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Is Apple's high-yield savings account worth it?

Choose the right high-yield savings account to maximize interest while keeping your money secure. Hobo_018 / Getty Images

The recently-launched high-yield savings account from Apple has already caught the eyes of a lot of savers. 

It does offer some pretty competitive features: For no monthly fees or minimum deposit, you can earn 4.15% APY on your savings with the Apple savings account. The account is designed for Apple Card users, and the "Daily Cash" rewards you earn with the card are automatically deposited toward your balance. 

If you're already an Apple Card user, the new savings account could be a nice added perk, says Kim Hall, CFP, director of financial planning and co-owner of Clarity Wealth Development. "That being said, there are other high-yield savings accounts that are offering comparable, or better, rates." 

In fact, some accounts today offer upwards of 4.5% APY on your savings balance. But it's important to do your own research and compare different accounts with features and interest rates that may fit your individual needs. Whether you choose Apple or another option, here's why opening a high-yield savings account is absolutely worth it today.

Before you get started, compare some of today's top savings account rates now.

Benefits of high-yield savings accounts today

A high-yield savings account is a safe place to keep your money, and today's great interest rates — combined with easy access and lack of fees — make them even more appealing for savers today. 

"The important thing to remember with any type of savings account is how it fits into your own financial picture — you want to make it easy to save while earning good interest on your savings," Hall says. "So if the Apple option makes it easier for you, great! If it makes it more complicated, you might want to consider other options."

These are a few of the best reasons to start saving with a high-yield account now:

Great interest rates

Over the past year, the Federal Reserve has increased its target federal funds rate range from near-zero to more than 5%. And while rate hikes have made borrowing more expensive, they've helped savers benefit.

Today, interest rates on high-yield savings accounts are higher than they've been in years — and much greater than regular savings.

"Traditional savings accounts pay little interest and are basically the electronic version of putting your money under a mattress," says Alison James, CFP, founder of WorthWise Financial Partners. "High-yield savings accounts are currently paying upwards of 3.5% or 4%, helping you keep pace with inflation while offering the peace of mind that comes with FDIC-insured deposit protection."

Just remember that the interest rates on these accounts are variable, so they won't stay this high forever. When federal interest rates go down, there's a good chance that savings rates will too. That's why now is a great time to save, so you can earn today's high rates for a longer time than you would if you wait.

Explore high-yield savings options available now with competitive rates and terms.

Protect your financial future

One of the best uses for your high-yield savings account is creating an emergency fund.

This is an amount of savings (ideally a few months' worth of expenses) set aside specifically for unexpected expenses or periods of financial hardship, such as losing a job.

Especially with the likelihood of a recession and economic downturn, having a solid savings balance, bolstered by great interest earnings, can be a great way to protect yourself against any potential recession or emergency expenses you may incur in the future. 

High-yield savings accounts are especially well-suited for your emergency fund because they're highly liquid and accessible. You can withdraw your money at any time and easily transfer it to another account whenever you need.

Automation helps boost savings

One of the big benefits of Apple's new savings account for Apple Card users is the ability to automatically move your "Daily Cash rewards" into your savings. But plenty of other high-yield savings options offer similar automated savings features. With many accounts, you can set up automatic electronic transfers from another account to your savings at intervals you choose.

For example, say you want to put aside $200 when you get paid every two weeks. You can set up a biweekly transfer from your checking account to your savings account and the money will simply move to your savings without you having to think about it.

This is a great strategy to help you save more — if the money goes to your savings automatically, you won't even have a chance to miss it before it's in your account.

Learn more about  of the best high-yield savings accounts today.

The bottom line

"Overall, high-yield savings accounts are a useful tool for almost anyone and a great way to be prepared for unexpected or occasional expenses while earning a decent amount of interest," James says.

Apple's new savings account for Apple Card users may be worth it depending on your personal situation and the account details you're looking for. But don't forget to review all of your options, including accounts that may have higher interest rates, better terms or more features suited to your savings goals.

To get started, use the table below to compare some of today's top-earning high-yield savings accounts.

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