Apple Card Savings has cut its interest rate again
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.
