Apple Card Savings Account Sees Another Boost: Interest Rate Now at 4.5%

Apple Card Savings Account Interest Rate Increases to 4.5%

Apple has notified Apple Card users that the interest rate on their savings account has increased to 4.5%, marking the second increase in January. The rate rose from 4.25% in December to 4.35% earlier this month, and now stands at 4.5%. This makes the Apple Card savings account more competitive with other high-yield savings accounts, especially considering it has no associated fees.

For a $1000 balance, a 4.5% interest rate means the account will grow to $1045 after one year. Since its launch, Apple has only increased the savings rate, although this is not guaranteed to continue and may fluctuate based on Federal Reserve actions and economic conditions.

The savings account is currently available only in the United States. Behind the scenes, Goldman Sachs partners with Apple for the Apple Card and savings account, but plans to exit its consumer finance business within the next year. Despite this, Apple is working on a solution to migrate away from Goldman Sachs.

Customers should not be concerned about these backroom dealings; their money remains safe, insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor.