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

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

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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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Satellite images show damage from Israeli attack at 2 secretive Iranian military bases

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An Israeli attack on Iran damaged facilities at a secretive military base southeast of the Iranian capital that experts in the past have linked to Tehran’s onetime nuclear weapons program and at another base tied to its ballistic missile program, satellite photos analyzed Sunday by The Associated Press show. 

Some of the buildings damaged sat in Iran’s Parchin military base, where the International Atomic Energy Agency suspects Iran in the past conducted tests of high explosives that could trigger a nuclear weapon. Iran long has insisted its nuclear program is peaceful, though the IAEA, Western intelligence agencies and others say Tehran had an active weapons program up until 2003.

The other damage could be seen at the nearby Khojir military base, which analysts believe hides an underground tunnel system and missile production sites.

Israel launched a series of strikes on Iranian military facilities in retaliation for the barrage of ballistic missiles the Islamic republic fired on Israel earlier this month.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows damaged buildings at Iran’s Parchin military base outside of Tehran, Iran, on Sunday, Oct. 27, 2024. The damaged structures are in the bottom right corner and bottom center of the image.

Planet Labs PBC / AP


Iran’s military has not acknowledged damage at either Khojir or Parchin from Israel’s attack early Saturday, though it has said the assault killed four Iranian soldiers working in the country’s air defense systems.

Iran’s mission to the United Nations did not immediately respond to a request for comment, nor did the Israeli military.

However, Iranian Supreme Leader Ayatollah Ali Khamenei on Sunday told an audience that the Israeli attack “should not be exaggerated nor downplayed,” while stopping short of calling for an immediate retaliatory strike. Israeli Prime Minister Benjamin Netanyahu said Sunday that the strikes “severely harmed” Iran and achieved all of Israel’s goals.

“The air force struck throughout Iran. We severely harmed Iran’s defense capabilities and its ability to produce missiles that are aimed toward us,” Netanyahu said in his first public comments on the strikes.

It remains unclear how many sites in total were targeted in the Israeli attack. There have been no images of damage so far released by Iran’s military.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows damaged buildings at Iran’s Khojir military base outside of Tehran, Iran, Oct. 8, 2024.

Planet Labs PBC / AP


Iranian officials have identified affected areas as being in Ilam, Khuzestan and Tehran provinces. Burned fields could be seen in satellite images from Planet Labs PBC around Iran’s Tange Bijar natural gas production site in Ilam province on Saturday, though it wasn’t immediately clear if it was related to the attack. Ilam province sits on the Iran-Iraq border in western Iran.

The most telling damage could be seen in Planet Labs images of Parchin, some 40 kilometers (25 miles) southeast of downtown Tehran near the Mamalu Dam. There, one structure appeared to be totally destroyed while others looked damaged in the attack.

At Khojir, some 20 kilometers (12 miles) away from downtown Tehran, damage could be seen on at least two structures in satellite images.

Analysts including Decker Eveleth at the Virginia-based think tank CNA, Joe Truzman at the Washington-based Foundation for Defense of Democracies and former United Nations weapon inspector David Albright, as well as other open-source experts, first identified the damage to the bases. The locations of the two bases correspond to videos obtained by the AP showing Iranian air defense systems firing in the vicinity early Saturday.

At Parchin, Albright’s Institute for Science and International Security identified the destroyed building against a mountainside as “Taleghan 2.” It said an archive of Iranian nuclear data earlier seized by Israel identified the building as housing “a smaller, elongated high explosive chamber and a flash X-ray system to examine small-scale high explosive tests.”

“Such tests may have included high explosives compressing a core of natural uranium, simulating the initiation of a nuclear explosive,” a 2018 report by the institute says.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows at Iran’s Parchin military base outside of Tehran, Iran, Sept. 9, 2024.

Planet Labs PBC / AP


In a message posted to the social platform X early Sunday, the institute added: “It is not certain whether Iran used uranium at ‘Taleghan 2,’ but it is possible it studied the compression of natural uranium hemispheres, which would explain its hasty and secretive renovation efforts following the IAEA’s request to access Parchin in 2011.”

It’s unclear what, if any, equipment would have been inside of the “Taleghan 2” building early Saturday. There were no Israeli strikes on Iran’s oil industry, nor its nuclear enrichment sites or its nuclear power plant at Bushehr during the assault.

Rafael Mariano Grossi, who leads the IAEA, confirmed that on X, saying “Iran’s nuclear facilities have not been impacted.”

“Inspectors are safe and continue their vital work,” he added. “I call for prudence and restraint from actions that could jeopardize the safety & security of nuclear & other radioactive materials.”

Other buildings destroyed at Khojir and Parchin likely included a warehouse and other buildings where Iran used industrial mixers to create the solid fuel needed for its extensive ballistic missile arsenal, Eveleth said.

In a statement issued immediately after the attack Saturday, the Israeli military said it targeted “missile manufacturing facilities used to produce the missiles that Iran fired at the state of Israel over the last year.”

Destroying such sites could greatly disrupt Iran’s ability to manufacture new ballistic missiles to replenish its arsenal after the two attacks on Israel. Iran’s paramilitary Revolutionary Guard, which oversees the country’s ballistic missile program, has been silent since Saturday’s attack.

Iran’s overall ballistic missile arsenal, which includes shorter-range missiles unable to reach Israel, was estimated to be “over 3,000” by Gen. Kenneth McKenzie, then-commander of the U.S. military’s Central Command, in testimony to the U.S. Senate in 2022. In the time since, Iran has fired hundreds of missiles in a series of attacks.

There have been no videos or photos posted to social media of missile parts or damage in civilian neighborhoods following the recent attack – suggesting that the Israeli strikes were far more accurate than Iran’s ballistic missile barrages targeting Israel in April and October. Israel relied on aircraft-fired missiles during its attack.

However, one factory appeared to have been hit in Shamsabad Industrial City, just south of Tehran near Imam Khomeini International Airport, the country’s main gateway to the outside world. Online videos of the damaged building corresponded to an address for a firm known as TIECO, which advertises itself as building advanced machinery used in Iran’s oil and gas industry.

Officials at TIECO requested the AP write the company a letter before responding to questions. The firm did not immediately reply to a letter sent to it.



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Here Comes the Sun: Will Ferrell, Harper Steele and more

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Here Comes the Sun: Will Ferrell, Harper Steele and more – CBS News


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Actor Will Ferrell and writer Harper Steele sit down with Tracy Smith to discuss their documentary “Will & Harper.” Then, David Pogue learns about new methods being implemented to keep birds from flying into buildings. “Here Comes the Sun” is a closer look at some of the people, places and things we bring you every week on “CBS Sunday Morning.”

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The Strange Shooting of Alex Pennig

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A nurse is found dead in her apartment. Surveillance video captures her coming home for the last time. Can investigators piece together what happened next? “48 Hours” contributor Natalie Morales reports.

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