Apple launches high-yield savings account

[Kevin Slater]

Folks who have an Apple credit card (that titanium one issued through Goldman Sachs) can now open a savings account in their Apple wallet.  By default, your daily Apple cash (the 1 to 3% you make back on purchases) would then be swept into the savings account unless you opt to have it continue going to Apple Pay.  The account currently pays 4.15%, but for me the big draw is to quit getting these measly $5 here, 8¢ there additions to my Apple Pay balance.

Kevin Slater

[+ BenjaminNicholas]

It's a damned fine return at 4.15% even though I'm sure this sizzle rate won't last long.

It'll be enough to convince some on the fence about opening up a card to do so.  That's really the bottom line here.

I've been happy with Apple Card, but appreciate seeing some new perks.  It's been a pretty bland card since inception.

[rvwnsd]

Marcus, Goldman Sachs's online savings bank, offers a 3.90% APY on their online savings account. If the rate on the Apple savings account does decrease, it won't do so by much. 

[Jim_n_NYC]

Pfft.  All my savings accounts atm are paying 4.5% and up.  This rate is not all that special and sub 4% is not even close.  Even the cash management account (where they sweep unused funds) at Fidelity is now 4.5%.

 

Best High Yield Savings Accounts - up to 5.00% APY - Doctor Of Credit

WWW.DOCTOROFCREDIT.COM

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List of the best high interest yield accounts, we list ALL high interest accounts - get up to 5% APY with a rewards account or 2.35% on a basic account.

If you get more back than 1:1 from Apple, then sweep that somewhere else.

4/19:  I just did a manual sweep to a money market at Fidelity and the rate is 4.66%.

Edited April 19, 2023 by Jim_n_NYC