Apple Savings
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Apple Card savings are set to fall for the second time since the Federal Reserve cut rates in September, hitting an all-time low of 4.1% per year.
Apple launched a high-yield savings account attached to the Apple Card in April 2023 with an annual rate of 4.15%. By January 2024, it had risen to 4.5%, and in April, there was an initial rate cut to 4.4%, followed by a second cut to 4.25% in September.
According to a report from MacRumors, Apple will lower the Apple Card savings account again to 4.1% starting Friday, October 11. That’s the lowest interest rate ever, but that’s due to the changing market.
When Apple launched Apple Savings in 2023, interest rates were high. The Federal Reserve cut rates by half a percent in September, which hit interest rates across the board.
Apple’s competitors are also cutting interest rates, so Apple Savings remains competitive, but not the best option. Interest rates on high-yield accounts are hovering around 4% to 5% in the market, but rates are likely to drop closer to Apple's rates over time.
Apple Savings users don't need to take any action. The 4.1% interest rate will go into effect sometime Friday.
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