If you have been saving money with your Apple Card, things have just gotten a bit better.
As spotted by @aaronp613 on Twitter, the Apple Card savings rate has increased from 4.35% to 4.50%. This means it has grown from 4.15% to 4.50% in just a single month.
Announced just last April, the Apple Savings account is an American-only option that has no fees and no minimum deposits. The account is exclusive to Apple users and has no minimum balance requirements, so you can start saving regardless of your income —you simply need to be over 18 years old and need to have an Apple Card in “good standing.” The maximum account balance for Apple Card savings is $250,000 per person.
A better incentive — iMore’s take
Apple has once again raised their savings account interest rate from 4.35% to 4.50%! pic.twitter.com/59dDP502usJanuary 27, 2024
Goldman Sachs has reportedly lost upwards of $1 billion since it began its relationship with Apple, and the banking firm will finally end its deal with the company over the next year or so. This extra savings rate bump, made by Goldman Sachs, is a big incentive to continue using Apple’s banking platform in the middle of that uncertainty, and it gives the banking firm more capital to work off to make future investments. The more that potential users continue to save, the more capital banks have.
As pointed out by MacRumors, this places Apple’s interest rate above American Express, Barclays, Capital One, and Ally, who all have a 4.35% rate, but below Wealthfront, Synchrony, and Betterment. At 4.15%, the rate Apple Savings launched at last year, Apple was behind its competition, but fewer barriers to entry still made it a worthwhile investment. Now, not only is it easy to sign up for an Apple Card, but it sits in the middle of the pack for its interest compensation.
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