Apple Card users received good news this week – the savings account interest rate is going up again. Apple has increased APY on the Apple Card savings account from 4.35% to 4.50%.
This marks the third rate hike since the savings feature launched in 2023. Rates started at 4.15%, rose to 4.25% in December, went to 4.35% in January, and now sit at 4.50% as of February 2024.
The new 4.50% APY matches top competitors like the Marcus high yield savings from Goldman Sachs. It provides an attractive return on spare cash deposits.
Cardholders received push notifications informing them of the latest rate change. The Apple Card savings account is available exclusively in the U.S. to Apple Card users.
It offers an easy way to earn interest on Daily Cash rewards and personal deposits up to $250,000. Funds are FDIC insured for peace of mind.
Apple has continued making its savings offer more competitive amid rising interest rates. The 4.50% return is far higher than brick-and-mortar bank savings accounts.
For Apple Card customers, the savings account provides a seamless way to get more value from Daily Cash. As Apple rises rates further, it becomes even more appealing for stashing cash.
Going forward, experts anticipate Fed rates will plateau in 2024 after aggressive hikes last year. But for now, the Apple Card savings rate remains on an upward trajectory. Cardholders can enjoy steady 4.50% earnings on deposits as Apple aims to be a one-stop finance solution.