Apple Card now with a higher savings interest rate: here’s how to turn $1000 into $1045 for just a year!

Enough with the binge-watching of financial podcasts, YouTube experts and Wall Street expats: it’s time to make some money! Of course, we can’t give you any financial advice, but here’s something you should know.

Apple is now alluring customers to its Apple Card project with another interest rate increase for the savings accounts. Apple notified Apple Card users that their money in the savings account are now accruing interest at 4.5%. That’s the second increase in the same month (via 9to5Mac).

In December 2023, the savings rate was 4.25%. Then, in early January 2024, it jumped to 4.35% and now, it’s 4.5%. For an account with no associated fees, these rises make the account significantly more competitive with the wider market of high-yield savings accounts, as the report says.

For example, if one has $1000 in Apple Card savings, with the new 4.5% interest rate the money will grow to $1045 after a year of being held in the account. And – this is crucial – if the interest rate stays the same for the time being.

Of course, in the financial world nothing is permanent and monstrous fluctuations do happen from time to time, causing fiscal hiccups for some and near-total wiping out for others.

The interest rate will rise or fall depending on the actions of the Federal Reserve and the state of the wider economy, warns the report and reminds that Apple Card savings account users are free to move their money elsewhere, at any time, if they decide to do so.

For some months now, it’s known that Apple’s partnership with Goldman Sachs is reportedly coming to an end. While a new partner is sought for the Apple Card, the Cupertino giant is offering Apple Card users some nice free subscriptions until the end of January 2025.

Apple Card holders who are new subscribers to Apple TV+, Apple Music, Apple Arcade, Apple Fitness+, or Apple News+ are getting 3 free months of each service. If you’ve been previously subscribed to any of these services, you still qualify for the offer, but you’ll only get 2 free months.