Following the Apple Card savings account's recent rate increase to 4.35%, we have put together this guide comparing the annual percentage yields (APYs) of some popular high-yield savings accounts (HYSAs) available to U.S. residents.
Apple's rate now matches that of popular HYSAs offered by the likes of American Express, Capital One, and Discover, but there are a handful of other options that offer even higher APYs in the 4.5% to low 5% range, such as Marcus by Goldman Sachs and Wealthfront. Balance limits and other requirements vary.
There are many other HYSAs not listed in our chart, so be sure to do your research before deciding which option is best suited for you.
| Provider | Advertised APY* |
|---|---|
| Apple (Goldman Sachs) | 4.35% |
| American Express | 4.35% |
| Ally | 4.35% |
| Barclays | 4.35% |
| Capital One | 4.35% |
| Discover | 4.35% |
| Citizens Bank | 4.5% |
| Marcus (Goldman Sachs) | 4.5% |
| SoFi | 4.6% |
| PNC Bank | 4.65% |
| CIT Bank | 4.65% to 5.05% |
| Betterment | 4.75% |
| Synchrony | 4.75% |
| Wealthfront | 5% |
| UFB Direct | 5.25% |
* Advertised APYs as of January 5, 2024. APYs may vary.
Ordinary savings accounts at popular banks such as Bank of America and Chase typically offer APYs of only 0.01% or slightly higher.
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 $250,000, which is lower than some HYSAs, and balances are fully insured by the U.S. Federal Deposit Insurance Corporation (FDIC).
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 will reportedly be ending its partnership with Apple within the next year or so, but it is unclear how this might impact the Apple Card.
