Apple Savings
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Apple Card customers who take advantage of Apple's High Yield Savings Account will see their interest rate drop for the first time in a year. from 4.5% to 4.4% on April 3.
The financial sector is no stranger to fluctuating numbers, so what goes up usually has to come down. Apple has been on a winning streak for its APY savings account, but that's about to change.
According to internal data discovered by MacRumors, Apple will lower the Apple Savings APY interest rate to 4.4%. The new rate is still somewhat competitive as comparisons show alternatives between 4.35% and 5.25% APR.
In 2023, Apple teamed up with Goldman Sachs to offer a high-yield savings account as a bonus for Apple Card holders. It has continually raised rates since its inception, with the previous hike increasing from 4.35% to 4.5% in January.
Goldman Sachs reportedly wants to terminate its contract with Apple Card. Apple is looking for alternative partners, but for now Goldman Sachs is sticking with that arrangement.
Apple Card and Apple Savings are expected to function normally throughout the transition to the new partner bank. Savings account holders should see their annual percentage rate drop to 4.4% on April 3.
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