Review: Apple Card Savings Account Navigates Falling Interest Rates

Review: Apple Card Savings Account Navigates Falling Interest Rates

Launched in April 2023 in partnership with Goldman Sachs, the Apple Card Savings Account was introduced as a high-yield savings option exclusively for Apple Card holders. The account allows users to earn interest on their funds, offering a rate significantly higher than the national average provided by many traditional banks like Chase, Bank of America, and Wells Fargo. Its integration within the Wallet app on the iPhone makes it a convenient place to automatically deposit Daily Cash rewards earned from Apple Card purchases.  Users can also add funds from a linked bank account or their Apple Cash balance. The account is designed with no fees, no minimum deposits, and no minimum balance requirements, though users must be U.S. residents and at least 18 years old to open one. Interest earned is compounded daily and paid out into the account at the end of each month. The maximum balance allowed in the account is 250,000. A History of Fluctuating Rates When it debuted in April 2023, the Appl…