Apple and Goldman Sachs are cutting the interest rate offered by Apple Card Savings Account from 4.4% to 4.25%. The move was announced in push notifications sent to Apple Card users on Tuesday evening.
Apple Card Savings Account started with a 4.15% annual percentage yield for the first eight months of availability. The rate increased to 4.25% in December of last year, then again to 4.35% in early January and to 4.5% in late January. The rate was then cut back to 4.4% in April and has remained at that level until now.
This latest change corresponds to the US Federal Reserve approving an aggressive rate cut last week, lowering rates by 50 basis points. It’s normal for the Annual Percentage Yield (APY) of a savings account to fluctuate following Fed rate change.
The Apple Card Savings Account is exclusively available to Apple Card holders. As you accumulate Daily Cash rewards with your Apple Card, you have the option to automatically deposit those funds into the high-yield savings account within the Wallet app.
Along with transferring Daily Cash directly into the savings account, Apple Card users can also add funds from a linked bank account or their Apple Cash balance. Interest is compounded daily and paid out at the end of each month.
Learn more about Apple Card Savings Account in our in-depth guide right here.
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