The Apple Card Savings is set to dip for the second time since the Federal Reserve cut rates in September, reaching an all-time low of 4.1% 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.
According to a report from MacRumors, Apple will lower the Apple Card Savings again to 4.1% as of Friday, October 11. It is the lowest the interest rate has ever been, but that’s due to a changing market.
When Apple launched Apple Savings in 2023, interest rates were high. The Federal Reserve lowered rates by a half a percent in September, which has hit all kinds of interest rates.
Apple’s competitors are lowering interest rates too, so Apple Savings remains competitive, but not the best option. The market ranges between 4% and 5% interest rates on high-yield accounts, but rates will likely decrease closer to Apple’s over time.
Apple Savings users don’t need to take any action. The 4.1% interest rate will kick in sometime Friday.
