The Apple Card high-yield saving account’s annual percentage yield (APY) has fallen to a new all-time low of 3.65%. The APY stood at 4.15% when it debuted in April 2023. It’s first rate cut came in April 2024, when it dropped to 4.4%, took a second cut to 4.25% in September, another to 4.10% in October, a drop to 3.90% in December, and a drop to 3.75% in March.
If a user deposited $1,000 into their account, and kept that balance for one year, they would earn $36.50 in interest, based on the current APY.
Apple launched its savings account in April 2023, in partnership with Goldman Sachs. Apple Card users can open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Accounts have no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.
In March, Apple raised the Apple Card savings account’s balance limit to $1 million, up from the previous limit of $250,000.
When Apple Savings launched in 2023, interest rates were high, although since then, the Federal Reserve has cut rates since September, which impacted the saving market.
Apple explained the reason for the adjustment and highlights in an email to Apple Card users:
Why did the APY on Savings change?
The APY on Savings is variable, and we may change rates at any time. Rates are influenced by many factors, including the Federal Reserve Funds Rate. When this rate is lowered, it affects all US financial institutions and we evaluate potential adjustments to our rates.
Our current APY remains 8X the national average and we will continue to strive to keep it competitive.
