Apple Card High-Yield Savings Account Rate Is Now at 4.25% APY
Written by
Jacob Wade
Edited by
Susan Kim
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Apple released the Apple Card as a type of hybrid cash-back credit card, allowing Apple users to quickly and easily make payments and send money from their Apple devices. In 2023, Apple announced a high-yield savings account for your Daily Cash balance on your Apple Card account.
You can earn Daily Cash by spending money on your Apple Card, with bonus cash back available to cardholders using Apple Pay for purchases. The cash back is held in your savings account that is currently offering an annual percentage yield of . The savings account is FDIC insured through Goldman Sachs, making it a safe place to store your Daily Cash rewards.
How the Apple Card High-Yield Savings Account Works
Apple already offers cash back for users of Apple Pay, but with the introduction of a high-yield savings account in connection with the Apple Card, cardholders can now earn more Daily Cash and get paid interest on cash balances.
To access the savings account, you’ll first need to apply and be approved for the Apple Card credit card. Once you open the card, you can manage everything within your Apple Wallet. Purchases made with the Apple Card earn Daily Cash rewards, which you can choose to automatically deposit in your savings account and begin earning interest right away.
The Apple Card offers bonus cash back for Apple device users in the following ways:
- 3% cash back on purchases at select retailers using the Apple Card with Apple Pay
- 2% cash back at all other retailers using the Apple Card with Apple Pay
- 1% cash back on all other purchases with the Apple Card
The Apple Card high-yield savings account also comes with no fees, no minimum deposit requirements and no minimum balance requirements.
Apple Wallet Savings Dashboard
The Apple Card is used like a regular cash-back credit card but also works seamlessly with your Apple Wallet. The Wallet app is already known for its user-friendly interface and convenience, and Apple has parked a savings dashboard section in your Wallet app for easy access and management.
Here are a few things you can do in the Savings dashboard:
- Transfer funds to a linked bank account
- Add funds to your Apple Cash card (digital card built into Wallet)
- Track your account balance
- See what interest you have earned over time
- See Daily Cash earned on every purchase with your Apple Card
- Use built-in financial tools to assist you in paying less interest
- Protect your personal data (Apple doesn’t share with third parties)
- Access the same built-in financial health benefits of the Apple Card
How To Get an Apple High-Yield Savings Account
To get these great savings rates and Apple Cash perks, you need to have an Apple Card. If you already have one, just go to the Apple Card in your Apple Wallet and select the option to set up Savings. Here is what you will need to provide when setting up your account:
- Apple Card account information
- Social security number
- Individual taxpayer identification number, if applicable
Apple Card High-Yield Savings vs. Other High-Yield Savings Accounts
While Apple is offering a competitive APY on all balances, there are some other less restrictive savings accounts that offer high rates as well. Here’s how the Apple Card high-yield savings account compares to others:
| Savings Account | Minimum Opening Deposit | APY |
|---|---|---|
| Bask Bank Interest Savings Account | $0 | |
| Betterment Cash Reserve Account | $10 | |
| BMO Alto Online Savings Account | $0 | |
| Bread Savings High-Yield Savings Account | $100 | |
| FNBO Direct High-Yield Online Savings Account | $1 | |
| Apple Card Savings Account | $0 |
The advantage of these other savings accounts is there is no requirement to own or use an Apple device, and the rates are currently higher than what Apple is offering.
Final Take To GO: Is Apple Savings Worth It?
If you’ve got an Apple device and use their payment app regularly, the Apple Card offers cash-back bonuses and APY on your accumulated cash back. This type of seamless account management is what Apple is known for, and it may be worth it if you are fully bought into Apple’s ecosystem. There are some better high-yield savings account options out there, but none make it this easy for Apple users.
Apple Card High-Yield Savings FAQ
Here are answers to frequently asked questions about the Apple Card high-yield savings account.- How do I open an Apple high-yield savings account?
- To get the Apple high-yield savings account, you first need to be an Apple Card user. First, you need to apply for the Apple Card. Once your application is accepted, or if you are already an Apple Card user, you can then go to Apple Card in your Apple Wallet and select the Savings option. You will then need to submit some personal information for the account, such as your Social Security number or individual taxpayer identification number.
- Is the Apple Card high-yield savings account worth it?
- Depending on what you're looking for, the Apple Card high-yield savings account can be worth it, as it offers an APY of 4.40%, which is well above the national average. The account also boasts no fees, no minimum balance requirements and no minimum deposits. However, in order to open the savings account, you must be an Apple Card user.
- How does the Apple savings account work?
- The Apple savings account is a high-yield savings account designed for Apple Card users. You must be an Apple Card holder in order to open this account, which has no fees, no minimum balance requirements and no minimum deposits. If you are an Apple Card user, you can go to Apple Card in the Wallet app and set up your account. Once set up, you can transfer funds through the Savings dashboard to a linked bank account or to your Apple Cash card.
Thanks!
Caitlyn Moorhead contributed to the reporting of this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2024.
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