Apple Cash Interest Rates at 4.25% APY: What You Need to Know

Apple Cash offers a competitive interest rate of 4.25% APY, which is a significant advantage for users who want to earn some extra money on their savings. This rate is fixed and doesn't change over time, making it a reliable option for those who want to grow their funds.

To take advantage of this rate, you need to have at least $1 in your Apple Cash balance. This means you can start earning interest even with a small amount of money.

The Apple Savings account offers several benefits and features that make it an attractive option for those looking to earn interest on their savings. The account has no monthly fee or minimum balance requirement.

With an APY of 4.25%, an account with a $5,000 deposit will earn more than $216 in interest after one year. This is a notable rate, especially considering the average savings rate for savings accounts is 0.42%, according to the FDIC.

You can easily view your savings account balance and interest-earned information in the Apple Wallet app. This makes it simple to keep track of your savings and stay on top of your finances.

The account also integrates with the Apple Card, allowing you to automatically deposit Daily Cash into your savings account. This can be a great way to save money without having to think about it.

Here are some key benefits and features of the Apple Savings account:

If you're looking to start small, you can begin with just $50 and deposit $50 a month for five years. According to the NerdWallet savings calculator, you'll put away $3,050 and earn an extra $347.84 in interest, for a total savings of $3,397.84.

Apple Cash doesn't earn interest on its own, but you can earn interest on your balance if you deposit it into Apple Savings, which offers a competitive 4.40% APY.

This APY is nearly 10 times higher than the national average, according to the FDIC, and is competitive with the best high-yield savings accounts.

To earn interest, you can automatically distribute your Daily Cash to your savings balance, but you can also change this selection at any time if you choose not to earn interest.

One of the best features of Apple Savings is its competitive APY, which is currently 4.40% on all savings balances.

Apple's rates are competitive with the APY offered by the best high-yield savings accounts, and unlike many of its alternatives, Apple Savings doesn't require you to meet any minimum deposit or transaction qualifications.

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

Note that your total account balance can't exceed $1 million, and you can't transfer more than $20,000 from Apple Cash in a 7-day period.

The Apple Card high-yield savings account is a great option, but it's essential to compare it to other savings accounts to find the best fit for your needs. Apple's account earns a high 4.35% APY with no balance requirements or monthly fees.

Some other savings accounts offer even higher rates, such as the Bask Bank Interest Savings Account and the FNBO Direct High-Yield Online Savings Account, which have no minimum opening deposit requirement. The BMO Alto Online Savings Account also has no minimum opening deposit requirement.

If you're looking for a one-stop shop for banking that offers high-yield savings and other accounts, you may also want to consider Ally or UFB Direct. These options can provide a more comprehensive banking experience.

Here are some alternatives to the Apple Card high-yield savings account:

Note that some competitors have fees or requirements for obtaining the highest APY offered, while Apple has none. The key is to know what features matter most to you as you compare banks and accounts.

Apple's savings account is a great option for iPhone users, with no account fees or hurdles for earning the full APY.

You can earn a 4.40% APY on your Apple Cash balance if you deposit it into Apple Savings.

The Apple Savings account is designed to make saving easy, with automated savings on Daily Cash.

Daily Cash will automatically be distributed to your savings balance to earn interest, but you can change this selection at any time.

The account also features two-factor authentication and easy account access with Apple Wallet.

Here are the key details about Apple Savings: