Apple Savings APY to decrease for first time on April 3

Posted:
in General Discussion edited April 2

Apple Card customers taking advantage of the high-yield Apple Savings account will see their APY decrease for the first time from 4.5% to 4.4% on April 3.

A screenshot of the Apple Wallet app with an Apple Savings graph
Apple Savings



The financial sector is no stranger to fluctuating numbers, so what goes up generally must come down. Apple has been on a winning streak for its Savings account APY, but that's about to change.

According to backend data discovered by MacRumors, Apple will lower the Apple Savings APY to 4.4%. The new rate is still somewhat competitive as comparisons show alternatives between 4.35% and 5.25% APY.

Apple teamed up with Goldman Sachs in 2023 to offer a high-yield savings account as a bonus for Apple Card holders. It has consistently seen rate increases since its inception, with the previous increase taking it from 4.35% to 4.5% in January.

Goldman Sachs reportedly wants out of the Apple Card contract. Apple is hunting for alternative partners, but for now, Goldman Sachs is stuck with the arrangement.

Apple Card and Apple Savings are expected to function normally throughout the transition to a new bank partner. Savings account holders should see their APY drop to 4.4% on April 3.



Read on AppleInsider

Comments

  • Reply 1 of 2
    eriamjheriamjh Posts: 1,642member
    I don’t believe the fed has even once lowered any rate so far so this is unfortunate.   Interest rates are First to go down, last to go up when it comes to consumer benefits.   

    I could be wrong about the rate cuts.   
  • Reply 2 of 2
    rmfpdxrmfpdx Posts: 19member
    Agree. That's why as of Apr 4, I moved almost all my money out of the Apple account and over to my credit union, which recently started offering a 5.25% savings account.
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