Apple High-Yield Savings Account Review 2023

Inflation continues to be problematic, especially at the pump and grocery store A recession Also possible for the end of this year. Persistent inflation makes it less likely that the Federal Reserve will reverse course on rate hikes after 10 consecutive rate hikes.

While rising interest rates are a drag on the housing market, they can also increase the interest rate you get on certain investments, e.g. High Yield Savings Accounts (HYSAs). These accounts allow you to Earn up to 10 times higher interest rateOr the yield, would be from a traditional savings account.

Apple’s newly-launched high-yield savings account Creating a lot of buzz for its competitive yield and other unique features. Before you open an account, it’s essential to understand the unique advantages and disadvantages of Apple’s High-Yield Savings Account to determine if it makes sense for you.

Start exploring your high-yield savings account options here to see how much more you can earn

Overview of Apple’s High-Yield Savings Account

in April, Apple announced the debut of its new high-yield savings account In partnership with Goldman Sachs. The account offers a competitive 4.15% annual percentage yield (APY), 10 times the national average. Until May 15, 2023, Federal Deposit Insurance Corporation (FDIC) The reported national average savings rate is 0.40%.

You must have an Apple Card Open a high-yield savings account With the company you can apply for a savings account in minutes and you just need to enter your social security number to activate the account.

You can deposit money into the account in two ways:

• You can transfer money from a linked bank account.
• You can set up automatic transfers from your Daily Cash—the cash you earn on your Apple Card purchases—to your Apple Savings account.

Benefits of Apple’s High-Yield Savings Account

Apple’s new high-yield savings account offers numerous benefits, such as:

• Higher APYs: Compared to traditional savings accounts that often earn less than 1%, Apple’s new HYSA offers a 4.15% APY. It’s not the highest yield available, but it’s in there Best High Interest Savings Account.
• Intuitive Mobile Interface: Apple excels at providing easy-to-use products and the Apple Savings Account comes with a simple dashboard where you can easily track your balance and earnings.
• Unlimited Daily Cash: There is no cap on your daily cash earnings, enabling you to reach your savings goals faster.
• No Fees: Like the Apple Card, the new savings account doesn’t charge fees, which can often offset your earnings.

Explore some of the top high-yield savings accounts right here and start earning more interest.

Disadvantages of Apple’s High-Yield Savings Account

this time A high yield savings account can benefit you In many ways, it is not without its flaws. Consider the following downsides before deciding to sign up for an Apple Savings Account:

• Apple Card Requirements: You must have an Apple Card to be eligible for an Apple Savings Account, except for Android users
• Potential Disadvantages: Like many other high-yield savings accounts managed by Online Bank, you don’t have access to a physical branch office or ATM to withdraw money from your account. Instead, you must transfer funds from your Goldman Sachs account, which may take several days to clear.
• Minimum Balance Limit: Apple lets you contribute up to $250,000 to your savings account, which, while substantial, is less than other competitors. For example, Goldman Sachs’ Marcus allows deposits of up to $1 million.

The unique benefits of Apple’s high-yield savings account

If you have an iPhone and you’re used to paying for purchases by scanning your Apple Card on your smartphone, you may find it convenient to integrate an Apple Savings account with your finances. That way, the daily cash you earn from your Apple Card can automatically transfer to your savings account without having to transfer points or funds from another cash back card.

The biggest disadvantage of the account is that you must carry an Apple Card. While you may like the Apple Card for its 2% daily cash back on purchases, the card may not be ideal for what you want from a credit card, especially if you value travel rewards.

Bottom line

Apple’s new high-yield savings account offers high APYs and convenient benefits, especially if you already use an Apple card. Although its rate is not the highest in the market, it is on the upper end. Remember, many HYSAs offer also come with high rates that can reduce your earnings, while the Apple Savings Account is free.

Still, if you’re looking for a better rate, you have other options to consider. For example, Basque Bank and Laurel Road come with APYs of 4.75% and 4.80%, respectively, until May 2023. As with any financial product, it is always wise to shop around and Compare multiple options To determine which high-yield savings account best aligns with your goals. Get started here now!