Apple once again cuts interest rate for Apple Card Savings Account

1 month ago 9

After cutting interest rates for the Apple Card Savings Account last month, Apple and Goldman Sachs are cutting interest rates again. Customers were notified of the change on Thursday night, and it will take effect on Friday, October 11.

Apple Card Savings Account interest rate to be cut again

Apple Card Savings Account started with a 4.15% interest rate for the first eight months of availability. The rate increased to 4.25% in December of last year, then again to 4.35% in early January and to 4.5% in late January. The rate was then cut back to 4.4% in April and then reduced to 4.25% in late September.

Changes in the interest rate for savings accounts follow decisions by the US Federal Reserve and are expected in these cases.

The Apple Card Savings Account is a benefit available exclusively to Apple Card holders. Customers can automatically deposit their Daily Cash into into the high-yield savings account within the Wallet app. Apple Card users can also add funds from a linked bank account or their Apple Cash balance.

For those unfamilar, Apple Card is the credit card designed by Apple and backed by Goldman Sachs. It offers a variety of perks and rewards, including 0% financing on Apple products. The application process for Apple Card is incredibly straightforward. Once you’re invited to apply, you can do so directly in the Wallet app on iPhone.