Apple has raised its Apple Card Savings interest rate to 4.35% APY, according to card holder notifications.
The interest rate increase is the second time Apple has done so, with the first one in December from 4.15% to 4.25%. Now, the interest has increased from 4.25% to 4.35%, bringing the Apple Card Savings on par with other commercial financial institutions such as Discover and American Express. Granted, there are those that offer an APY in the 4.5% to 5% range, such as Wealthfront and Goldman Sachs, but Apple might decide to bring their rate up again sometime soon.
Apple Card holders can earn interest through their cashback balance or personal funds transferred via a bank account. Currently, the maximum allowed balance is $250,000 and comes with a Federal Deposit Insurance Corporation guarantee. Apple’s partnership with Goldman Sachs is expected to end this year.