A high-yield savings account, or HYSA, is an easy way to grow your money faster. HYSAs offer annual percentage yields, or APYs, up to 10 times the national average for traditional savings accounts -- or more. And you can find them from a variety of financial institutions and other providers, including one you may already use regularly.
If you’re an Apple user with an Apple credit card, you have access to Apple's high-yield savings account, Apple Card Savings. This account offers an APY of 4.40%, and you can add to your balance by having your Apple Card Daily Cash rewards automatically deposited into your account.Â
Just how much interest could you rack up with an Apple Card Savings account, and how does it compare to other high-yield savings accounts? Let's take a look.
Here’s how much interest you’ll earn by depositing $100 into Apple's HYSA each month
How much interest you can earn with an Apple Card Savings account depends on how much you deposit in the account initially and how much you contribute each month. Let’s assume you make an initial deposit of $100 and add $100 more each month. Here’s the difference in your interest earnings between a traditional savings account and Apple's HYSA:
| APY | Interest earned after 1 year | Interest earned after 3 years | Interest earned after 5 years | |
| Traditional savings account | 0.45% | $2.93 | $25.08 | $69.13 |
| Apple high-yield savings account | 4.40% | $28.99 | $254.98 | $722.07 |
Traditional savings account rate based on national average APY as of Aug. 27, 2024. Source: FDIC. Earnings are based on APY as of Aug. 27, 2024, and assume interest is compounded monthly.
How much you can earn with larger deposits
Deposit more cash, earn more interest. If you can add more money to your savings account each month, your savings will grow faster. Here's how much more you can earn with Apple's HYSA if you deposit a higher monthly amount.Â
| Monthly deposit | Interest earned after 1 year | Interest earned after 3 years | Interest earned after 5 years |
| $150 | $41.24 | $375.43 | $1,070.83 |
| $200 | $53.49 | $495.88 | $1,419.58 |
| $500 | $126.98 | $1,218.57 | $3,512.12 |
Earnings are based on APY as of Aug. 27, 2024, and assume interest is compounded monthly.
These examples assume the initial deposit is $100. You can also make a higher initial deposit to boost your savings even more.Â
How the Apple Card Savings account compares to other high-yield savings accountsÂ
Apple's HYSA is worth considering if you're an Apple Card user, especially since you can use your Daily Cash to add to your balance. But there are plenty of other high-yield savings accounts with better APYs, so it pays to weigh your options.
If you start with a deposit of $100 and add $100 each month, here’s how your interest earnings would compare after a year with some of the top accounts we track at CNET:
| Bank | APY | Interest earned after 1 year |
|---|---|---|
| Digital Federal Credit Union | 6.17% (on balances up to $1,000) | $40.87 |
| My Banking Direct | 5.25 | $34.68 |
| Newtek Bank | 5.25% | $34.68 |
| UFB Direct | 5.15% | $34.01 |
| Bread Savings | 5.15% | $34.01 |
Earnings are based on APY as of Aug. 27, 2024, and assume interest is compounded monthly.
How to choose the right high-yield savings account for you
Finding a competitive rate can help you grow your money faster, but it’s not the only thing that matters when choosing a savings account. Consider these additional factors when comparing HYSA options:
- Minimum deposit requirement: Some HYSAs require a minimum deposit to open an account. If you plan to start with a low amount, look for an account with a low (or no) deposit minimum.Â
- Minimum balance requirement: Other accounts may require you to maintain a certain balance to keep your account open or avoid fees. Read the fine print to understand if an HYSA has this requirement and if you can meet it.
- Fees: Monthly maintenance fees, overdraft fees and other sneaky charges can eat into your earnings. Choose a fee-free HYSA to avoid any fees. Â
- Branch/ATM access: HYSAs with the most competitive rates are often from online-only banks. If in-person service is important to you, look for a bank with physical branches near you. If you choose an online bank and want ATM access, look for a bank that belongs to an ATM network or offers ATM fee reimbursements.
- Access to money: Some HYSAs limit the number of times you can take money out of your account. Choose an account that works for how often you plan to withdraw funds. Â
- Federal deposit insurance: Savings accounts at FDIC-insured banks and NCUA-insured credit unions are federally protected for up to $250,000 per person, per institution if the bank fails.
- Customer reviews: Check places like the Better Business Bureau, Trustpilot and Google reviews to see what others have to say about a bank or credit union. If there are common complaints for a certain bank or savings account, it may be a good idea to look elsewhere.Â
