Apple and Goldman Sachs have revealed yet another reduction in the interest rate for the Apple Card Savings Account. Effective immediately, the annual percentage yield (APY) is now set at 3.90%, decreased from the previous 4.10%.
Initially, the Apple Card Savings Account launched with an interest rate of 4.15% for the first eight months. In December, the rate was raised to 4.25%, followed by an increase to 4.35% in early January and then to 4.5% later that same month. In April, it decreased to 4.4%, and late September saw another reduction to 4.25%.
October brought another adjustment, bringing the Apple Card Savings Account rate down to 4.10%.
As of December 4, 2024, the Apple Card Savings Account now provides a 3.90% APY, aligning with the rate offered by Goldman Sachs through its Marcus savings account, although a bonus rate may be available via a special link for a limited duration.
Both Apple and Goldman Sachs, in line with standard financial practices, modify interest rates in response to the broader economic climate.
The Apple Card Savings Account is a unique offering for Apple Card users. Customers can easily funnel their Daily Cash rewards into the high-yield savings account via the Wallet app.
In addition to transferring Daily Cash, Apple Card holders can supplement their savings by adding funds from linked bank accounts or their Apple Cash balance. Interest is compounded daily, allowing for earnings on both the principal and the accumulated interest. At the conclusion of each month, interest is credited to the savings account.
For a more detailed understanding of the Apple Card Savings Account, check out our extensive guide available here.
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