The diminishing interest rate on Apple Card Savings Account continues to decrease, as users are now notified that their APY or Annual Percentage Yield is down to 3.90 percent following the recent cut. Both Apple and Goldman Sachs did not reveal the reason behind this most recent change, but it is known that the economic climate prompts changes in this from financial institutions.
Still, the rate that Apple Card Savings Account currently offers is within the notable side, falling inside the threshold of the usual rates offered by high-yield savings accounts from different companies.
Apple Card Savings Account Goes Down Again to 3.9 Percent
A new report from 9to5Mac highlighted another year-ender decrease for Apple Card Savings Accounts as it is now seeing a lower interest rate offered to users which is down to 3.90 percent. Previously, Apple and Goldman offered users 4.10 percent APY which the company last adjusted last October following the many changes in its offers to users since April.
Because of this recent decrease, the Apple Card Savings Account now has a similar interest rate offered independently by Goldman Sachs through the Marcus savings account which also features 3.90 percent.
It was revealed by the report that the reason behind this interest rate cut is because of the economic climate, as financial institutions normally adjust their Annual Percentage Yield to match the conditions.
Consecutive Cuts on Apple Card Savings Interest Rate
The latest cut was effected by Apple and Goldman only this December 4, and it followed its decrease announced to users two months ago in October where it was down to 4.10 percent. However, it is known that Apple first started with 4.15 percent before increasing its rate to 4.25 percent in December 2022, and then to 4.35 percent by January, before finally offering its highest at 4.5 percent, also in the same month.
That being said, Apple reduced it to 4.4 percent in April, then to 4.25 percent in September, down to its drop in October, and now to 3.90 percent.
High-Yield Savings Account from Apple and Goldman
Apple and Goldman Sachs' partnership on a fintech service for the users who own Apple devices and are based in the US has been one of the famed experiences that is exclusive for users. After the Apple Card, Cupertino and Goldman brought forth a new kind of digital bank that promises a high-yield savings account where users may keep their money and earn in the process.
Last year's introduction of the Apple Card Savings Account saw many users joining the service and achieving a milestone of $1 billion in deposits in only the first four days of offering it publicly. Additionally, it offers a massive interest rate of 4.15 percent which is among the highest there is available in the market when it launched, promising massive earnings for those who save up via the service.
However, a year after it was made available to the public, the Apple Card Savings Account saw its consecutive decrease from where it first started its drop to 4.4 percent, and the rest is history. Amidst the uncertain relationship between Apple and Goldman Sachs, Apple Card Savings Account's APY saw another decrease before the year ended where it is now below 4 percent, sitting at 3.90 percent APY for all users.
