Following the Apple Card savings account’s rate cut to a 4.4% APY, we have updated our high-yield savings accounts (HYSAs) comparison chart for U.S. residents.
4.4% is still a competitive APY compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.
| Provider | Maximum APY* |
|---|---|
| Ally | 4.25% |
| Discover | 4.25% |
| American Express | 4.35% |
| Barclays | 4.35% |
| Capital One | 4.35% |
| Apple (Goldman Sachs) | 4.4% |
| Marcus (Goldman Sachs) | 4.4% |
| Citizens Bank | 4.5% | SoFi | 4.6% |
| PNC Bank | 4.65% |
| Synchrony | 4.75% |
| Betterment | 5% |
| Wealthfront | 5% |
| CIT Bank | 5.05% |
| UFB Direct | 5.25% |
* Advertised APYs as of April 3, 2024, excluding promotional and affiliate rates. APYs are subject to change at any time. This list is not comprehensive.
Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.
When the account first became available, Apple and Goldman Sachs offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% is the first time the rate has gone down.
To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.
Goldman Sachs reportedly plans to end its consumer lending partnership with Apple, but it is unclear if this will have any impact on Apple Card holders.