Apple Inc. (NASDAQ:AAPL) has raised the annual percentage yield (APY) for Apple Card’s linked savings account, Apple Savings, to 4.35%.
What Happened: On Thursday, Apple Card customers were notified that their Apple Savings account’s APY has been revised to 4.35% from 4.25%. This marks the second increase since the account was launched in December, reported Apple Insider.
The updated rate, however, still falls behind several rival high-yield savings accounts. For instance, the consumer-facing Marcus brand savings account of Goldman Sachs Group Inc (NYSE:GS) offers a 4.5% APY. Other banks, such as UFB (5.25%) and PNC (4.65%), regularly adjust their APY, maintaining a competitive edge.
Goldman Sachs is reportedly looking to dissolve its partnership with Apple, which could be linked to the limited changes in the Apple Savings or Apple Card benefits. Although Apple has provided Goldman Sachs with an exit, a new ...