Apple’s savings account for Apple Card users has experienced a rate adjustment yet again this year, dropping its annual percentage yield (APY) to 3.9% from 4.1%.
Launched in April 2023 through a partnership with Goldman Sachs, the savings account initially debuted with a 4.15% APY and saw increases up to 4.5% before rates began declining earlier this year. Despite the adjustments, the account remains appealing due to its seamless integration with the Wallet app, no fees, and absence of minimum balance requirements.
Designed for Apple’s ecosystem, the account allows users to earn interest on Daily Cash rewards and deposits from other bank accounts or Apple Cash. The maximum balance, originally $250,000, has been raised to $1 million, offering greater flexibility for high-value savers.
With its user-friendly setup and management within the Wallet app, Apple’s savings account has established a strong presence in the financial market. However, as interest rates continue to drop, maintaining its competitive edge may pose a challenge for Apple and Goldman Sachs.
