Users of Apple Savings accounts are now getting push notifications alerting them to Goldman Sachs’ decision to increase the account’s interest rate from 4.15% to 4.25%. Since the feature’s April launch, this is the first interest rate increase.
Although customers of Apple Savings will be happy with the increase and the rate is competitive, there are currently some other high-yield savings accounts that offer even higher rates.
The increase in interest rates coincides with Goldman Sachs’ attempt to exit the consumer business, and Apple and Goldman Sachs are currently figuring out how to end their collaboration on Apple Card and Apple Savings.
According to recent reports, Apple has proposed to Goldman Sachs to terminate the partnership within the next 12 to 15 months. However, as of right now, the availability of Apple Card and Apple Savings remains unchanged.
It is still being determined how the offerings might be impacted by a change in management of Apple Card and Apple Savings, which Apple and Goldman Sachs are allegedly searching for a new partner or partners to take over.