Apple Savings users get notified when their interest rate drops
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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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