How the Apple savings account compares to other accounts
Apple recently announced its latest financial product with Goldman Sachs — a savings account designed for Apple Card users. The high-yield savings account comes with a solid interest rate and other features that put it among the most competitive options available today.
No matter which account you choose, now is a great time to be a saver. Today's high-yield savings account options are plentiful, and the current interest rate environment means savers can earn incredible rates on their balances.
"The important thing to remember with any type of savings account is how it fits into your own financial picture — you want to make it easy to save while earning good interest on your savings," Kim Hall, CFP, director of financial planning and co-owner of Clarity Wealth Development, recently told CBS News.
If you are considering the new Apple account, it can help to compare some of today's top options so you can make sure you're choosing the best one for your goals and savings.
Use the table below to learn more about today's top savings account options and start saving now.
Apple vs. other high-yield savings accounts
The Apple savings account features a 4.15% APY and comes with no fees and no minimum deposit or minimum balance requirements. Plus, it has some extra benefits for users like automatic deposits of Daily Cash earned with the Apple Card and the ability to make an instant transfer to your Apple Wallet.
All of that makes the Apple savings account a solid choice, but how does it compare? Here are three of today's top savings options that you may also want to consider.
UFB Direct
UFB Direct is an online bank that offers one of the highest interest rates available right now on its Premier Savings account. You can earn a whopping 4.81% APY with no maintenance fees and no minimum deposit required. You can transfer funds to and from external accounts and you'll also get an ATM card to withdraw your money from ATMs nationwide (you can find an ATM locator using your online account).
Bread Savings
Bread Savings also offers a great interest rate of 4.50% APY on its high-yield savings account. There are no monthly fees, but you will need to deposit at least $100 to open your account. While this is more than other accounts with no minimums, $100 may not be an issue if you already have some amount in savings. When you need to access your money, you can transfer it to an external account using free ACH transfers.
Lending Club
Lending Club's high-yield savings account earns a 4.25% APY. It also doesn't charge monthly fees, and you'll need a $100 deposit to open the account. However, there's no requirement to maintain that $100 balance after account opening. This account also comes with an ATM card you can use to access your cash, though you can also make online transfers between accounts.
See even more of today's best high-yield savings accounts below.
What to know about choosing a savings account
The interest you'll earn is a major factor in the high-yield savings account you choose, but it's important to remember that these rates are variable. As federal interest rates move up and down over time, the rate on your savings account will change, too.
Locking in a great interest rate today doesn't mean you'll earn that rate forever, but it can be a good indicator that the bank you choose will remain competitive over time.
In addition to interest rate, look at details like the account fees, minimums, any restrictions on transfers or withdrawals and how you'll actually access your money. Some banks may also limit the balance you can earn its top rate on — so if you plan to save more than that amount, you could be losing out on potential interest.
It's a good idea to read the terms and conditions of any new account and compare these details with your personal savings goals and needs.
Finally, any savings account you choose should always be FDIC-insured. This is how your money will remain protected in case of a bank failure. The FDIC insures deposit accounts up to $250,000 per account type and per institution. You should be able to easily locate a "member FDIC" notice on your bank's website or within your account terms.
The bottom line
The new high-yield savings account from Apple has a solid interest rate and other features that current Apple Card users may benefit from. But it always pays to compare before you decide where to save. Today's high-yield savings accounts have a range of interest rates, with some reaching above 4.50% APY. These can help you boost your balance by a lot over time.
Explore some of the top savings options right now to find one that works best for your goals, and start saving today.
