Apple Savings Account Interest Rate Increased to 4.25% APY

Apple Savings account holders are currently receiving push notifications informing them that Goldman Sachs has raised the interest rate on the account to an annual percentage yield (APY) of 4.25% from 4.15%. This is the first increase in the interest rate since the feature launched back in April.

apple savings 4 25 percent interest
While the increase is a welcome one for Apple Savings customers and is a fairly competitive rate, there are some other high-yield savings accounts on the market that currently offer even higher rates.

The interest rate hike comes as Apple and Goldman Sachs are working out how to terminate their partnership for Apple Card and Apple Savings as Goldman Sachs seeks to exit the consumer business.

Recent reports have indicated that Apple has submitted a proposal to Goldman Sachs that would wind down the partnership over the next 12 to 15 months, but for the time being, there have been no changes to the availability of ‌Apple Card‌ and Apple Savings.

Apple and Goldman Sachs are reportedly looking for a new partner or partners to take over management of ‌Apple Card‌ and Apple Savings, and it's unclear how the offerings may be affected by such a shift.

(Thanks, KPOM!)

Top Rated Comments

Velin Avatar
15 weeks ago
It's decent, and I like Apple Pay, Apple Card, and the Apple Savings account. But there are money market funds paying 5.30% and even higher. In the world of finance, 100 basis points is an enormous spread -- enough to make enormous profits.

Heck, anyone servicing this account could simply take these deposits, buy one-month T-Bills at the open market auction, and pocket a very healthy profit for executing a kindergarten-level trade requiring zero skill, and nearly zero risk.
Score: 21 Votes (Like | Disagree)
Coreymac84 Avatar
15 weeks ago
Decent but there’s better from reputable banks.
Score: 14 Votes (Like | Disagree)
sevoneone Avatar
15 weeks ago

I’m assuming this is why Apple ditched them.
It's the other way around. Goldman wants out of the consumer banking business. Turns out running a consumer credit operation with no opaque BS or fine-print predatory practices doesn't make a lot of money. I just hope Apple finds a new partner that will keep all the straightforward transparency and options they have established.
Score: 12 Votes (Like | Disagree)
sw1tcher Avatar
15 weeks ago
So Goldman Sachs is giving Apple Savings account holders 4.25% while their Marcus account holders get 4.5%.

?




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Score: 11 Votes (Like | Disagree)
sw1tcher Avatar
15 weeks ago

CD’s are 5.35% lol. thats what apple is buying with the money you deposit into the wallet app. They give you 4.25 and keep the difference
Uh, since Apple is not a bank, Apple cannot hold the funds. Any funds deposited into an Apple Savings account goes to Goldman Sachs, Apple's partner. Therefore, it is Goldman Sachs who is keeping the difference between what they do with the funds (e.g. buying short term Treasuries that yield 5.4%+) and the 4.25% they pay account holders.
Score: 10 Votes (Like | Disagree)
currocj Avatar
15 weeks ago
Nothing like inflation to make 4.25% look like losing ground!
Score: 8 Votes (Like | Disagree)

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