Apple Savings APY drops to 3.90%
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.
