Apple Card, a banking service for U.S. Apple users, features a Savings option to earn interest on cashback. Introduced at 4.15%, the current interest rate is 3.65%, a decrease from 3.75% in March, its lowest since launch. This rate aligns with Goldman Sachs’ savings account offerings and reflects economic conditions, yet it remains well above the U.S. national average APY of 0.59%. Customers earn cashback—1% on all purchases, 2% via Apple Pay, and 3% at the Apple Store and select partners—which can be transferred to the Savings account, earning daily compounded interest.
The Apple Card is a financial service designed for Apple users in the United States. It features a Savings option that enables customers to earn interest on cashback rewards, initially set at 4.15% upon launch.
This interest rate has fluctuated over time—currently standing at 3.65%, a decrease from its previous rate of 3.75% in March, marking the lowest it has ever been.
Apple Card
The interest rate is competitive with what Goldman Sachs provides for its savings accounts, as Apple is the primary partner for this service.
The adjusted rate of 3.65% reflects current economic conditions. Although it is lower than earlier rates, it remains substantially higher than the U.S. national average interest rate, with the Average Percentage Yield (APY) at just 0.59%.
APY represents the total return on an interest-bearing account over one year. For Apple Card users, cashback earnings accumulate—1% on all purchases, 2% when using Apple Pay, and 3% for purchases at the Apple Store and with partners like Uber or T-Mobile.
These cashback funds are credited to the Daily Cash account but can be transferred to the Savings account to accrue interest. The interest is compounded daily, ensuring that the funds grow over time for patient users.
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