Wesley Hilliard
The Apple Savings APY falls again after another Federal Reserve rate cut in November, reaching a new all-time low of 3.90% APY.
Apple launched a high-yield savings account attached to the Apple Card in April 2023 at 4.15% APY. It climbed up to 4.5% by January 2024 and saw its first rate cut in April to 4.4%, then a second cut to 4.25% in September, and another to 4.10% in October.
Apple has begun notifying Apple Savings users of another APY dip on Wednesday night. The 4.10% rate was already an all-time low for the high-yield savings account, but it has reached a new low of 3.90%.
When Apple launched Apple Savings in 2023, interest rates were high. The Federal Reserve lowered rates by a half a percent in September, then another quarter percent was cut in November — impacting the entire market.
Apple's competitors are lowering interest rates too, so Apple Savings remains competitive, but not the best option. The market ranges between 3.90% and 4.80% interest rates on high-yield accounts.
Apple Savings users don't need to take any action. The 3.90% interest rate is already in effect.
Malcolm Owen
Andrew Orr
Andrew O'Hara
12 Comments
I just let my Apple Cash roll over into the account so I’m not to worried
The Republicans that control the Federal Reserve are rushing to lower rates for the incoming Republican administration. It's not a coincidence that the strict regimen of rate increases to lower inflation didn't happen until a Democrat was in the White House.
The current Fed chair isn't that fond of Donald or vice-versa. Regardless, I think they're trying to preemptively combat the inflationary nature of Trump's proposed fiscal policies.