The Apple Card high-yield saving account’s annual percentage yield (APY) has fallen to a new all-time low of 3.75%. The APY stood at 4.15% when it debuted in April 2023. It’s first rate cut came in April 2024, when it dropped to 4.4%, took a second cut to 4.25% in September, another to 4.10% in October, and then a drop to 3.90% in December.
Apple began notifying Apple Savings customers of the of the new APY drop on Tuesday night.
When Apple Savings launched in 2023, interest rates were high, although since then, the Federal Reserve has cut rates by three quarter percent since September, which impacted the saving market.
Apple’s competitors are also lowering interest rates, meaning that while Apple Savings doesn’t offer the highest interest rate, although it is competitive. The market currently ranges from 3.70% to 4.41% interest rates on high-yield accounts.
If a user deposited $1,000 into their account, and kept that balance for one year, they would earn $37.50 in interest, based on the current APY.
Apple launched its savings account in April 2023, in partnership with Goldman Sachs. Apple Card users can open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Accounts have 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.
