Is Apple’s Savings Account or Another High-Yield Better for You?

If you’re looking to save even more, you’ve probably heard about Apple’s latest launch High Yield Savings Account.

And for good reason: It offers a solid 4.15% APY and comes with no monthly fees or minimum balance requirements. In addition, Apple Card users can automatically transfer “Daily Cash” rewards savings.

But that doesn’t mean it’s the only account today surgery. Actually, there are a number Great high yield savings account One that offers upwards of 4% APY on your balance and terms that suit whatever financial goal you’re saving for.

The The right account for you should be a combination of a High interest rates and other account details that make saving easier for you Increase your balance.

Get started by comparing the top savings account rates available right now.

How to decide which high-yield account is right for you

Apple’s savings account has a lot to offer, but it may not be the best option for everyone.

For one, it’s designed to work best for customers who already use an Apple Card credit card — you can save more over time by using your card’s rewards and transfer your savings to the Wallet app when you need it. Also, while interest rates are competitive, you may find higher rates (just as with tougher terms) elsewhere.

Here are three factors you can use to determine the right high-yield account for you.

High interest rates

For many savers, a great interest rate is top priority Opening a new high-yield savings account.

Today’s giveaway High interest rate environment, you’ll want to look for accounts that offer at least 3.5% to 4.0% APY, though you can potentially find interest rates as high as 5.0% APY. If you save $5,000 today in an account that earns 4.50% APY, you could save a total of $5,225 in one year (before accounting for the additional contributions you make).

This is the rate Won’t last forever, since high-yield savings accounts carry variable interest. But choosing an account with a competitive rate today can be an indicator that your bank will keep up with the competition over time, even as rates fluctuate.

Explore today’s top savings account rates now

Fees, minimums and other features

Interest rates are important, but they’re not the only factor that makes a high-yield savings account worthwhile. Take time to compare your account’s fees, minimums, and other features Individual savings goals.

“Always look for the fine print on minimum balances, fees and any initial special rate offers that some banks offer you to move your money,” says Andrea Oliver, CFP, owner and principal advisor at North Park Financial Planning.

Look for accounts that don’t charge monthly maintenance fees, which can reduce your interest earnings. When it comes to minimums, you may find that a minimum balance requirement is worth it in exchange for a higher rate, as long as you have the funds to ensure you can always keep that minimum balance, even if you need to withdraw money. .

And don’t forget to search Other account features This can make saving easier for you. “Some online banks have great apps and features that help you organize your savings for specific goals within the same account,” says Oliver. For example, many accounts offer different “buckets” that you can use to save for different goals or options to “round up” your money to other accounts to save more.

How do you access your account?

Finally, make sure your high-yield savings account is accessible to you — without encouraging overspending.

These accounts are often offered by online banks, so you can recover your money by transferring it to another bank account, warehousing it, or requesting a check in the mail. You can transfer electronic funds through your online account or mobile app, and it usually takes one to three days.

Some online banks make this even easier. Apple’s savings account, for example, lets you transfer your savings directly to your Wallet app, where you can spend cash using Apple Pay. Other banks may give you access to an ATM card with your savings account, so you can withdraw money (up to any monthly limit) from your checking account.

The best savings account for you should be one that has easy enough access so that you can tap into your savings whenever you need to But if you’re worried you might be dipping into your savings for unnecessary spending, choose an account with a little more leverage, so you don’t use your savings for impulse purchases.

Learn more about the savings option that’s right for you by comparing today’s top rates.

Bottom line

with many High Yield Savings Account In the market, you are bound to find the right option for your savings goals. For some, Apple’s new savings account may be a great choice — especially for those who already use the Apple Card and Wallet apps. But others may benefit from higher interest rates, added features and different withdrawal options from other banks.

The most important thing is to choose an account and start saving. In today’s high interest rate climate, You’re missing out Avoid taking advantage of APYs in high-yield accounts as long as you can.

Get started today by exploring the best savings rates right now