How Apple's savings account interest rate compares to other high-yield accounts

A new high-yield savings account from Apple launched last month and it got plenty of Americans rethinking their own savings plans.

But the Apple savings account is only the latest high-yield savings option on the market, joining dozens of high-yield, online savings accounts from banks with a similar lack of fees and minimum balance requirements.

One of the biggest determining factors when it comes to choosing a savings account today is the interest you'll earn on your balance. While the Apple savings account has a competitive rate, there may be better options available for you.

Learn more about today's top savings rates here now.

What are the best high-yield savings rates now?

Today, interest rates on high-yield savings accounts are high, thanks to ongoing interest rate hikes by the Federal Reserve designed to bring down high inflation. As those rates rise and the costs of borrowing go up, banks use the interest rates they offer on savings products to compete for your deposits. And in a time when many banks are online-only, or online divisions of brick-and-mortar banks, they can afford to pass on the savings to you in the form of higher interest.

All of those factors benefit you if you're looking to save more money. 

Since early 2022, the Federal Reserve has raised interest rates from pandemic-era lows near zero to around 5%. In turn, high-yield savings account rates have risen from around 0.50% to 4.00% APY or even more. Meanwhile, traditional savings accounts still offer an average of 0.39% APY according to the FDIC, with many as low as 0.10%. 

But with so much competition, it can be difficult to choose the right high-yield savings account for you. Here's a rundown of some of the highest rates available today, including Apple's new savings account.

Explore some top savings account rates here.

Bask Bank

Bask Bank offers a 4.75% APY on its Interest Savings account. If you were to deposit $5,000 into the account, that could earn you $237.50 in interest over the course of a year. Bask is an FDIC-insured division of Texas Capital Bank. The bank doesn't charge fees or minimum account balances on these accounts.

CIT Bank

CIT Bank's Savings Connect account offers a 4.50% APY with just a $100 minimum balance and no monthly fees. Over a year, that could translate to $225 earned on a $5,000 deposit. 

However, if you do have $5,000 to put down, you might consider CIT Bank's Platinum Savings account option, which earns 4.75% APY currently. It has the same $100 minimum opening deposit but requires at least $5,000 in the account to earn the boosted interest rate (otherwise, earn 0.25%).

CIT is an online division of First Capital Bank, and CIT Bank accounts are FDIC-insured.

Lending Club

Lending Club's high-yield savings account earns a great 4.25% APY on all deposits. It has no monthly fees and requires a $100 minimum deposit. If you open the account with $5,000, the 4.25% interest rate could net you $212.50 in interest earnings over a year. Lending Club is a digital bank and your deposits are FDIC-insured.

Apple Savings

Apple's new savings account is in partnership with Goldman Sachs, which is an FDIC-insured bank. It offers 4.15% APY on your savings, with no fees or account minimums. At that rate, if you deposit $5,000 today, you could earn $207.50 in interest by this time next year.

Why now is the time to save

With interest rates reaching 4% and above, it's a great time to start boosting your savings. Whether you're building an emergency fund or have another savings goal in mind, today's high interest rates can help you reach a higher balance more quickly. Depending on how much you contribute to your account, you can earn hundreds of dollars in interest year over year. 

Plus, if you don't already have savings for the future, taking advantage now can put you in a better position to weather whatever the future may bring.

Set a savings goal, look at your spending habits and start thinking about what amount you can afford to contribute. Over time, you can increase your balance and better set yourself up for any unexpected costs, new opportunities or hardships to come. 

Learn more about your savings account options and compare top rates today.