Once the rate change officially kicks in, Apple will probably shoot out a push notification to Apple Card Savings account users, giving them the heads up about the adjustment.
Even with the rate dropping to 4.4%, the Apple Card Savings account still holds its own against other high-yield savings accounts. Typically, these accounts offer rates ranging between 4.25% and 5.25%. For instance, the Marcus savings account by Goldman Sachs provides a 4.5% APY, American Express offers a 4.35% APY, and UFB Direct boasts a 5.25% APY.
The Apple Card Savings account is just for Apple Card users. When you earn Daily Cash rewards with your Apple Card, you can choose to have that cash automatically put into the high-yield Savings account in the Wallet app. Plus, Apple Card users can also add more money using a linked bank account or their Apple Cash balance. Interest gets compounded daily and paid out at the end of each month.
The Apple Card, which operates through the Wallet app, has millions of users who collectively hold over $10 billion in associated Savings accounts. While Apple oversees the card through its app, the backend operations are managed by Goldman Sachs.