Apple and Goldman Sachs have informed customers of yet another reduction in the interest rate for the Apple Card Savings Account. The new rate of 4.10% will take effect on Friday, October 11, 2024.
This marks the third decrease in 2024 for the high-yield savings account, which is only available to Apple Card holders. The account initially launched in April 2023 with a 4.15% interest rate and saw several increases, peaking at 4.5% in late January 2024. However, the rate has been gradually reduced since then, as posted by 9to5Mac.
The interest rate changes typically align with decisions made by the US Federal Reserve.
The Apple Card Savings Account lets users automatically deposit their Daily Cash rewards and add funds from linked bank accounts or their Apple Cash balance.
Note: t]This rate adjustment is not unique to Apple. Other high-yield savings accounts from other major financial institutions are also adjusting their rates to match the new 4.10% Annual Percentage Yield (APY).
The Apple Card, designed by Apple and backed by Goldman Sachs, gives 0% financing on Apple products.