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 Apple Card Savings Account offered an annual percentage yield (APY) of 4.15%, a competitive rate at the time. The APY saw several increases, reaching 4.25% in December 2023, 4.35% in early January 2024, and peaking at 4.5% in late January 2024.
However, since that peak in early 2024, the trend has shifted towards decreases. The rate was cut to 4.4% in April 2024, 4.25% in late September, 4.10% in October, and 3.90% in December. The first cut of 2025 brought the rate down to 3.75% in March. Most recently, as of May 28, 2024 (or May 28, 2025 depending on the source date format), the rate was lowered again from 3.75% to 3.65%. This 3.65% APY marks an all-time low for the Apple Card Savings Account.
Why the Rate Cuts?
These interest rate adjustments are characteristic of financial institutions like Apple and Goldman Sachs, which periodically change rates based on overall economic conditions. Specifically, many of the rate cuts have been in response to U.S. Federal Reserve benchmark rate changes. This trend of falling interest rates is not unique to Apple; competitors are also experiencing declines. The new 3.65% rate currently matches the rate offered by Goldman Sachs' own Marcus savings account.
How Does it Compare Now?
While the rate has decreased significantly from its peak, it's still dramatically higher than the national average interest rate in the United States. A table from March 2025 shows the Apple Card Savings Account (then at 3.75%) being competitive with, or slightly above, rates offered by other popular high-yield savings accounts like Ally, Discover, American Express, and Capital One, all listed at 3.70% APY at that time. Marcus by Goldman Sachs also matched the 3.75% rate in March 2025.
However, other options listed offered higher rates even then, such as SoFi (3.80%), Barclays (ranging from 4.15% to 4.40% APY tiered), Wealthfront (4.00%), Robinhood (4.00% APY), CIT Bank (4.10%), Fierce (4.25%), Openbank by Santander (4.40%), and Pibank (4.60%). More recent discussions from Reddit mention rates as high as 4.5% with Robinhood Gold (though possibly promotional), 4.6% with SoFi (with direct deposit or $5,000 monthly deposit), and around 5-5.25% APY with banks like Jenius Bank, CIT Bank, and UFB Direct. Some accounts like Marcus also offer bonus rates through referrals.
With the current Apple rate at 3.65%, it sits below many of the higher-yielding options available, though it's still competitive with, or only slightly below, several others depending on specific promotional rates or requirements. Some users note that while the rate is lower than its peak, the difference might be minimal compared to the hassle of switching, especially since rates are generally declining across the board.
The Future of the Partnership
Adding another layer of uncertainty, there are reports that Goldman Sachs may end its consumer lending partnership with Apple earlier than planned. It is currently unclear what impact this might have on existing Apple Card holders and their savings accounts. Several companies, including Barclays, Synchrony, and JPMorgan Chase, are reportedly being considered as potential replacements for Goldman Sachs as Apple's financial partner.
Conclusion
The Apple Card Savings Account remains a convenient and accessible high-yield savings option deeply integrated into the Apple ecosystem, particularly useful for managing Daily Cash rewards. While its interest rate has dropped to an all-time low of 3.65% APY, following broader market trends and Federal Reserve actions, it still offers a significantly better return than standard savings accounts at large brick-and-mortar banks. For Apple Card users prioritizing ease of use within the Wallet app, it's a strong contender. However, those looking for the absolute highest possible yield may find better rates with other online-only banks or financial institutions, although these often come with their own requirements or different user experiences. The reported potential shift in Apple's financial partner also adds an element of future uncertainty.