Apple Card Savings Account Receives Another Interest Rate Cut

The Apple Card's high-yield savings account received an interest rate cut overnight, the second time it has done so this year.

apple card savings account feature
The ‌Apple Card‌ savings account's annual percentage yield (APY) dropped from 4.4% to 4.25%, in line with the US Federal Reserve approving an aggressive rate cut of 50 basis points last week. Push notifications regarding the cut were sent to ‌Apple Card‌ users on Tuesday evening.

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%, before being lowered to 4.4% in April 2024.

Apple introduced its savings account in April 2023, partnering with Goldman Sachs. Designed for ‌Apple Card‌ holders, the account is exclusively available to U.S. residents aged 18 and above. It can be managed through the iPhone's Wallet app, offering a user-friendly experience with no fees, minimum deposits, or balance requirements.

The account allows users to earn interest on their Daily Cash cashback balance, as well as on funds transferred from linked bank accounts or Apple Cash balances. Initially capped at $250,000, the maximum balance has since been increased to $1,000,000, providing more flexibility for high-value savers.

Opening an account is straightforward. Users simply need to access their ‌Apple Card‌ in the Wallet app, tap the three-dot menu at the top of the screen, select Daily Cash, and then choose the option to set up savings. This process integrates seamlessly with the existing ‌Apple Card‌ interface.

It's worth noting that Goldman Sachs has reportedly indicated plans to end its consumer lending partnership with Apple. However, the potential impact of this change on ‌Apple Card‌ holders remains uncertain at this time.

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Top Rated Comments

gsmornot Avatar
11 months ago
It’s still much better than a traditional savings account for parked funds.
Score: 11 Votes (Like | Disagree)
Eriamjh1138@DAN Avatar
11 months ago
This rate cut is expected.
Score: 8 Votes (Like | Disagree)
MaxBurn Avatar
11 months ago
If you have trouble managing money and need to move it to a savings account as a middle ground this is better than nothing.

But honestly savings accounts are a ripoff IMO, I've yet to see one that has a rate that can stay ahead of that periods current inflation. I'm comparing any historical month inflation vs that months savings account rates, not the long term averages. It can slow the bleeding of actively losing money but that's about it. I'm also convinced the federal posted inflation rates are very flawed data, on purpose because it suits politically. Get your real inflation data elsewhere based off of what YOU buy.

I don't like it but you pretty much have to have your money in the market somewhere to stay ahead of inflation. If you need to get your money out it generally only takes a couple days to sell something in your money market account and ACH transfer to checking.
Score: 7 Votes (Like | Disagree)
spaxxedout Avatar
11 months ago
Even though the Goldman / Apple relationship is coming to the end, I hope it serves as a model for the future. Apple handling marketing and UX for banks is a good idea.
Score: 5 Votes (Like | Disagree)
barkomatic Avatar
11 months ago

If you have trouble managing money and need to move it to a savings account as a middle ground this is better than nothing.

But honestly savings accounts are a ripoff IMO, I've yet to see one that has a rate that can stay ahead of that periods current inflation. I'm comparing any historical month inflation vs that months savings account rates, not the long term averages. It can slow the bleeding of actively losing money but that's about it. I'm also convinced the federal posted inflation rates are very flawed data, on purpose because it suits politically. Get your real inflation data elsewhere based off of what YOU buy.

I don't like it but you pretty much have to have your money in the market somewhere to stay ahead of inflation. If you need to get your money out it generally only takes a couple days to sell something in your money market account and ACH transfer to checking.
I don't think having a portion of your money in a savings account indicates you have trouble managing money. In fact, I believe its a good idea to keep emergency funds in a high yield savings account so that you *don't* have to sell off investments at a time when the market may or may not be doing well.

If one doesn't have enough money for both a savings account and investments then a savings account with emergency funds is the first priority in fact.
Score: 5 Votes (Like | Disagree)
CalMin Avatar
11 months ago

If you have trouble managing money and need to move it to a savings account as a middle ground this is better than nothing.

But honestly savings accounts are a ripoff IMO, I've yet to see one that has a rate that can stay ahead of that periods current inflation. I'm comparing any historical month inflation vs that months savings account rates, not the long term averages. It can slow the bleeding of actively losing money but that's about it. I'm also convinced the federal posted inflation rates are very flawed data, on purpose because it suits politically. Get your real inflation data elsewhere based off of what YOU buy.

I don't like it but you pretty much have to have your money in the market somewhere to stay ahead of inflation. If you need to get your money out it generally only takes a couple days to sell something in your money market account and ACH transfer to checking.
Theres some good advice here but the challenge for most people is that money in the markets needs to be actively managed. It’s not difficult but it’s not a passive thing. If you’re like me, you can hire a professional but they take a cut of your gains.

You also need to be able to tolerate down cycles. I had 7-figure paper losses in the last market crash. They have all since recovered and then some, but it hurts to see the values so low when the market has a downturn.
Score: 5 Votes (Like | Disagree)