- Apple Card Savings Account interest rate will drop.
- This is the first rate decrease for the account.
- Account requires an Apple Card and is FDIC insured up to $1 million.
Despite the potential impact of this change on account holders, the new interest rates will remain competitive in the market, as the interest rates of other high-yield savings accounts typically range between 4.25% and 5.25%.
Before this latest rate reduction, Apple Card account holders were receiving an APY of 4.5%, up from the 4.34% savings rate in January of this year.
Upon its initial launch last year, the Apple Card offered an APY of 4.15%. This rate was subsequently raised three times, first to 4.25%, then to 4.35%, and finally to 4.5%.
In April of the previous year, Apple collaborated with Goldman Sachs to introduce its savings account, which can be managed via the Wallet app on the iPhone. The account does not require any fees, minimum deposits, or minimum balance requirements. To open an account, one must possess an Apple Card, be a US citizen, and be at least 18 years old.
The account enables Apple Card holders to earn interest on their Daily Cash cashback balance, as well as on funds deposited through a linked bank account or an Apple Cash balance. The maximum balance limit has been raised to $1,000,000, up from the previous limit of $250,000.
To set up a savings account in the Wallet app, users need to tap on their Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and then select Set Up Savings.
There are also rumors of a possible end to the consumer lending partnership between Goldman Sachs and Apple, but it remains uncertain how this might affect Apple Card holders.
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