William Gallagher
Originally marketed as a high-yield account, Apple Card Savings has once more had its interest rate reduced.
Following its first cut from 4.5% to 4.4% in April 2024, the annual percentage yield (APY) for Apple Card Savings is now to be 4.25%. That's still higher than the savings account's original 4.15% in 2023, however.
When the account first launched, that rate was not the best but was considered high yield. Subsequently, though, many other banks have increased their APY.
By the time Apple introduced its first cut in April 2024, Apple Card Savings had become around average, or perhaps slightly below that. All bank APYs fluctuate, however, so there is no consistent league table of which are the best.
Apple Card Savings users were informed of the rate change in a notification sent jointly by Apple and the finance company currently behind the service, Goldman Sachs. Separately, Goldman Sachs is looking to quit its deal with Apple as it pulls out of consumer credit cards entirely.
While both Apple Card Savings and the regular Apple Card will doubtlessly continue, no replacement for Goldman Sach has been announced. Most recently, however, it's been reported that JP Morgan may take over.
Wesley Hilliard
Christine McKee
Malcolm Owen
Amber Neely
7 Comments
Not unexpected considering Goldman is losing money on the card and the Fed just cut interest rates by ½ a point. At some point, other high yield accounts are going to see their rates cut too- especially if the Fed cuts rates again as expected.
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When the fed cuts interest rates, so do banks. This isn't news, and it isn't just Apple.
The Apple Card Savings rate was never competitive since Day 1. Dozens of banks have always provided high rates than Apple.