Apple Bank Savings Rates Review: Is It Worth Your Money

Apple Bank offers a range of savings rates, with its highest rate at 2.15% APY for its Premium Savings account.

For those with lower balances, Apple Bank's Basic Savings account offers a slightly lower rate of 1.65% APY.

Apple Bank's rates are competitive with other banks, making it worth considering for your savings needs.

In some cases, Apple Bank's rates may be higher than what you'd find at a traditional brick-and-mortar bank, but it's always a good idea to compare rates and terms before making a decision.

You'll like Apple Bank because it has no monthly fee or minimum balance requirement, making it a great option for anyone looking for a hassle-free savings experience. The APY is also notable, at 4.25%, which is much higher than the average savings rate of 0.42% according to the FDIC.

The interest rates are competitive with the best savings rates available today, and you can earn more than $216 in interest after one year with a $5,000 deposit. With an APY of 4.25%, your money would earn you an extra $347.84 over five years with a monthly deposit of $50.

One unique benefit of Apple Bank is its integration with the Apple Card, which allows you to automatically deposit your Daily Cash rewards into your high-yield savings account. This is a great way to make saving easier and more convenient.

You can view your savings account balance and interest-earned information in the Apple Wallet app, giving you a clear picture of your savings progress. With Apple Bank, you can start saving with just $50 and deposit $50 a month for five years to earn a total savings of $3,397.84.

The Apple Card Savings account offers a competitive savings rate, but how does it stack up against other high-yield savings accounts? The national average savings account APY is just 0.59 percent, while the Apple Card Savings account has a 4.40% APY.

If you're looking for even higher rates, you can consider other high-yield savings accounts. The BrioDirect High-Yield Savings Account, for example, offers a 5.35% APY, but it requires a minimum deposit of $5,000. In contrast, the Apple Card Savings account has no minimum deposit requirement.

Here's a comparison of the Apple Card Savings account with other high-yield savings accounts:

Keep in mind that savings account rates can fluctuate, and experts predict that rates could climb even higher in the coming months.

High-yield savings accounts are a great way to grow your savings, and they're not just limited to the Apple Card. Some of the best federally insured savings accounts have rates above 4% with no monthly fees or minimum requirements.

You can manage a high-yield savings account through your phone, just like the Apple Card high-yield savings account, which can be managed through the Apple Card in the Wallet app.

The maximum balance for the Apple Card high-yield savings account is capped at $250,000, so you don't have to worry about overspending.

To access your funds from an Apple Card Savings account, you must have an Apple Cash account or a linked external bank account.

Transfers to your Apple Cash account are instant, which is great for when you need quick access to your money.

Transfers to an external bank account may take one to three business days, so plan ahead if you need to access your funds quickly.

Depositing funds into your Apple Card Savings account involves depositing money into your Apple Cash or external bank account first.

From there, you can transfer the funds to your Apple Card Savings account. Apple Card Savings accounts are not accessible via ATMs, so you'll need to rely on digital transfers or other methods.

The Apple Card Savings account earns a high 4.35% APY, which is a significant improvement from the national average of just 0.59 percent. You can earn this rate with no balance requirements, no monthly fees, and no minimum opening deposit requirement.

If you're an Apple Card user, this account is a great way to grow your Daily Cash rewards. Your Daily Cash earnings are automatically deposited into the savings account, allowing you to start earning interest right away.

Here's how the Apple Card Savings account stacks up against other high-yield savings accounts:

The Finder Score is a simple score out of 10 that crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit, and features.

The Finder Score is based on a baseline of FDIC-reported national averages. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

To get a Finder Score, Finder's banking experts analyze hundreds of savings accounts.

The Apple savings account earns a high 4.35% APY with no balance requirements. This is a great option for those looking to grow their savings.

There are no monthly fees and no minimum opening deposit requirement, making it easy to get started. It's a simple and hassle-free way to earn interest on your money.

You can link a bank account to add more money and take advantage of the high APY. This feature is especially useful for those who want to maximize their savings.

To qualify, you'll have to be an iPhone user with iOS 16.4 and later and have an Apple Card. This may limit the account's appeal to a specific group of users.