Apple Savings APY drops to yet another all-time low of 3.75% during economic uncertainty

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The Apple Savings APY falls again after a December drop, reaching a new all-time low of 3.75% APY.

Notification on a smartphone screen showing savings account APY change to 3.75%, with icons below for flashlight, work, and a Slack app. Background shows device internals.
Apple Savings APY drops again



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, another to 4.10% in October, and then a drop to 3.90% in December.

Apple has begun notifying Apple Savings users of another APY dip late Tuesday night. The 3.90% rate was an all-time low for the high-yield savings account, but it has reached a new low of 3.75%.

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.

Those rates held from January to March thanks to a pause in decreases by the Federal Reserve. However, uncertainty due to economic challenges and inflation could see rates drop again soon.

Apple's competitors are lowering interest rates too, so Apple Savings remains competitive, but not the best option. The market ranges between 3.70% and 4.41% interest rates on high-yield accounts.

Apple Savings users don't need to take any action. The 3.75% interest rate is already in effect.



Read on AppleInsider

Comments

  • Reply 1 of 4
    Xedxed Posts: 3,111member
    Off topic: You can remove your camera app icon from your Lock Screen?
    grandact73
     0Likes 1Dislike 0Informatives
  • Reply 2 of 4
    Stabitha_Christiestabitha_christie Posts: 712member
    Xed said:
    Off topic: You can remove your camera app icon from your Lock Screen?
    Yeah. Press and hold the Lock Screen. Then hit the customize button. Select the Lock Screen and then hit the minus button over the camera. You can remove the flashlight as well. 
    grandact73
     0Likes 1Dislike 0Informatives
  • Reply 3 of 4
    Xedxed Posts: 3,111member
    Stabitha_Christie said:
    Xed said:
    Off topic: You can remove your camera app icon from your Lock Screen?
    Yeah. Press and hold the Lock Screen. Then hit the customize button. Select the Lock Screen and then hit the minus button over the camera. You can remove the flashlight as well. 
    Neat! Thanks. I never really played around with the Lock Screen features... obviously.
    grandact73
     0Likes 1Dislike 0Informatives
  • Reply 4 of 4
    macxpressmacxpress Posts: 5,978member
    BOOO!!!!! Pretty soon It'll just be no better than leaving in my credit union's savings account. 
    grandact73
     1Like 0Dislikes 0Informatives
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