Apple raises Apple Card Savings Account interest rate to 3.5%

Apple and Goldman Sachs regularly adjust the Apple Card Savings Account's annual percentage yield based on broader financial conditions, 9to5Mac reported. The new 3.5% rate matches the rate Goldman Sachs offers through its own Marcus savings account, though 9to5Mac said Marcus customers can earn a bonus rate of 4.50% through a link for a limited time.

The Apple Card Savings Account is available only to Apple Card users. When users earn Daily Cash rewards with Apple Card, they can transfer those rewards to the savings account or have them deposited directly into it. Apple Card users can also add funds from a linked bank account or from their Apple Cash balance.

Interest on the account compounds daily, according to 9to5Mac. That means users earn returns on both their initial deposits and on interest that builds up over time. The accrued interest is paid directly into the savings account at the end of each month.

The rate increase was reported by 9to5Mac. No further details about the reason for the change or its expected duration were included in the report.