Apple today lowered the interest rate on Apple Card users’ savings accounts from 3.65% to 3.50%. Apple sent push notifications informing Apple Card users about the rate cut on Thursday.
Savings account interest rates often fluctuate according to rate changes made by the US Federal Reserve (savings and loan rates are lowered when the Fed lowers its rates, and rise when an interest rate hike occurs. However, as pointed out by MacRumors, today’s cut doesn’t appear tied to a specific Federal Reserve change.
If a user deposited $1,000 into their account, and kept that balance for one year, they would earn $35.00 in interest, based on the now 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.
In January 2026, JPMorgan Chase reached a deal to take over issuance and management of the Apple Card, with the transition expected to take approximately two years.
While JPMorgan Chase will be launching a new Apple savings account, existing users with Apple savings accounts at Goldman Sachs will not be automatically transitioned and will need to manually open new accounts with Chase. Apple has a FAQ about the transition, available here.
