Apple Savings account raises interest to 4.5% APY

The Apple Savings account of Apple Card is giving more to its customers, raising the interest rate for deposited funds up to 4.5%.

The increased interest on the account means that consumers can enjoy an annual percentage yield (APY) of 4.5%. This is up from the previous rate of 4.35%.

Apple Savings started off in April as a high-yield savings account offering a 4.15% APY, but after lagging behind the rest of the market for months, the rate was increased to 4.25% in December. This was quickly upgraded to 4.35% a few weeks later in early January, and now by another rate change to 4.5%.

Apple Savings account holders will have received a notification about the rate change late on Friday. While the increase is ultimately good for consumers, it's still not exactly leading the industry.

Apple's new rate puts it more in the middle of the pack of comparative account services in terms of APY. While some offer rates below Apple's percentage, there are others in the market that provide over 5% to savers.

The increase does bring Apple Savings in line with Goldman Sachs' Marcus account at 4.5%. Goldman Sachs is Apple's partner for both Apple Card and the savings account, but the two companies are thought to be parting ways in early 2025.