Apple is reducing the interest rate on its Apple Card Savings Account from 4.4% to 4.25%, in partnership with Goldman Sachs. The transfer was introduced to Apple Card customers through push notifications dispatched on Tuesday night.
The Apple Card Savings Account initially offered a competitive 4.15% annual percentage yield (APY) for its first eight months of operation. The company’s annualized growth rate accelerated to 4.25% by the end of the final quarter, before surging further still and then stabilizing at that pace. The speed was subsequently reduced and has remained at that level ever since.
The latest adjustment aligns with the US Federal Reserve’s decision from last week, reducing interest rates by 0.5 percentage points. The annual proportion yield of a financial savings account typically fluctuates in response to changes in Federal Reserve interest rates.
The Apple Card Savings Account is available exclusively to Apple Card holders. As you earn Daily Cash rewards on your Apple Card, you have the option to automatically transfer these funds into a high-yield savings account through the Wallet app.
Customers of Apple Card can easily transfer funds from their daily cash earnings directly to their designated savings account, in addition to adding funds from a linked checking account or their existing Apple Money balance. As curiosity grows daily, interest accrues until it’s fully realized at the end of each month.
Explore the benefits of Apple Card’s Savings Account for yourself?
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