Interest Rate on Apple Savings Account Increases to 4.50% APY
According to some recent pieces of information, the Cupertino-based tech firm Apple has once again increased the interest rate on its Apple Savings account. Reportedly, the company has increased the rate from 4.35% to 4.50%. The company is currently sending push notifications to users of Apple Savings accounts to notify them of the upcoming changes.
Reportedly, it is the third time that the company has increased rates on Apple Card Savings Accounts since December. The rates were increased from 4.15% to 4.25% initially. It was followed by another rate increase in early January, from 4.25% to 4.35%. Right now, it is changing from 4.35% to 4.50%.
With the most recent rate hike, Apple’s savings account now matches the APY of Marcus by Goldman Sachs, and it was previously on par with the APY provided by numerous other well-known high-yield savings accounts from American Express and Discover. Notably, the high-yield savings account of the company is currently accessible to US users since April last year. The company has debuted the service in collaboration with Goldman Sachs.
Users of Apple Cards can receive interest on personal monies added to the account as well as on their automated Daily Cash contributions. Users on Apple are able to deposit up to $250,000. We hope that the company doesn’t implement another price change in the near future since it has already changed rates three times in the last couple of weeks.
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