account.
  • There are rumors that Goldman Sachs is looking to dissolve its partnership with Apple, and potential replacements include American Express and Synchrony Financial.