Apple Card Savings Account Announces Increased Interest Rate
Back in April, Apple and Goldman Sachs introduced the Apple Card Savings Account with an annual percentage yield (APY) of 4.15%. Now, after several months, the interest rate has been increased to 4.25%, as reported by 9to5Mac. Apple announced this change through a push notification sent to Apple Card Savings Account users.
The Apple Card Savings Account is exclusively available to Apple Card users, allowing them to automatically deposit their Daily Cash rewards into a high-yield savings account within the Wallet app. Users also have the option to add extra funds using a linked back account or their Apple Cash balance. Interest accumulates daily and is disbursed at the end of each month.
This increase in the interest rate is great news for Apple Card Savings account holders, as it means higher interest earnings on their savings. The Apple Card, which operates through the Wallet app, has millions of users collectively holding over $10 billion in associated savings accounts. While Apple manages the card through its app, the backend operations are handled by Goldman Sachs.
Rumors have suggested that the partnership between Apple and Goldman Sachs may be coming to an end, with Apple reportedly exploring new partnerships for its Apple Card. While nothing has been confirmed, earlier reports indicated J.P. Morgan’s Chase as a potential replacement for Goldman Sachs, despite having initially passed on the Apple Card.