Key Points:
• Apple and Goldman Sachs have reduced the interest rate on the Apple Card Savings Account to 3.90% APY, down from 4.10%.
• The change is effective as of December 4, 2024, and matches the rate offered by Goldman Sachs’ own Marcus savings account.
• Apple Card users can earn a bonus rate with a limited-time link, and the interest is compounded daily, earning interest on both initial deposits and accumulated interest.
As a tech journalist, I’m here to break down the latest news on Apple’s Apple Card Savings Account, a feature exclusive to Apple Card holders. In a surprising move, Apple and Goldman Sachs have announced another interest rate cut, reducing the annual percentage yield (APY) from 4.10% to 3.90%, effective December 4, 2024.
This isn’t the first time the interest rate has changed. The Apple Card Savings Account initially offered a 4.15% interest rate, with subsequent rate hikes to 4.25%, 4.35%, and 4.5% before being adjusted downward to 4.4% in April and 4.25% in September. The rate was then cut again to 4.10% in October.
The 3.90% APY is now on par with Goldman Sachs’ own Marcus savings account, which also offers the same rate. For a limited time, Apple Card users can earn a bonus rate by using a specific link.
So, what does this mean for Apple Card users? The Apple Card Savings Account is designed to help you earn Daily Cash rewards, which you can transfer into the high-yield savings account within the Wallet app. You can also add funds from a linked bank account or your Apple Cash balance. The interest is compounded daily, meaning you’ll earn interest on both your initial deposit and any accumulated interest over time. At the end of each month, the interest is paid out into your savings account.
As always, Apple and Goldman Sachs adjust interest rates based on overall economic conditions. While this rate cut might seem disappointing, it’s essential to remember that the Apple Card Savings Account is a feature designed to help you save and earn interest on your Daily Cash rewards.
For more information on the Apple Card Savings Account, I recommend checking out our comprehensive guide. If you’re an Apple Card user, make sure to take advantage of the bonus rate offer and optimize your savings strategy. And of course, keep an eye on our tech news coverage for the latest updates on Apple’s ecosystem and beyond!
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