Julie Clover
Apple plans to cut the interest rate on its Apple Card high-yield savings account again. The new rate will go into effect on Friday, October 11.
The annual percentage yield (APR) on the Apple Card savings account will drop from 4.25 percent to 4.10 percent. This is the third cut Apple has made this year, and the second in as many weeks.
Back in late September, Apple cut its annual percentage rate from 4.4 percent to 4.25 percent, and rates fell from 4.5 percent to 4.4 percent in April.
At 4.10 percent, the Apple savings account's annual percentage rate will be lower than the 4.15 it launched with in April 2023. Savings account interest rates fluctuate based on changes made by the Federal Reserve, and when rates go down, banks lower their annual percentage rates. There was a notable 50 basis point rate cut in September, and Federal Reserve policymakers today suggested more cuts are on the horizon.
Several other high-yield savings accounts from companies like Discover, American Express, and Capital One also now have APRs of 4.10.
Apple has partnered with Goldman Sachs for the Apple Savings Account. It's available to Apple Card holders and can be managed through the iPhone Wallet app, just like the Apple Card. The Apple Savings Account is designed to allow Apple Card users to earn interest on your daily cash balance and on funds transferred from bank accounts or Apple Cash balances.
Earlier this month, Apple lowered the Apple Card's annual percentage rate range to 18.74 percent to 28.99 percent, down from 19.24 percent to 29.49 percent.
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