Wesley Hilliard
Apple Card customers' Apple Savings account can now grow at an increased 4.35% APY, but the higher rate is still behind the competing high-yield savings accounts.
Apple Savings launched with a competitive 4.15% annual percentage yield (APY) but failed to increase to stay competitive. Thursday's increase to 4.35% is Apple's second increase since December 21.
Apple Savings account holders received a notification late Thursday stating that their APY had increased to 4.35% from 4.25%. The move won't mean drastic increases in savings, but it's a move in the right direction.
Goldman Sach's consumer-facing Marcus brand savings account is at 4.5% APY, a .01% increase from when we last updated our comparison tracker on November 28. Other banks like UFB (5.25%) and PNC (4.65%) seem to increase their APY on a regular basis.
Goldman Sachs wants to end its partnership with Apple, which may have something to do with limited changes to Apple Savings or Apple Card benefits. Apple has offered Goldman Sachs an out, but no alternative bank has been named to take over Apple's financial services.
There are a few banks rumored to be in consideration for an Apple Card and Savings takeover, but Apple's requirements may need to change to facilitate that. The rumored banks include American Express and Synchrony Financial.
AppleInsider Staff
Malcolm Owen
Oliver Haslam
Andrew O'Hara
William Gallagher
Christine McKee
2 Comments
With a deposit of $1,000 one would earn an additional $1 a year. Not enough for the tip on a pizza delivery, but pretty sweet nonetheless.
It requires a deposit of about $30,000 to earn approximately $100 a month in interest. After a year I'll have the earned interest income to buy a new iPhone. Then somebody told me I would need to pay income tax on that $1200. What? Now I need to compute interest into the equation so I can pay for my phone. I just want a free phone. And it has to be Titanium. It's all about the Titanium.