Apple Card High-Yield Savings Account Getting Yet Another Interest Rate Cut - MacRumors
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Apple Card High-Yield Savings Account Getting Yet Another Interest Rate Cut

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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.

apple card savings account
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.

Tag: Apple Card Guide

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Top Rated Comments

W
wikiverse
21 months ago

Trying to figure out if it's worth it to move the savings I just started a couple months ago. Couple online banks are at 5%, but I'm sure they'll be cut soon too... New to all this.
Never have loyalty to any company - especially a bank. They are not loyal to you and will change policies, remove features, increase prices, or sell their business to a competitor on a whim.

This is especially true of banks and banking products. Always go with the lowest fees/highest savings rate. Most HISAs are fee-free these days anyway, so you can keep multiple accounts open and just move money into the one that gives the best return.

Companies make money by taking it away from you. Do whatever gets you the best deal, because if you don't, no company will ever do it for you.
Score: 25 Votes (Like | Disagree)
B
Böhme417
21 months ago

We all know that Apple, a $3.5T company by market cap, desperately needs that 0.4% of interest.
I’m pretty sure Goldman Sachs is the one paying the interest—not Apple.
Score: 20 Votes (Like | Disagree)
S
swixo
21 months ago

Never have loyalty to any company - especially a bank. They are not loyal to you and will change policies, remove features, increase prices, or sell their business to a competitor on a whim.

This is especially true of banks and banking products. Always go with the lowest fees/highest savings rate. Most HISAs are fee-free these days anyway, so you can keep multiple accounts open and just move money into the one that gives the best return.

Companies make money by taking it away from you. Do whatever gets you the best deal, because if you don't, no company will ever do it for you.
Wikiverse has it right.
It's a numbers game for them. Make it a numbers game for you. I jump ship all the time in pursuit of better terms. It's all that matters.
Score: 9 Votes (Like | Disagree)
CapitalIdea Avatar
CapitalIdea
21 months ago

We all know that Apple, a $3.5T company by market cap, desperately needs that 0.4% of interest.
Apple isn’t the bank hosting the account. Obviously.
Score: 7 Votes (Like | Disagree)
C
cjboffoli97
21 months ago

We all know that Apple, a $3.5T company by market cap, desperately needs that 0.4% of interest.
You don't become a company with one of the highest market caps by stupidly throwing money away. They're offering a reasonable market rate.
Score: 7 Votes (Like | Disagree)
KillerScoregasm Avatar
KillerScoregasm
21 months ago
I PERSONALLY only use my Apple Card for iDevice 0% interest installments. Then I sell my previous iDevice and put that money into Apple Cash and just pay it off that way. Works out nicely!
Score: 7 Votes (Like | Disagree)
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