The Apple Card Savings rate is decreasing for the second time since the Federal Reserve cut rates in September, dropping to an all-time low of 4.1% APY.
Apple introduced a high-yield savings account tied to the Apple Card in April 2023 at 4.15% APY. It rose to 4.5% by January 2024 before experiencing its first rate cut to 4.4% in April and a second cut to 4.25% in September.
According to a report from MacRumors, Apple will be lowering the Apple Card Savings rate to 4.1% starting on Friday, October 11. This marks the lowest interest rate the account has ever seen, but is attributed to changes in the market.
As interest rates were initially high when Apple launched the Apple Savings in 2023, the Federal Reserve’s rate cut in September impacted various interest rates, including Apple’s.
While Apple’s competitors are also reducing their interest rates, Apple Savings remains competitive, though not the most lucrative option. The market currently offers interest rates ranging from 4% to 5% on high-yield accounts, which may gradually move closer to Apple’s rate over time.
Users of Apple Savings do not need to take any action, as the new 4.1% interest rate will go into effect on Friday.
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