Apple today increased the Apple Card savings account's APY to 4.35%, according to a notification sent to cardholders, including MacRumors contributor Aaron Perris.
This is the second increase to the savings account's APY in as many months, after Apple raised it from 4.15% to 4.25% in December. Apple's rate now matches that offered by popular high-yield savings accounts from American Express and Discover, but there are still some other options that offer even higher APYs up into the 4.5% to low 5% range in the U.S., such as Marcus by Goldman Sachs and Wealthfront.
Apple launched the high-yield savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on personal funds deposited via a linked bank account, or from their Apple Cash balance. The maximum balance allowed is $250,000, and balances are fully insured by the U.S. government's Federal Deposit Insurance Corporation.
The rate increase comes after The Wall Street Journal in November reported that Goldman Sachs is looking to terminate its Apple Card partnership, as part of its broader exit from the consumer lending business. The partnership is expected to end within the next year or so, but it's unclear how this might affect the Apple Card in the future.
Thursday January 9, 2025 5:45 am PST by Joe Rossignol
While the iPhone 17 Pro and iPhone 17 Pro Max are not expected to launch until September, there are already plenty of rumors about the devices.
iPhone 17 Pro concept based on rumors
Below, we recap key changes rumored for the iPhone 17 Pro models as of January 2025:
More aluminum: iPhone 17 Pro models are rumored to have an aluminum frame, whereas the iPhone 15 Pro and iPhone 16 Pro models ...
Sunday January 12, 2025 4:11 pm PST by Joe Rossignol
Bloomberg's Mark Gurman recently reported that Apple plans to release new HomePod mini and Apple TV models this year, and now he has provided a more precise timeframe.
In his Power On newsletter today, Gurman said Apple is currently aiming to launch the new HomePod mini and Apple TV models "toward the end of the year."
That timeframe suggests the devices will be released at some point...
Apple's slate of 2025 products look to be dominated by a large number of low-cost and entry-level devices. Here's what to expect.
With advancements like Apple Intelligence and all-new in-house chip designs, Apple is reportedly looking to enhance many of its budget-friendly offerings, ensuring they remain competitive in an increasingly crowded market. These updates also indicate a slight...
Monday January 13, 2025 5:33 am PST by Joe Rossignol
iOS 18.3 is currently in beta for developers and public beta testers. So far, the upcoming iPhone software update is very minor in scope.
Below, we outline what is new in iOS 18.3 so far.
The only potential new feature coming to iPhones with iOS 18.3 so far is robot vacuum support in the Home app, but this functionality is not yet live. Apple is laying the groundwork for the feature,...
Friday January 10, 2025 9:20 am PST by Joe Rossignol
Apple is widely rumored to be planning a new iPhone SE, and multiple sources lately have commented on the device's launch timing.
The latest word comes from Apple supply chain analyst Ming-Chi Kuo. In a blog post today, he said the device will be released around the middle of the first half of 2025. In other words, around the quarter mark of 2025. That means the next iPhone SE will likely be ...
Friday January 10, 2025 3:14 am PST by Tim Hardwick
This year's iPhone 17 Pro models will feature a smaller main camera sensor than the one used in the Fusion camera currently found in iPhone 16 Pro models, according to Weibo-based leaker Digital Chat Station.
The Chinese leaker claims that Apple will adopt a 1/1.3" sensor for the 48MP main camera in the iPhone 17 Pro and iPhone 17 Pro Max, down from the 1/1.28" sensor used in the iPhone 16...
Thursday January 9, 2025 3:42 pm PST by Juli Clover
If you've been hearing a chiming sound from your AirPods Pro 2 case when the AirPods are charging, it's a feature that Apple added with the launch of Hearing Health last year.
In a support guide, Apple says that the AirPods Pro may play a sound every so often while in the case to ensure the microphones and speakers are working as intended. From Apple:
To help ensure that your AirPods...
Wednesday January 8, 2025 7:05 am PST by Tim Hardwick
Despite being released over two years ago, Apple's AirPods Pro 2 continue to dominate the wireless earbud market. However, with the AirPods Pro 3 expected to launch sometime in 2025, anyone thinking of buying Apple's premium earbuds may be wondering if the next generation is worth holding out for.
Apart from their audio and noise-canceling performance, which are generally regarded as...
I thought Goldman Sachs was losing money on the Apple Card. Apple was making money?
Goldman is losing money because they agreed to give credit cards to just about anybody and everybody. It turns out that selling MacBook Pros and iPhone 15 Pros on credit to people with bad credit leads to losses. The deposit accounts are on the low end of “high yield” savings accounts.
Apple doesn’t let Goldman charge late fees and also insists that all statement cycles end on the same day (which means they get deluged with customer service calls early each month). No other card company offers those terms. Goldman was desperate to get into the consumer lending industry so they agreed to it. A few years later they changed their minds.
