What is Apple’s High-Yield Savings Account Worth?

apple Open a new high yield savings account Designed this week for Apple Card users, it offers several competitive features. For savers, this type of high-yield savings account can be a great way to increase balances while staying safe.

With no monthly fee or minimum deposit, you can earn 4.15% APY on your savings Apple Savings Account And the “Daily Cash” rewards you earn with Apple Card will be automatically credited.

If you’re already an Apple Card user, this new savings account option can be a nice perk, says Kim Hall, CFP, director of financial planning and co-owner of Clarity Wealth Development. “That being said, there are other high yield savings accounts offering comparable, or better, rates.”

A high yield savings account is a A safe place to keep your moneyAnd today Great interest rates — combined with easy access and lack of fees — make them more attractive to savers today But it’s important to do your own research Compare different accounts and interest rates that may suit your personal needs.

Here is the reason Open a high-yield savings account Today it’s absolutely worth it, and what to look for before you open one.

Before you get started, compare rates on some of today’s best savings accounts.

3 Benefits of Opening a High-Yield Savings Account Today

“The important thing to remember with any type of savings account is how it fits into your own financial picture—you want to make it easy to save while earning good interest on your savings,” says Hall. “So if the Apple option makes it easier for you, great! If it makes it more complicated, you might want to consider other options.”

These are some of the best reasons Start saving with a high-yield account Now:

Interest rates are high

In the past year, the Federal Reserve His target widened the range of the federal funds rate from near zero to about 5%. And while it made borrowing more expensive (like the APR on credit card or mortgage interest rates), it also made it easier to save.

Today, many Online Bank And credit unions offer high-yield savings accounts with higher interest rates than they have in years

“Traditional savings accounts pay little interest and are essentially the electronic version of putting your money under the mattress,” says Alison James, CFP, founder of WorthWise Financial Partners. “High-yield savings accounts are currently paying upwards of 3.5% or 4%, which helps you keep up with inflation while providing peace of mind that comes with FDIC-insured deposit protection.”

Just remember that the interest rates on these accounts are variable — so they won’t stay that high forever. When federal interest rates fall, savings rates are likely to improve as well. That’s why now is a great time to save, so you can earn as much interest at today’s higher rates for longer than if you wait.

Explore high-yield savings options available now with competitive rates and terms.

You can automate and save more

One of the big benefits of Apple’s new savings account for Apple Card users is the ability to automatically transfer your “Daily Cash Rewards” to your savings. It’s great Tips to help you save more — If money goes automatically into your savings, you won’t even have a chance to miss it before it hits your account.

But plenty of other high-yield savings options offer similar automatic savings features. With many accounts, you can set up automatic electronic transfers from other accounts to your savings at intervals of your choice.

For example, say you want to set aside $200 to be paid every two weeks. You can set up a bi-weekly transfer from your checking account to your savings account, so when your paycheck is deposited, the money goes into your savings without you having to think about it.

Protect yourself for the future

One of the best things to use your high-yield savings account for is as a emergency fund.

This is one amount of savings (ideally a few months’ worth) set aside specifically for unexpected expenses or periods of financial hardship, such as job loss.

Especially in today’s uncertain economic climate, having a solid savings balance, bolstered by plenty of interest earnings, can be a great way to protect yourself against any potential recession or emergency expenses you may have in the future.

And because high-yield savings accounts are highly liquid and accessible, they’re a great place to keep your savings. You can access your money anytime and easily transfer it to another account whenever you need.

Learn more about some of the best high-yield savings accounts today, including interest rates and account features.

Bottom line

“Overall, high-yield savings accounts are a useful tool for almost everyone and a great way to prepare for unexpected or occasional expenses while earning a decent amount of interest,” says James.

Apple’s new savings account for Apple Card users may be worth it depending on your personal circumstances and the account details you’re looking for. But be sure to review all your options, including availanlr accounts that may have higher interest rates, better terms or more features that suit your savings goals.

To get started, use the table below to compare some of today’s top-earning high-yield savings accounts