Is Apple's savings account or another high-yield one better for you?

If you're looking to save more, you've probably heard about Apple's newly-launched high-yield savings account. 

And for good reason: It offers a solid 4.15% APY and comes with no monthly fees or minimum balance requirements. Plus, Apple Card users can automatically transfer "Daily Cash" rewards to savings.

But that doesn't mean it's the only account today worth considering. In fact, there are a number of great high-yield savings accounts that offer upwards of 4% APY on your balance and great terms to fit any financial goals you're saving for. 

The right account for you should be a combination of a high interest rate and other account details that make it easy for you to save while you boost your balance.

Get started by comparing the top savings account rates available right now.

How to decide which high-yield account is right for you

Apple's savings account has a lot to offer, but it may not be the best option for everyone. 

For one, it's designed to work best for consumers who already use the Apple Card credit card — you can save more over time using your card's rewards and transfer your savings to the Wallet app when you need it. Plus, while the interest rates are competitive, you can find higher rates (with just as solid terms) elsewhere.

Here are three factors you can use to determine the right high-yield account for you.  

High interest rate

For many savers, a great interest rate is the top priority when opening a new high-yield savings account.

Given today's high interest rate environment, you'll want to look for accounts that offer at least 3.5% to 4.0% APY, although you can potentially find interest rates as high as 5.0% APY. If you save $5,000 today with an account that earns 4.50% APY, you could have a total of $5,225 saved in a year (before accounting for any additional contributions you make).

These rates won't last forever, since high-yield savings accounts carry variable interest. But choosing an account at a competitive rate today can be an indicator that your bank will keep up with the competition over time, even as rates fluctuate.

Explore today's top savings account rates now.

Fees, minimums and other features

Interest rate is important, but it's not the only factor that makes a high-yield savings account worthwhile. Take time to compare any account's fees, minimums and other features to your individual savings goals.

"Always look for minimum balances, fees and the fine print on any introductory special rate offers that some banks offer to get you to move your money," says Andrea Oliver, CFP, owner and lead advisor at North Park Financial Planning. 

Look for accounts that don't charge a monthly maintenance fee, which could cut into your interest earnings. When it comes to minimums, you may find a minimum balance requirement is worth it in exchange for a great rate, as long as you have the funds to ensure you can keep that minimum balance at all times, even if you need to make a withdrawal. 

And don't forget to look for other account features that can make it easier for you to save. "Some of the online banks have great apps and features that help you organize your savings for certain goals within the same account," Oliver says. For example, a number of accounts offer different "buckets" you can use to save for different goals or options to "round up" your money in another account to save more.

How you access your account

Finally, make sure your high-yield savings account is accessible to you — without encouraging overspending. 

These accounts are most often offered by online banks, so you can retrieve your money by transferring it to another bank account, wiring it or requesting a check in the mail. You can make electronic funds transfers via your online account or mobile app, and it typically takes around one to three days.

Some online banks make it even easier. Apple's savings account, for example, lets you transfer your savings directly to your Wallet app, where you can spend it like cash using Apple Pay. Other banks may give you access to an ATM card along with your savings account, so you can make withdrawals like you would from your checking account (up to any monthly limits).

The best savings account for you should be one with easy enough access that you can use your savings whenever you need to. But if you worry you may dip into your savings for unnecessary spending, choose an account with a bit more of a barrier, so you don't use your savings on impulse buys.

Learn more about the right savings option for you by comparing today's top rates.

The bottom line

With so many high-yield savings accounts on the market, you're bound to find the right option for your savings goals. For some, Apple's new savings account can be a great choice — especially for those who already use the Apple Card and Wallet app. But others might benefit from a higher interest rate, added features and different withdrawal options from other banks. 

The most important thing is to choose an account and start saving. In today's high-interest rate climate, you're missing out by not taking advantage of the APYs being offered on high-yield accounts for as long as you can.

Get started today by exploring the best savings rates right now.