Apple and Goldman Sachs are set to cut the interest rate offered by the Apple Card savings account later this week, according to a new report. The account currently offers an annual percentage yield of 4.5%, but this will change to 4.4% on April 3.
The change was the first . Discovered by MacRumors based on “Apple backend data.” Apple and Goldman Sachs have not yet publicly confirmed this change. Once the rate change officially goes into effect on Wednesday, Apple will likely send a push notification to Apple Card Savings Account users informing them of the change.
The Apple Card Savings Account started with a 4.15 APY %. during the first eight months of availability. The rate rose to 4.25% in December, then to 4.35% in early January, and then rose to 4.5% at the end of January.
Even with the drop to 4.4%, Apple Savings Account Card’ The company's annual percentage yield remains relatively competitive. For example, the Marcus Savings Account offered by Goldman Sachs offers an annual rate of 4.5%.
The Apple Card Savings Account is available exclusively to Apple Card users. As you earn Daily Cash rewards with your Apple Card, you can have that money automatically deposited into a high-yield savings account in the Wallet app.
In addition to depositing Daily Cash directly into a savings account, users Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance. Interest accrues daily and is paid at the end of the month.
Learn more about the Apple Card Savings Account in our detailed guide right here.
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