Apple Inc. (NASDAQ:AAPL) has announced a significant increase in the interest rate for its Apple Card Savings Account. The tech giant has upped the rate to 4.25% APY.
What Happened: 9to5Mac reported on Wednesday that the savings account, which is exclusive to Apple Card users, permits customers to deposit their Daily Cash rewards automatically. The account also accepts additional funds from a linked bank account or Apple Cash balance. Interest on the account is compounded and paid out monthly.
The adjusted interest rate, which surpasses the industry average, was disclosed through a push notification sent to Apple Card Savings Account users on Wednesday. Despite the substantial increase, the rate remains lower than some other high-yield savings accounts, such ...