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Many Apple Savings users have Apple iPhones.
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Apple’s savings account passed $10 billion in deposits.
The account, which encourages automatic deposits from Apple Card users, offers 4.15% APY.
There are multiple accounts on the market right now that offer a higher rate.
This week, Apple announced its Goldman Sachs-backed savings account passed $10 billion in deposits.
The savings account is the newest part of Apple’s suite of products built into Apple Wallet, which allows iPhone users to easily integrate with Apple Card and Apple Savings.
The credit card gives users an automatic 3% cash back on purchases at Apple and other select retailers, as well as 2% back on other purchases. Users can choose to put this cash (called Daily Cash) in one of two places: an Apple Cash card, or an Apple Savings account. The only other option is to receive the cash as a statement credit.
According to the press release, 97% of Savings customers choose to have this cash automatically deposited into Apple Savings, which currently has a 4.15% APY.
Counterpoint Research data cited by the Wall Street Journal finds Apple iPhones accounted for 52% of the US smartphone market in December 2022, making it likely that the convenience of automatic deposits into a branded savings account is a big part of the appeal.
If consumers were looking for the best rate alone, they would look elsewhere.
Savings accounts with higher rates than Apple Savings
Before branching out, the obvious first place to look is at the other savings account offered by Goldman Sachs right now: Marcus, which currently offers a 4.30% APY for its savings account. Like Apple Savings, Marcus is fee-free, FDIC-insured, and supported by the Salt Lake City branch of Goldman Sachs.
Rates are always subject to change, but banks tend to follow the same broad patterns: Everyone raises and drops their rates in quick succession, to remain competitive among their peers.
As it turns out, neither Apple nor Marcus are offering the highest rates at the moment. That title goes to the following accounts:
Betterment Cash Reserve: 5.50% APY for new customers, 4.75% APY for existing customersOceanFirst Bank: 5.25% APYMilli Savings Account: 5.25% on Savings Account and Jars
You’ll typically see the highest rates among lesser-known brands that are willing to invest more in attracting customers, but some big names in the banking space are offering high rates, too:
Synchrony High Yield Savings: 4.50% APYSoFi Checking and Savings: Up ot 4.50% APYBarclays Online Savings Account: 4.35% APY
See our full list of the best high-yield savings accounts for the highest rates, simplest user experiences, and smart places to put your money.