How Apple’s Savings Account Interest Rate Compares to Other High-Yield Accounts

A new high-yield savings account from Apple Launched last month And It got a lot of Americans Reconsider their own savings plan.

but Apple Savings Account Only the latest high-yield savings option on the market, joining dozens of high-yield, Online Savings Account From banks with similar lack of fees and minimum balance requirements.

One of the biggest determining factors when it comes to Choosing a Savings Account This is the interest you will get on your balance today. Although there is an Apple Savings Account Competitive ratesThere may be better options available to you.

Learn more about today’s top savings rates right here.

What is the best high yield savings rate now?

today, Interest rates on high yield savings accounts Thanks to ongoing interest rate hikes by the Federal Reserve designed to reduce high inflation. As that rate increases The cost of borrowing increases, banks use the interest rates offered on savings products to compete for your deposits And at a time when many banks Online onlyOr the online divisions of brick-and-mortar banks, they can pass the savings on to you in the form of higher interest.

All these factors benefit you if you are looking Save more money.

From the beginning of 2022, Federal Reserve increased the interest rate from Pandemic-era lows near zero Up to about 5%. Instead, high-yield savings account rates have risen from about 0.50% to 4.00% APY or more. Meanwhile, traditional savings accounts still offer an average APY of 0.39% FDICWith a much lower 0.10%.

But with so much competition, choosing the right high-yield savings account for you can be difficult. Here are some of the highest rates available today with Apple’s new savings account.

Explore some of the top savings account rates here.

Basque Bank

Basque Bank offers 4.75% APY on its interest savings account. If you deposit $5,000 into the account, it could earn you $237.50 in interest over a year. Basque is an FDIC-insured division of Texas Capital Bank. The bank does not charge fees or minimum account balances on these accounts.

CIT Bank

CIT Bank’s Savings Connect account offers 4.50% APY with just a $100 minimum balance and no monthly fees. In one year, this can translate to $225 earned on a $5,000 deposit.

However, if you have $5,000 to spare, you can consider CIT Bank’s Platinum Savings Account option, which currently earns 4.75% APY. It has the same $100 minimum opening deposit but requires at least $5,000 in the account to earn the increased interest rate (otherwise, 0.25% earnings).

CIT is an online division of First Capital Bank and CIT Bank accounts are FDIC-insured.

Lending Club

Lending Club’s high-yield savings account earns a cool 4.25% APY on all deposits. It has no monthly fees and requires a $100 minimum deposit If you opened the account with $5,000, an interest rate of 4.25% could net you $212.50 in interest earnings in a year. Lending Club is a digital bank and your deposits are FDIC-insured

Apple storage

Apple’s new savings account is in partnership with Goldman Sachs, an FDIC-insured bank It offers 4.15% APY on your savings, with no fees or account minimums. At that rate, if you deposit $5,000 today, you could earn $207.50 in interest by this time next year.

Why save time now?

With interest rates reaching 4% and above, it is a Great time to start growing your savings. Whether you’re building an emergency fund or have another savings goal in mind, today’s higher interest rates can help you reach a higher balance faster. Depending on how much you contribute to your account, you can earn hundreds of dollars in interest annually.

Plus, if you haven’t already Saving for the futureTaking advantage now can better position you to weather whatever the future brings.

Set a savings goal, look at your spending habits and start thinking about how much you can contribute. Over time, you can increase your balance and better set yourself up for any unexpected expenses, new opportunities or difficulties.

Learn more about your savings account options and compare today’s top rates.