Is the Apple high-yield savings account worth it? These accounts have a higher APY

Apple's high-yield Savings account, offered by Goldman Sachs, offers 4.40% APY on your savings.

While that amount is more than 9 times the national average APY, it's not the highest rate available in today's climate — some accounts earn APYs around 5.00% and a few have brushed up against 6.00% APY.

But, Apple Savings could be a convenient way for Apple Card users to make their Daily Cash — the money earned through Apple's cashback program — grow in a way it otherwise wouldn't.

Below, CNBC Select breaks down everything you need to know about Apple's high-yield savings account and how it compares to the competition.

Apple Savings could be a good fit for Apple Card users. Unlike many other savings accounts, you'll need to have an Apple Card in order to access this account.

Opening an Apple Card could give you access to the savings account. However, you shouldn't just get a new card without thinking through the consequences. For example, if you're applying for a mortgage, it might not be the right time to open a new card. Opening a line of credit can cause your credit score to drop a few points, which could work against you when buying a home.

The Apple Savings account automatically collects the Daily Cash earned by the Apple Card. That could help the amount you earn grow on its own without needing to transfer points or money from a similar cashback card.

Additionally, you can fund your account with deposits from a linked external bank account like you would with any other savings account.

After depositing your funds, your interest will compound daily and be credited to your account monthly. Apple Savings does have a limit, however — the maximum balance for a single account is $250,000.

There are a number of high-yield savings accounts on the market. Here's how Apple Savings compares to other high-yield savings accounts.

Accessibility

If you don't have an Apple Card and don't have any plans to open one, you won't have access to this savings account.

However, there are plenty of savings accounts that allow you to manage your money from an app and don't require you to be part of the Apple ecosystem. UFB Portfolio Savings, for example, offers an interest rate of 3.26% APY and has an app that lets you manage the account available on both the Apple App and the Google Play stores.

Interest rates

Simply put, higher APYs are available for those who want to chase the best possible rate. However, many savings accounts have restrictions on how much money can earn the top-tier rate.

Varo's Savings Account offers 5.00% APY on up to $5,000. But, not all have limits. For example, Western Alliance Bank offers a high-yield savings account that earns 5.22% APY with no cap.

However, 4.40% APY isn't something to overlook. With the average savings account earning 0.59% APY according to Bankrate data, this could be a significant advantage for those who haven't considered a high-yield savings account and want to work with a platform they already use.

Fees

Like many of CNBC Select's top picks for the best high-yield savings accounts, Apple Savings doesn't charge any service fees or charges.

Other banks that don't charge a monthly fee include Newtek Bank's Personal High Yield Savings and CFG Bank, though the latter requires a $1,000 minimum deposit.

Apple Savings offers a solid 4.40% APY and a fee-free experience to those with an Apple Card. For those who want the highest possible rate or don't have an Apple Card, you have plenty of other options to earn high a interest rate with another account.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account story is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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