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Apple Savings gets first ever interest rate cut

Apple Savings users get a notification that their interest rate has been cut

As of April 3, 2024, the annual percentage yield for Apple Savings account users is 4.4%, down from its previous high of 4.5% set in January.

As predicted, the interest on Apple Savings has seen its first-ever cut. The move, while small, comes after a series of rises in quick succession at the end of 2023 and the start of 2024.

Originally launched in April 2023, what Apple described as a high-yield savings account was offering 4.15% APY. It wasn't an uncompetitive amount, but Apple Savings stayed on that level for eight months.

Then in December 2023, Apple made a move to catch up with the rest of the industry, at least a little, and increased it to 4.25%. Just over two weeks later in early January 2024, Apple again increased the rate, this time to 4.35%.

In what proved to be its last rise before this first-ever fall, Apple increased its interest rate to 4.5% in late January 2024. That put Apple Savings in roughly the middle of the market for similar account services at the time.

The new decrease to 4.4% doesn't materially change that position, but Apple has not — and will not — indicate whether this is a temporary cut, or the first of more.

Account holders will have been notified of the change by email. A banner notification is now also displayed when users check their Savings account on iPhones.