Following the Apple Card savings account’s recent rate increase to 4.5%, we have updated our guide comparing the annual percentage yields (APYs) of some popular high-yield savings accounts (HYSAs) available to U.S. residents.
Apple’s rate now exceeds that of popular HYSAs offered by the likes of American Express, Capital One, and Discover, but there are a handful of other options that offer even higher APYs in the 4.6% to low 5% range, such as Synchrony Bank and Wealthfront. Balance limits and other requirements vary by provider.
There are many other HYSAs not listed in our chart, so be sure to do your research before deciding which option is best suited for you.
| Provider | Maximum APY* |
|---|---|
| American Express | 4.35% |
| Ally | 4.35% |
| Barclays | 4.35% |
| Capital One | 4.35% |
| Discover | 4.35% |
| Citizens Bank | 4.5% |
| Apple (Goldman Sachs) | 4.5% |
| Marcus (Goldman Sachs) | 4.5% |
| SoFi | 4.6% |
| PNC Bank | 4.65% | Betterment | 4.75% |
| Synchrony | 4.75% |
| Wealthfront | 5% |
| CIT Bank | 5.05% |
| UFB Direct | 5.25% |
* Advertised APYs as of January 27, 2024, excluding limited-time/affiliate rates. APYs may vary.
These rates will continue to increase or decrease over time, often in line with U.S. Federal Reserve rate decisions. Money can be withdrawn from the Apple Card savings account and switched to a different HYSA at any time.
Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is $250,000, which is lower than some HYSAs.
To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.
Goldman Sachs reportedly plans to end its partnership with Apple, but it is unclear how this might impact the Apple Card. In any case, balances up to the $250,000 limit are fully insured by the U.S. Federal Deposit Insurance Corporation (FDIC).
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