Apple is once again planning to cut the interest rate of its Apple Card high-yield savings account, with the new rate set to go live on Friday, October 11.
The Apple Card savings account’s annual percentage yield (APR) will drop to 4.10 percent, down from 4.25 percent. This is the third cut that Apple has made this year, and the second in the last few weeks.
Back in late September, Apple lowered the APY from 4.4 percent to 4.25 percent, and rates dropped from 4.5 percent to 4.4 percent in April.
At 4.10 percent, the Apple savings account APY will be below 4.15 APY that it launched with back in April 2023. Savings account interest rates fluctuate with changes made by the Federal Reserve, and when rates are lowered, banks cut their APYs. There was a notable rate cut of 50 basis points in September, and today, Federal Reserve policymakers suggested that more cuts are on the horizon.
Several other high-yield savings accounts from companies like Discover, American Express, and Capital One also now have a 4.10 APY.
Apple partners with Goldman Sachs for the Apple savings account. It is available for Apple Card holders, and can be managed through the iPhone Wallet app much like the Apple Card. The Apple savings account is designed to allow Apple Card users to earn interest on their Daily Cash balance, and on funds transferred from bank accounts or Apple Cash balances.
Earlier this month, Apple decreased the Apple Card APR range, and it is now at 18.74 percent to 28.99 percent, down from 19.24 percent to 29.49 percent.
Popular Stories
Apple Potentially Facing Worst Leak Since iPhone 4 Was Left in a Bar
Alleged photos and videos of an unannounced 14-inch MacBook Pro with an M4 chip continue to surface on social media, in what could be the worst product leak for Apple since an employee accidentally left an iPhone 4 prototype at a bar in California in 2010. The latest video of what could be a next-generation MacBook Pro was shared on YouTube Shorts today by Russian channel Romancev768, just…
10 Reasons to Wait for Next Year’s iPhone 17
Apple’s iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models simultaneously, which is why we sometimes get rumored feature leaks so far ahead of launch. The iPhone 17 series is no different – already we have some idea of what to expect from Apple’s 2025 smartphone lineup. If you plan to skip…
iPad Mini 7 Coming Next Month: What to Expect
Rumors strongly suggest Apple will release the seventh-generation iPad mini in November, nearly three years after the last refresh. Here’s a roundup of what we’re expecting from the next version of Apple’s small form factor tablet, based on the latest rumors and reports. Design and Display The new iPad mini is likely to retain its compact 8.3-inch display and overall design introduced with…
Waiting for a New Apple TV? Here’s What the Latest Rumors Say
The current Apple TV was released two years ago this month, so you may be wondering when the next model will be released. Below, we recap rumors about a next-generation Apple TV. In January 2023, Bloomberg’s Mark Gurman reported that a new Apple TV was planned for release in the first half of 2024:Beyond the future smart displays and new speaker, Apple is working on revamping its TV box….
Everything New in iOS 18.1 Beta 6
We’re nearing the end of the iOS 18.1 beta testing process, but Apple is continuing to make tweaks to refine built-in features ahead of when the software launches. With testing winding down, there are fewer new additions, but Apple has made changes worth noting. The new beta is available for both developers and public beta testers. Control Center In the Control Center, Apple has added new…
The Best Prime Day Deals on AirPods, Apple Watch, and More
Amazon’s Prime Big Deal Days event is in full swing today, offering customers the first chance to get some holiday shopping done early. Similar to the first Prime Day, it will last for two days (October 8-9) and you can find a large selection of deals across Amazon’s storefront, covering savings on tech, clothing, video games, groceries, and much, much more. Note: MacRumors is an affiliate…
Leaked M4 MacBook Pro Appears for Sale on Russian Classifieds Site
In a continuation of the latest unprecedented leak, Apple’s yet-to-be-announced M4 MacBook Pro has reportedly surfaced on Avito, a popular Russian classified ads website. The development follows recent videos from Russian YouTube channels showcasing what appears to be the unreleased laptop model. According to reports on social media, the listing on Avito advertised a 14-inch MacBook Pro…
