The Apple Card rolled out a little over four years ago, making spending money through Apple Pay and online retailers even easier. In the years since, the card has seen billions in transactions, and in April 2023, Apple introduced savings accounts for cardholders. Savings account customers hadn’t seen a rate hike since the program’s inception, but there have been two increases in the last few weeks.
The Apple Card Savings interest rate has climbed to an annual percentage yield of 4.35 percent, up from 4.25 percent a couple of weeks before and a somewhat significant jump from the introductory 4.15 percent rate.
While this is excellent news for the lazy among us – the Apple Card Savings account is supremely convenient – it’s worth noting that there are many better deals out there. Apple’s soon-to-be-former credit card partner Goldman Sachs offers an account with a 4.5 percent APY, while others provide rates that crest five percent.
A savings account at a different bank could yield more interest in your pocket, but the Apple Card’s ease of use can’t be discounted. The card already offers daily cash back and can automatically transfer that cash into the savings account. Users can view and interact with the accounts in the Apple Wallet app, making the process relatively painless.
Goldman and Apple are set to end their agreement in the next year to 15 months, and Chase Bank is rumored to be next in line. Apple’s current partnership with Goldman hasn’t been particularly lucrative for the bank, accounting for what is believed to be billions in losses.
Several banks declined the partnership at first, viewing it as too risky. Still, the subsequent popularity of the Apple Card and the tight integration with the Apple Wallet app have made it tempting enough to swallow the risk. Of course, boosting interest rates only makes life with Apple more expensive for Goldman, so its final losses could be significant.