Apple's high-yield Savings account, offered by Goldman Sachs, offers 4.40% APY on your savings.
While that amount is more than 9 times the national average APY, it's not the highest rate available in today's climate — some accounts earn APYs around 5.00% and a few have brushed up against 6.00% APY.
But, Apple Savings could be a convenient way for Apple Card users to make their Daily Cash — the money earned through Apple's cashback program — grow in a way it otherwise wouldn't.
Below, CNBC Select breaks down everything you need to know about Apple's high-yield savings account and how it compares to the competition.
What we'll cover
- Who is Apple's high-yield savings account for?
- How does Apple's high-yield savings account work?
- How does Apple's high-yield savings account stack up?
- Bottom line
Apple Savings
Savings provided by Goldman Sachs Bank USA, Member FDIC.
Annual Percentage Yield (APY)
4.15%APY
Minimum balance
None
Monthly fee
None
Maximum transactions
No max number of transactions; max transfer amounts may apply
Excessive transactions fee
No
Overdraft fees
No
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Who is Apple's high-yield savings account for?
Apple Savings could be a good fit for Apple Card users. Unlike many other savings accounts, you'll need to have an Apple Card in order to access this account.
Opening an Apple Card could give you access to the savings account. However, you shouldn't just get a new card without thinking through the consequences. For example, if you're applying for a mortgage, it might not be the right time to open a new card. Opening a line of credit can cause your credit score to drop a few points, which could work against you when buying a home.
How does Apple’s high-yield savings account work?
The Apple Savings account automatically collects the Daily Cash earned by the Apple Card. That could help the amount you earn grow on its own without needing to transfer points or money from a similar cashback card.
Additionally, you can fund your account with deposits from a linked external bank account like you would with any other savings account.
After depositing your funds, your interest will compound daily and be credited to your account monthly. Apple Savings does have a limit, however — the maximum balance for a single account is $250,000.
How does Apple’s high-yield savings account stack up?
There are a number of high-yield savings accounts on the market. Here's how Apple Savings compares to other high-yield savings accounts.
Accessibility
If you don't have an Apple Card and don't have any plans to open one, you won't have access to this savings account.
However, there are plenty of savings accounts that allow you to manage your money from an app and don't require you to be part of the Apple ecosystem. UFB Portfolio Savings, for example, offers an interest rate of 5.15% APY and has an app that lets you manage the account available on both the Apple App and the Google Play stores.
UFB Portfolio Savings
UFB Portfolio Savings is offered by Axos Bank ® , a Member FDIC.
Annual Percentage Yield (APY)
Up to 5.15%APY on any savings balance; add UFB Freedom Checking and meet checking account qualifications to get an additional up to0.20%APY on savings
Minimum balance
$0, no minimum deposit or balance needed for savings
Fees
No monthly maintenance or service fees
Overdraft fee
Overdraft fees may be charged, according to the terms; overdraft protection available
ATM access
Free ATM card with unlimited withdrawals
Maximum transactions
6 per month; terms apply
Terms apply.
Read our UFB Portfolio Savings review.
Interest rates
Simply put, higher APYs are available for those who want to chase the best possible rate. However, many savings accounts have restrictions on how much money can earn the top-tier rate.
Varo's Savings Account offers 5.00% APY on up to $5,000. But, not all have limits. For example, Western Alliance Bank offers a high-yield savings account that earns 5.22% APY with no cap.
Varo Savings Account
Bank Account Services are provided by Varo Bank, N.A., Member FDIC.
Annual Percentage Yield (APY)
Begin earning 3.00% APY and qualify to earn 5.00% APY if meet requirements
Minimum balance
$0.01 to earn interest
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have a Varo Bank Account
Terms apply.
Western Alliance Bank High-Yield Savings Account
Western Alliance Bank is a Member FDIC.
Annual Percentage Yield (APY)
5.20% APY
Minimum balance
$1 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 transactions each month
Excessive transactions fee
The bank may charge fees for non-sufficient funds
Overdraft fee
No overdraft fee
Offer checking account?
No
Offer ATM card?
No
Terms apply.
However, 4.40% APY isn't something to overlook. With the average savings account earning 0.59% APY according to Bankrate data, this could be a significant advantage for those who haven't considered a high-yield savings account and want to work with a platform they already use.
Fees
Like many of CNBC Select's top picks for the best high-yield savings accounts, Apple Savings doesn't charge any service fees or charges.
Other banks that don't charge a monthly fee include Newtek Bank's Personal High Yield Savings and CFG Bank, though the latter requires a $1,000 minimum deposit.
Newtek Bank Personal High Yield Savings
Newtek Bank is a Member FDIC.
Annual Percentage Yield (APY)
5.25% APY
Minimum balance
$0.01 to earn interest
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Only a business checking account
Offer ATM card?
Yes, if have a Newtek checking account
Terms apply.
CFG Bank High Yield Money Market Account
CFG Bank is a Member FDIC.
Annual Percentage Yield (APY)
Up to 5.25% APY
Minimum balance
$1,000 minimum deposit; $1,000+ minimum balance to obtain APY
Monthly fee
$10, with option to waive if account maintains minimum $1,000 balance
Offer checks?
No
Offer debit/ATM card?
No
Terms apply.
Bottom line
Apple Savings offers a solid 4.40% APY and a fee-free experience to those with an Apple Card. For those who want the highest possible rate or don't have an Apple Card, you have plenty of other options to earn high a interest rate with another account.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account story is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
