Apple Savings APY Drops to 3.90%
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Apple Savings APY is falling again after another Federal Reserve rate cut in November, hitting a new all-time low of 3.90% APY.
Apple launched a high-yield savings account linked to the Apple Card in April 2023 with an APY of 4.15%. By January 2024, it had risen to 4.5%, and in April, there was the first rate cut to 4.4%, then a second cut to 4.25% in September, and another to 4.10% in October.
Apple began notifying Apple Savings users of another APY drop on Wednesday evening. The 4.10% rate was already a record low for a high-yield savings account, but it hit a new low of 3.90%.
When Apple launched Apple Savings in 2023, interest rates were high. The Federal Reserve cut rates by half a percent in September, then cut them by another quarter of a percent in November, which impacted the entire market.
Apple's competitors are also cutting interest rates, so Apple Savings remains competitive, but not the best option. The market fluctuates between 3.90% and 4.80% interest rates on high-yield accounts.
Apple Savings users don't need to take any action. The 3.90% interest rate is already in effect.
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