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Apple is sending push messages to Apple Savings account holders informing them of yet another rate increase. The Apple Card Savings Account APY has increased to 4.50%, up from 4.35%.
Apple Savings Account Interest Rate Increased to 4.50% APY
This is the third APY rate hike for the Apple Card Savings Account since December. The first rise was from 4.15% to 4.25%, and the second, implemented in early January, was from 4.25% to 4.35%, as per MacRumors.
Apple's last rate rise brought its APY in line with the APY offered by several other popular high-yield savings accounts from American Express and Discover. With the latest boost, the Apple Savings Account now matches the APY of Marcus by Goldman Sachs.
Since April 2023, Apple Card customers in the United States can access a high-yield savings account through a relationship with Goldman Sachs.
Apple Card users can earn interest on both automatic Daily Cash deposits and personal monies transferred to their accounts. Apple lets consumers deposit up to $250,000.
Apple Savings Accounts See Interest Rate Increase Amid Goldman Sachs Partnership Reevaluation
In December 2023, Apple Savings account holders received push notifications telling them that Goldman Sachs had boosted the account's interest rate to 4.25% from 4.15%. This was the first hike in interest rates since the feature's inception in April 2023.
While the rise was nice for Apple Savings clients and represents a fairly competitive rate, there were other high-yield savings accounts on the market that now offer even greater rates.
The interest rate hike came as Apple and Goldman Sachs discussed how to end their relationship for Apple Card and Apple Savings, as Goldman Sachs was preparing to quit the consumer industry at the time.
Apple presented a proposal to Goldman Sachs to end the agreement in 12-15 months. However, Apple Card and Apple Savings remain available for now.
Apple and Goldman Sachs are apparently looking for a new partner or partners to take over the administration of Apple Card and Apple Savings. It's unclear how this transition may affect the offers.
Photo: blocks/Unsplash
