Apple and Goldman Sachs cut Apple Card Savings rate again

Apple and its partner Goldman Sachs have announced another interest rate cut for Apple Card Savings accounts. Starting today, the Apple Card Savings Account will offer a 3.90% annual percentage yield, which is down from 4.10%.

In the beginning, Apple Card Savings Account started with a 4.15% interest rate for the first eight months of availability. The rate then increased to 4.25% in December of last year. Then, it increased again to 4.35% in early January to 4.5% towards the end of the same month.

A couple of months later, in April, the rate was cut back to 4.4%, which was then reduced to 4.25% in late September.  

But the changes didn’t stop then. In October, Apple once again adjusted the Apple Card Savings Account rate, lowering it to 4.10%.

And now, the APY of the Apple Card Savings Account will be 3.90% starting December 4. This is in line with the rate that Goldman Sachs offers through its own Marcus savings account.

These adjustments are necessary based on overall economic conditions and are a normal practice with financial institutions. The Apple Card Savings Account is a feature for people with an Apple Card. As you earn Daily Cash rewards with your Apple Card, you can transfer them to the high-yield savings account within the Wallet app.

Apple Card users can also add funds from a linked bank account or from their Apple Cash balance. The interest is compounded daily. This pretty much means that you earn interest on both your initial deposit and the accumulated interest over time. At the end of each month, the interest is paid into your savings account.  

What does this mean for you?

The Apple Card Savings Account is a special savings account for Apple Card users that gives a higher interest rate than many regular bank accounts. However, the interest rate isn’t fixed and can go up or down based on the economy and decisions made by Apple’s partner, Goldman Sachs.

Even though the rate is now 3.90%, which is lower than before, it’s still a good option for saving money if you’re already using an Apple Card. You can earn extra money by putting your Daily Cash rewards into the account, and the interest grows daily. At the end of the month, the interest is added to your account.

I think that if you’re looking for the highest interest rates, you might also want to check other banks, but this account is great for Apple users who want something simple and easy to manage through the Wallet app.