Apple Card Savings account interest rate set to dip slightly starting this week

Apple Card Savings account interest rate set to dip slightly
Apple and Goldman Sachs have been tweaking the interest rate on the Apple Card Savings account recently. The Savings account was introduced about a year ago with an annual percentage yield (APY) of 4.15% for the first eight months. In December, the rate bumped up to 4.25%, then to 4.35% in early January, and further increased to 4.5% later in January. However, it seems that the savings account is now set for its first-ever interest rate decrease.

According to MacRumors, the annual percentage yield is set to shift to 4.4% starting April 3. This intel comes from "data on Apple's backend." However, neither Apple nor Goldman Sachs has publicly confirmed this change yet.

Once the rate change officially kicks in, Apple will probably shoot out a push notification to Apple Card Savings account users, giving them the heads up about the adjustment.

Even with the rate dropping to 4.4%, the Apple Card Savings account still holds its own against other high-yield savings accounts. Typically, these accounts offer rates ranging between 4.25% and 5.25%. For instance, the Marcus savings account by Goldman Sachs provides a 4.5% APY, American Express offers a 4.35% APY, and UFB Direct boasts a 5.25% APY.

The Apple Card Savings account is just for Apple Card users. When you earn Daily Cash rewards with your Apple Card, you can choose to have that cash automatically put into the high-yield Savings account in the Wallet app. Plus, Apple Card users can also add more money using a linked bank account or their Apple Cash balance. Interest gets compounded daily and paid out at the end of each month.

Recommended Stories
The Apple Card, which operates through the Wallet app, has millions of users who collectively hold over $10 billion in associated Savings accounts. While Apple oversees the card through its app, the backend operations are managed by Goldman Sachs.

Recommended Stories

Loading Comments...
FCC OKs Cingular\'s purchase of AT&T Wireless