The Apple Card Savings Account Finally Gets a Rate Bump
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After years of rate decreases, Apple’s high-yield Apple Card Savings Account has finally gotten a rate increase for the first time since January 2024.
While it’s not much — the new rate goes from 3.4% to 3.5% APY — it’s a nice reversal of a trend that’s seen nothing but a series of downward movements over the past 32 months. Still, it’s a far cry from the early days.
Apple launched the Apple Card Savings Account in April 2023 with a 4.15% Annual Percentage Yield (APY). While that wasn’t necessarily the highest out there, it was a respectable return, especially since it didn’t require a minimum balance to earn it. You’d get the full 4.15% from the very first dollar you put in.
Apple also made it easier than ever to put those dollars in. As the name implies, the Apple Card Savings Account is designed to go hand-in-hand with an Apple Card; you can’t open one unless you’re already an Apple Card holder, but once you do, you can deposit all your Daily Cash rewards into the Apple Card Savings Account where it immediately starts earning interest.
Of course, that wasn’t the only way to get money into an Apple Card Savings Account. It also supported linking external bank accounts to deposit (or withdraw) funds using ACH transfer. Money could also be easily transferred to an Apple Cash account and spent directly via Apple Pay.
For the first eight months, the Apple Card Savings Account appeared to be on a roll, with nearly a billion deposited by customers in only two weeks. At the end of 2023 and into early 2024, interest rates also jumped three times in a little over a month, going to 4.25% in December 2023, then 4.35% in the new year, and settling at 4.5% only three weeks later, on January 26, 2024.
Sadly, that would turn out to be the high-water mark. In April 2024, the account saw its first rate decrease, although at 4.4% it still remained above its launch rate, and was actually in the second-highest spot. However, it continued to drop, hitting 4.25% in September and then falling below its launch rate in October — to 4.10%.
That would be the last time the Apple Card Savings Account offered an APY above 4%, as the downward spiral continued, going to 3.9% in December 2024 before plunging down to its lowest point of 3.4% in June 2026.
Today’s increase back to 3.5% actually just takes us back to where we were in April, when it saw its first rate drop in nearly a year — going to 3.4% from the 3.65% where it had landed in May 2025. That makes today’s rate increase a small consolation, since it’s still sitting at its second-lowest level, but we can hope this might at least be part of a trend toward recovery. Of course, these rates also just follow the rest of the market standards; competing platforms have followed similar curves, with alternatives like Robinhood now sitting at 3.6% APY, compared to 4.4% in April 2023 when the Apple Card Savings Account launched.
The future of the Apple Card Savings Account also remains murky right now. Like the Apple Card itself, it’s held by Goldman Sachs, which is on the way out the door in favor of Chase, a consumer banking company that’s never offered everyday high-yield savings accounts, and is therefore unlikely to be quite as generous.
From everything we’ve heard so far, Chase will be launching a new Apple savings account in some form, but existing customers will be able to remain at Goldman — although it’s not entirely clear how that will work or for how long it will last. Apple has promised to provide further information as the transition date approaches, but so far we haven’t heard anything concrete.
