The Insightful Troll

Rants and ruminations.

Apple Card's Savings Account Not the Best Deal

apple card savings

Thursday on August 3rd, Apple Newsroom reports:

Today, Apple announced that Apple Card’s high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits from users since launching in April. Savings enables Apple Card users to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent.

While the Apple savings account is convenient, a much better deal can be had in 6 month CDs from major banks.

TD Bank is currently offering a 5% 6 month CD. For a $1000 dollar account on Apple Card’s high-yield Savings account works out to $20.56 for six months vs a $1000 TD Bank 5% 6 month CD of $24.7. A gain of 20% over the course of 6 months with the CD account.

Apple Card’s high-yield Savings account is not the best way to optimize returns on your savings.