Apple Card Savings Account to Receive First-Ever Interest Rate Decrease

Nearly one year after it launched in the U.S., the Apple Card's high-yield savings account will be receiving its first-ever interest rate decrease.

apple card savings account feature
Starting on April 3, the Apple Card savings account's annual percentage yield (APY) will be lowered to 4.4%, according to data on Apple's backend discovered by MacRumors contributor Aaron Perris. The account currently has a 4.5% APY.

4.4% will still be a competitive rate compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.

When the Apple Card's savings account first became available, it offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% will be the first time the rate has gone down.

Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.

The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.

To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.

Goldman Sachs reportedly plans to end its consumer lending partnership with Apple, but it is unclear how this might impact Apple Card holders.

Popular Stories

iphone 16 pro ghost hand

5 Reasons to Skip This Year's iPhone 17 Pro

Thursday July 10, 2025 4:54 am PDT by
Apple will launch its new iPhone 17 series in two months, and the iPhone 17 Pro models are expected to get a new design for the rear casing and the camera area. But more significant changes to the lineup are not expected until next year, when the iPhone 18 models arrive. If you're thinking of trading in your iPhone for this year's latest, consider the following features rumored to be coming...
apple tv 4k new orange

New Apple TV Expected Later This Year With These New Features

Saturday July 12, 2025 3:09 pm PDT by
A new Apple TV is expected to be released later this year, and a handful of new features and changes have been rumored for the device. Below, we recap what to expect from the next Apple TV, according to rumors. Rumors Faster Wi-Fi Support The next Apple TV will be equipped with Apple's own combined Wi-Fi and Bluetooth chip, according to Bloomberg's Mark Gurman. He said the chip supports ...
iPhone 17 Pro in Hand Feature Lowgo

iPhone 17 Pro Coming Soon With These 16 New Features

Friday July 11, 2025 12:40 pm PDT by
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are only two months away, and there are plenty of rumors about the devices. Below, we recap key changes rumored for the iPhone 17 Pro models. Latest Rumors These rumors surfaced in June and July:A redesigned Dynamic Island: It has been rumored that all iPhone 17 models will have a redesigned Dynamic Island interface — it might ...
macbook pro blue green

M5 MacBook Pro No Longer Coming in 2025

Thursday July 10, 2025 12:38 pm PDT by
Apple does not plan to refresh any Macs with updated M5 chips in 2025, according to Bloomberg's Mark Gurman. Updated MacBook Air and MacBook Pro models are now planned for the first half of 2026. Gurman previously said that Apple would debut the M5 MacBook Pro models in late 2025, but his newest report suggests that Apple is "considering" pushing them back to 2026. Apple is now said to be...
iphone 16 pro pro max

iPhone 17 Pro Models With BOE Displays Will Be Sold in China Only

Thursday July 10, 2025 11:59 pm PDT by
iPhone 17 Pro and iPhone 17 Pro Max models with displays made by BOE will be sold exclusively in China, according to a new report. Last week, it emerged that Chinese display manufacturer BOE was aggressively ramping up its OLED production capacity for future iPhone models as part of a plan to recapture a major role in Apple's supply chain. Now, tech news aggregator Jukan Choi reports...
Apple Watch Ultra 2 Complications

Apple Watch Ultra 3: What to Expect

Sunday July 13, 2025 10:30 am PDT by
The long wait for an Apple Watch Ultra 3 is nearly over, and a handful of new features and changes have been rumored for the device. Below, we recap what to expect from the Apple Watch Ultra 3:Satellite connectivity for sending and receiving text messages when Wi-Fi and cellular coverage is unavailable 5G support, up from LTE on the Apple Watch Ultra 2 Likely a wide-angle OLED display that ...
apple wallet drivers license feature iPhone 15 pro

Apple Says iPhone Driver's Licenses Will Expand to These 8 U.S. States

Tuesday July 8, 2025 11:26 am PDT by
In select U.S. states, residents can add their driver's license or state ID to the Wallet app on the iPhone and Apple Watch, providing a convenient and contactless way to display proof of identity or age at select airports and businesses, and in select apps. Unfortunately, this feature continues to roll out very slowly since it was announced in 2021, with only nine U.S. states, Puerto Rico,...
iPhone 17 Air Colors Thumb 2

iPhone 17 and iPhone 17 Air Rumored to Come in These 9 Colors

Friday July 11, 2025 12:30 am PDT by
The iPhone 17 and iPhone 17 Air will be available in a total of nine color options, according to new information coming out of Asia. The iPhone 17 Air's expected color options. According to the leaker going by the account name "yeux1122" on the Korean blog Naver, accessory manufacturers are now producing camera protector rings for the iPhone 17 and iPhone 17 Air in colors to match their...

Top Rated Comments

zach-coleman Avatar
17 months ago
Right after you wrote a comparison guide, too. :( Couldn’t last forever, I guess.
Score: 10 Votes (Like | Disagree)
StuBeck Avatar
17 months ago
Previous article about the savings rate didn't age well.
Score: 9 Votes (Like | Disagree)
izyreal Avatar
17 months ago
I've been on the edge, so this will probably be enough for me to switch to a different provider with a higher interest rate.
Score: 8 Votes (Like | Disagree)
munpip214 Avatar
17 months ago
I know it's not directly linked, but treasury yields went up today, not down. And feds announced no new rate cuts yet, so not sure where this is coming from. Unless they increased to entice new customers, now dropping to save money
Score: 6 Votes (Like | Disagree)
t76turbo Avatar
17 months ago

Apple’s rate wasn’t high enough to move the needle for me in the first place so this drop, for no apparent reason, simply reenforces my decision to pass. There are better rates available out there. I can’t think of a reason why you’d pick Apple’s offering instead of some other alternative. One quick swipe and a tap and my Daily Cash transfers to a high yield checking account with a rate that blows Apple’s rate out of the water.
‘Blows apples rate out of the water’????

would love to hear more.
Score: 5 Votes (Like | Disagree)
magicvash Avatar
17 months ago
CIT and UFB both offer above 5% right now.
Score: 4 Votes (Like | Disagree)