Apple Savings APY has been increased to 4.35%. This is the second time that Apple (NASDAQ:AAPL) has increased the savings rate in the past 30 days, increasing it to 4.25% from 4.15% in December.
Apple launched its savings feature, offering in partnership with Goldman Sachs (NYSE:GS) at a 4.15% rate. The feature saw solid initial adoption due to the convenience and widespread utilization of the Apple Card in the United States.
At the same time, Apple has never led the charge for the best savings rates available. Partner Goldman Sachs currently offers 4.5%, and some other financial firms go even higher, with Flagstar Bank currently offering 100 bps higher at 5.35%. While Apple is not at the top of the interest rate pile it is legions ahead of some establishment banks that still offer a negative real return on savings.
The rate increase could help Apple boost deposits as it grows its Fintech services. Apple also offers credit in the form of a BNPL offer and it is expected to offer longer term credit options at some point in the near future.
Other anticipated future services could include stock trading and retirement fund services.
At the same time, Apple’s partnership with Goldman has soured, and word on the street is that Apple is on the hunt for another partner or, perhaps a bit of a stretch, Apple could acquire a small bank and gain its own federal bank charter.