Apple today increased the Apple Card savings account's APY to 4.35%, according to a notification sent to cardholders, including MacRumors contributor Aaron Perris.
This is the second increase to the savings account's APY in as many months, after Apple raised it from 4.15% to 4.25% in December. Apple's rate now matches that offered by popular high-yield savings accounts from American Express and Discover, but there are still some other options that offer even higher APYs up into the 4.5% to low 5% range in the U.S., such as Marcus by Goldman Sachs and Wealthfront.
Apple launched the high-yield 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 personal funds deposited via a linked bank account, or from their Apple Cash balance. The maximum balance allowed is $250,000, and balances are fully insured by the U.S. government's Federal Deposit Insurance Corporation.
The rate increase comes after The Wall Street Journal in November reported that Goldman Sachs is looking to terminate its Apple Card partnership, as part of its broader exit from the consumer lending business. The partnership is expected to end within the next year or so, but it's unclear how this might affect the Apple Card in the future.
Saturday August 10, 2024 5:00 am PDT by Tim Hardwick
Apple typically releases its new iPhone series in the fall, and a possible September 10 announcement date has been floated this year, which means we are just one month away from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design...
Apple's M3 MacBook Pro is seeing multiple high value discounts on Best Buy and Amazon today, with up to $1,000 off select models. This includes a new all-time low price on the entry-level M3 512GB 14-inch MacBook Pro at $1,299.00, down from $1,599.00, and a massive $1,000 discount on the high-end 16-inch model exclusively for Best Buy members. Note: MacRumors is an affiliate partner with Best...
Tuesday August 13, 2024 4:01 pm PDT by Juli Clover
Multiple rumors have suggested that the iPhone 16 models are going to have an all-new button that's designed to make it easier to capture photos when the devices are held in landscape mode. Apple calls the button the Capture Button internally, and it is going to be one of the most advanced buttons that's been introduced to date with support for multiple gestures and the ability to respond to ...
Apple is beta testing iOS 18 and the first update to iOS 18 concurrently, and we got the second betas of iOS 18.1, iPadOS 18.1, and macOS Sequoia 15.1 today alongside the sixth betas of iOS 18, iPadOS 18, and macOS Sequoia 15. Many of the changes in iOS 18.1 are focused on bringing the .1 betas in line with the standard betas, which recently received updates to Photos and Safari, while...
Thursday August 8, 2024 4:40 am PDT by Tim Hardwick
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models simultaneously, which is why we sometimes get rumored feature leaks so far ahead of launch. The iPhone 17 series is no different – already we have some idea of what to expect from Apple's 2025 smartphone lineup. If you plan to skip...
Apple's rumored iPhone 17 "Slim" could be positioned as an iPhone "Air" to boost sales, according to Bloomberg's Mark Gurman. In the latest edition of his "Power On" newsletter, Gurman explained how the "fourth" model in the iPhone lineup since 2020 (the iPhone 12 mini, iPhone 13 mini, iPhone 14 Plus, and iPhone 15 Plus) has largely been a commercial failure. In the case of the Plus model,...
I thought Goldman Sachs was losing money on the Apple Card. Apple was making money?
Goldman is losing money because they agreed to give credit cards to just about anybody and everybody. It turns out that selling MacBook Pros and iPhone 15 Pros on credit to people with bad credit leads to losses. The deposit accounts are on the low end of “high yield” savings accounts.
Apple doesn’t let Goldman charge late fees and also insists that all statement cycles end on the same day (which means they get deluged with customer service calls early each month). No other card company offers those terms. Goldman was desperate to get into the consumer lending industry so they agreed to it. A few years later they changed their minds.
