Apple (NASDAQ:AAPL) could be considered one of the largest Fintechs in the world due to its massive install base and its popular wallet features. One of Apple’s services pays interest on a savings account managed by partner Goldman Sachs.
This week, Apple notified savings account holders that it was raising the interest rate to 3.5% from 3.4%. In an email, Apple noted that it was paying 8 times the national average and said it will strive to keep it competitive. Apple also told users that it currently charges no fees and does not require a minimum deposit.
In saying Apple tops the competition, it cites a page on the FDIC website showing the national savings rate at 0.37% as of September 21, 2026. This is compared with the Treasury yield of 3.63%.
While Apple’s savings rate isn’t bad, it still falls below some competitors. A quick search indicates that others are paying above 4%. To compare:
- Vibrant Credit Union: • APY: 4.40%
- Happen Bank: • APY: 4.20% (formerly LendingClub)
- SoFi Bank: • APY: Up to 4.20%
- CIT Bank: • APY: 4.10%
Some of the offerings have minimums and other stipulations, so read the small print.
Fintech Raisin provides a helpful comparison of rates, including CDs, while streamlining the process of moving funds to a higher-yield account.
What Apple does provide is simplicity. Paired with an Apple Card, also in partnership with Goldman Sachs (for the time being), users see between 1% and 3% cashback immediately deposited into the Apple Savings account. Convenience is a big thing.
As interest rates rise, investors will pay more attention to returns available for parked cash. It is good to see Apple raising its rate, which will probably move higher in the future.
