Apple and Goldman Sachs have raised the Apple Card Savings Account rate from 3.4% to 3.5% APY. The change took effect earlier today.
The new rate matches what Goldman Sachs pays on its own Marcus savings account, 9to5Mac notes, and the two companies adjust the annual percentage yield regularly based on broader financial conditions.
A 0.1 Point Increase Adds About $10 a Year on $10,000
The increase is small. APY, or annual percentage yield, already includes the effect of compounding. On a $10,000 balance, the extra 0.1 percentage point works out to about $10 more per year. At the $1 million balance cap, the same change is worth about $1,000 a year. The rate is variable, so it can change again. Here is how the rate has moved since the account launched:
- In April 2023, the account launched at 4.15% APY.
- On April 23, 2026, Apple cut the rate from 3.65% to 3.50%.
- On September 23, 2026, the rate rose from 3.4% to 3.5%.
The Apple Card Savings Account is available only to Apple Card users, and it lives inside the Wallet app on iPhone. There are no fees and no minimum balance. Daily Cash, the cash back Apple Card earns on purchases, can be transferred into it or deposited there directly. The Savings dashboard in Wallet tracks the balance and the interest earned. Funds can also come from a linked bank account or an Apple Cash balance.
Interest compounds daily, and the accrued interest is paid into the account at the end of each month. There is no limit on how much Daily Cash can be earned and saved, and automatic deposits can be turned off at any time. Apple raised the balance cap from $250,000 to $1 million in 2024.
Chase Is Set to Take Over the Apple Card Program From Goldman Sachs
Goldman Sachs has been the bank behind the Apple Card since it launched in 2019, and that is changing. Apple and JPMorgan Chase announced in January that Chase will become the new Apple Card issuer. Chase will issue cards to both new and existing cardholders in phases. Reports at the time put the Apple Card portfolio at roughly $20 billion in outstanding balances.
Chase is also planning a new Apple savings account. Holders of existing Goldman Sachs accounts will not move automatically and can choose whether to stay or open a new account. Apple and Goldman Sachs still set the rate on existing accounts.
The transition from Goldman Sachs is expected to take up to two years from that January announcement.
