Apple launched their online savings account in April of 2023. Since its debut the account APY (annual percentage yield) has changed multiple times, including twice in one month. The highest rate was 4.50%, but that did not last more than 3 months. The current yield is the lowest it's ever been (3.90%).
Why Do Historical Rates Matter?
Rates can be used to attract new customers. If an account's rate is a deciding factor, you'll want to know if the rate will immediately drop and make the account not as enticing. For current depositors, knowing how frequently rates change can help determine if the account is great for primary use, or only as a backup.
How Much Can You Earn In An Apple Savings Account?
This calculator is for informational use only. We are not affiliated with Apple. Actual results may vary.
How Often Is Apple's Rate Compounded?
The rate is compounded daily and paid month (usually the last day of the month).
Is An Apple Savings Account Worth It?
If a depositor already has an Apple card, it may be well worth it. The cash back earned from Apple card is automatically transferred to the Apple savings account. This means interest can begin to accumulate as soon as the cash back is earned. This is a huge differentiator from other cash back programs, that often have rewards sitting without earning interest.
How Does Apple's Rate Compare To Other Accounts?
Account | Rate |
Robinhood | 4.75% (for 60 days, then 4.25%; also requires $5 per month membership fee) |
Wealthfront | 4.25% |
Sofi | 4.00% |
Apple | 3.90% |
American Express | 3.90% |
Discover | 3.90% |
Marcus | 3.90% |
Ally | 3.85% |
Capital One | 3.80% |
Last updated 12/8/24
How Often Does Apple Change Their APY?
It depends. When Apple launched their mobile savings account in 2023, they only changed the rate once that year. In 2024, rates increased and decreased six times.
What Happens If Apple Changes the APY Mid-Month?
Apple sends an email and mobile notification to depositors about rate changes. The combined rate will be reflected on the savings statement. For example, if the month started at 4.00% then changed to 4.50%, the APY on the statement may say 4.25%. Since interest is compounded daily, this depends on how many days the account had the old vs new rate.
In conclusion, while Apple's savings account has one of the highest yields, the rate is variable and can change at any time.
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