Apple is once again planning to lower interest rates on Apple Card’s high-yield savings account, with the new interest rates set to begin on Friday, October 11th.
The annual percentage yield (APR) on the Apple Card savings account will drop from 4.25% to 4.10%. This is the third cut Apple has made this year, and the second in recent weeks.
Back in late September, Apple lowered its APY from 4.4 percent to 4.25 percent, and in April it also lowered its interest rate from 4.5 percent to 4.4 percent.
The Apple Savings Account APY is 4.10%, lower than the 4.15 APY that started in April 2023. Interest rates on savings accounts fluctuate in response to Federal Reserve changes, and banks lower APYs when interest rates are lowered. There was a notable 50 basis point rate cut in September, and today Fed policymakers signaled that further rate cuts are on the horizon.
Other high-yield savings accounts like Discover, American Express, and Capital One also come in at 4.10 APY.
Apple has partnered with Goldman Sachs for the Apple Savings Account. It’s available to Apple Card owners and can be managed through the iPhone Wallet app, just like Apple Card. The Apple Savings Account is designed to allow Apple Card users to earn interest on their Daily Cash balance and on funds transferred from their bank account or Apple Cash balance.
Earlier this month, Apple lowered the APR range for its Apple Card, now down from 19.24 percent to 29.49 percent and from 18.74 percent to 28.99 percent.
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