Apple teamed up with Goldman Sachs to launch their high yield savings account on April 17, 2023 (see press release here).
Like many popular online savings accounts, this high yield savings account from Apple comes with no minimum deposit requirements, minimum balance requirements or monthly maintenance fees.
To see if this savings account is right for you, continue reading our review below.
Apple Savings Account Rate + Details
The Apple Savings account is FDIC-insured up to $250,000 per depositor via Goldman Sachs.
As noted, this account comes with no minimum deposit requirement ($250k maximum) and can be set up and managed through your Apple Card in your Apple Wallet dashboard.
High Yield Saving Rate
To put this yield into perspective, the national average for a savings account and money market account sit at just 0.37% and 0.54%, respectively, according to FDIC data, with the top yields from online banks just now inching over the 5.00% APY mark.
Compounding and Crediting Interest
Interest on your Apple Savings account is compounded daily and credited back to your account monthly. Interest payments can be tracked via your Apple Wallet account.
Setting Up Your Account
Setting up and managing your high yield savings account is pretty simple and straightforward. To start, you’ll need an Apple Card with Apple Wallet.
Once you have this, go to your Apple Wallet dashboard and look for the high yield savings offer. This should be a one click set up.
Once it’s set up all of your Daily Cash earned will automatically be deposited into the savings account. If you’d like to change this destination you can configure it in your settings.
Also, if you’d like to add more funds to your high yield savings account you can do this via your Apple Cash balance or by linking up a separate bank account.
Accessing Your Cash
You may withdraw or deposit funds into your savings account via your Apple Cash account.
Transfers must be at least $1.00 and can not exceed $10,000. There is also a $20,000 cap on transfers per 7 day rolling period (i.e. you can only transfer up to $20k within any 7 day period).
To learn more about deposits and withdrawals, you can visit the deposit account agreement (PDF here).
How does Apple High Yield Savings Compare?
Apple isn’t the only tech company to launch a savings account in this interest rate environment.
Take a look at some other well known tech and fintech firms that have recently launched savings accounts and compare their APYs (annual percentage yields) with Apple and Goldman Sachs offer.
|Institution + Account||APY|
|Apple High Yield Savings||4.15%|
|SoFi Online Bank Account||4.00%|
If you’re already using an Apple Card with Apple Pay and Apple Wallet, then opening up this high yield savings account with an APY of 4.15% to help grow your Daily Cash is a no brainer.
Just remember, this is a variable-rate account, meaning it can change at any time without notice.