Apple Savings APY hits new low of 3.90% after Federal Reserve rate cut

AppleInsider

The Apple Savings APY falls again after another Federal Reserve rate cut in November, reaching a new all-time low of 3.90% APY.

Apple Savings APY drops to 3.90%

Apple launched a high-yield savings account attached to the Apple Card in April 2023 at 4.15% APY. It climbed up to 4.5% by January 2024 and saw its first rate cut in April to 4.4%, then a second cut to 4.25% in September, and another to 4.10% in October.

Apple has begun notifying Apple Savings users of another APY dip on Wednesday night. The 4.10% rate was already an all-time low for the high-yield savings account, but it has reached a new low of 3.90%.

When Apple launched Apple Savings in 2023, interest rates were high. The Federal Reserve lowered rates by a half a percent in September, then another quarter percent was cut in November -- impacting the entire market.

Apple's competitors are lowering interest rates too, so Apple Savings remains competitive, but not the best option. The market ranges between 3.90% and 4.80% interest rates on high-yield accounts.

Apple Savings users don't need to take any action. The 3.90% interest rate is already in effect.



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kelemor

I just let my Apple Cash roll over into the account so I’m not to worried 

foregoneconclusion

The Republicans that control the Federal Reserve are rushing to lower rates for the incoming Republican administration. It's not a coincidence that the strict regimen of rate increases to lower inflation didn't happen until a Democrat was in the White House. 

Xed

kelemor said:

I just let my Apple Cash roll over into the account so I’m not to worried 

I had forgotten I had done that. I'm sitting on what many would call a small fortune right now. 🙌

hmlongco

The current Fed chair isn't that fond of Donald or vice-versa. Regardless, I think they're trying to preemptively combat the inflationary nature of Trump's proposed fiscal policies.

foregoneconclusion

hmlongco said:

The current Fed chair isn't that fond of Donald or vice-versa. Regardless, I think they're trying to preemptively combat the inflationary nature of Trump's proposed fiscal policies.

Raising interest rates is what combats inflation. Lowering rates in combination with price increases due to tariffs does not combat inflation. 

zone

Okay rates just like everyone else. This is not newsworthy…

daven

Gee, now only 390 times the 0.01 percent I get from my broker for the cash I have in my account.

thrang

foregoneconclusion said:

hmlongco said:

The current Fed chair isn't that fond of Donald or vice-versa. Regardless, I think they're trying to preemptively combat the inflationary nature of Trump's proposed fiscal policies.

Raising interest rates is what combats inflation. Lowering rates in combination with price increases due to tariffs does not combat inflation. 

The insanity of spending under the current administration over the past 3.5 years is a huge factor in WHY they raised rates so much, and hurt so many people. Trillions pumped in the economy out of thin air. Utterly moronic.

Xed

daven said:

Gee, now only 390 times the 0.01 percent I get from my broker for the cash I have in my account.

If you have cash in a money market account, you should get something pretty comparable to what Apple is offering. If that's not the case, I would look for a different brokerage.

Xed

thrang said:

foregoneconclusion said:

hmlongco said:

The current Fed chair isn't that fond of Donald or vice-versa. Regardless, I think they're trying to preemptively combat the inflationary nature of Trump's proposed fiscal policies.

Raising interest rates is what combats inflation. Lowering rates in combination with price increases due to tariffs does not combat inflation. 

The insanity of spending under the current administration over the past 3.5 years is a huge factor in WHY they raised rates so much, and hurt so many people. Trillions pumped in the economy out of thin air. Utterly moronic.

That's not why the Feds raised the rate. Either lying or you've been duped by someone else lying to you. 🤦‍♂️

jcs2305

thrang said:

foregoneconclusion said:

hmlongco said:

The current Fed chair isn't that fond of Donald or vice-versa. Regardless, I think they're trying to preemptively combat the inflationary nature of Trump's proposed fiscal policies.

Raising interest rates is what combats inflation. Lowering rates in combination with price increases due to tariffs does not combat inflation. 

The insanity of spending under the current administration over the past 3.5 years is a huge factor in WHY they raised rates so much, and hurt so many people. Trillions pumped in the economy out of thin air. Utterly moronic. 

So the 8.4T spent by the prev admin  4.8T of that which was non COVID spending didn’t come out of thin air ?  That was money back by Donald’s personal accounts ?  What are you even talking  about ?  The rose colored glasses that the prev admin is looked at with by some folks is hilarious. 

macxpress

This sucks...I really liked the Apple Savings account because of the high APR and now it's really no better than anything else.