Apple Card Savings Account to Receive First-Ever Interest Rate Decrease
[[{“value”:”Nearly one year after it launched in the U.S., the Apple Card’s high-yield savings account will be receiving its first-ever interest rate decrease.
Starting on April 3, the Apple Card savings account’s annual percentage yield (APY) will be lowered to 4.4%, according to data on Apple’s backend discovered by MacRumors contributor Aaron Perris. The account currently has a 4.5% APY.
4.4% will still be a competitive rate compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.
When the Apple Card’s savings account first became available, it offered an APY of 4.15%. The rate then increased three times, rising from 4.25% to 4.35% to 4.5%. The upcoming drop to 4.4% will be the first time the rate has gone down.
Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.
To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.
Goldman Sachs reportedly plans to end its consumer lending partnership with Apple, but it is unclear how this might impact Apple Card holders.
This article, “Apple Card Savings Account to Receive First-Ever Interest Rate Decrease” first appeared on MacRumors.com
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