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Apple Savings cuts interest rates for the first time in history

Apple Savings users get notified when their interest rate drops

Accessed April 3, 2024 The annual percentage yield for Apple Savings Account users is 4.4% this year, down from the previous high of 4.5% set in January.

As predicted, Apple Savings interest rates fell for the first time in history. The move, although small, comes after a series of rapid gains in late 2023 and early 2024.

Originally launched in April 2023, what Apple called a high-yield savings account offered 4.15% interest. This was a very competitive amount, but Apple Savings remained at this level for eight months.

Then in December 2023, Apple made an attempt to catch up at least a little with the rest of the industry and increased it to 4.25%. Just over two weeks later, in early January 2024, Apple raised the rate again, this time to 4.35%.

This increase was the last before the first decline in history: at the end of January 2024, Apple increased the interest rate to 4.5%. This puts Apple Savings roughly in the middle of the market for similar billing services. while.

The new reduction to 4.4% does not significantly change this position, but Apple does not — and there won’t be — indicate whether this is a temporary reduction or the first of several.

Account holders will be notified of the change via email. A banner notification now also appears when users check their savings account on iPhone.

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