Apple has increased the interest rate offered through its Apple Card Savings account, raising the annual percentage yield from 3.40% to 3.50%.
The new 3.50% APY is effective for Apple Card Savings customers in the United States, with Apple updating its support documentation to reflect the new rate as of September 23.
The increase reverses some of the reductions made to the account over the past year. The Apple Post reported in April that the rate had fallen from 3.65% to 3.50%, before subsequently dropping again to 3.40%.
Apple Card Savings launched in 2023 with an APY of 4.15%, allowing Apple Card owners and co-owners to automatically deposit their Daily Cash rewards into a high-yield savings account. Customers can also transfer additional money into Savings from a linked bank account or Apple Cash.
The account is provided by Goldman Sachs Bank USA and can be managed directly through the Wallet app on iPhone. Apple does not charge fees or require a minimum deposit or minimum balance to maintain the account.
The rate remains variable, meaning Apple and Goldman Sachs can change the APY in response to wider financial conditions.
The latest increase comes as Apple prepares for a significant change to the Apple Card business. Apple announced earlier this year that Chase will replace Goldman Sachs as the issuer of Apple Card, with the transition expected to take approximately 24 months.
For now, Goldman Sachs continues to provide Apple Card Savings, and customers do not need to make any changes to receive the new 3.50% rate.