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.

Final Thoughts

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.

Having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

• The 360 Performance Savings Account (Variable rate of 3.40% APY)
• 360 CDs – now up to 5.00% APY (Fixed rates, see the rates here)
• 360 Checking (Variable rate of 0.10% APY)
• Kids Saving Account (Variable rate of 0.30% APY)
• Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account Rate + Details

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a reasonable 3.40% APY.

Savings Rate

To give the yield above some context, the national average for savings accounts sits at just 0.35% according to FDIC data. However, there are some banks offering savings rates above the 4.00% APY mark following the Fed’s latest 0.25% rate hike at the culmination of their January 31st and February 1st meetings.

Compounding Interest

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Fees

Capital One 360 Performance Savings Account Fees

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

On the down side, this is one of Capital One’s deposit accounts that hasn’t seen its yield increase with the rising interest rate environment.

Capital One 360 Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.