Apple and Goldman Sachs have revealed a new reduction in the interest rate for the Apple Card Savings Account. Effective today, the account now provides a 3.90% annual percentage yield, down from the previous 4.10%.
The Apple Card Savings Account initially offered a 4.15% interest rate during its first eight months of launch. This rate was increased to 4.25% in December of the previous year, followed by another increase to 4.35% in early January, and then to 4.5% at the end of January. In April, the rate was reduced back to 4.4%, then dropped to 4.25% by late September.
In October, Apple once more modified the Apple Card Savings Account interest rate, bringing it down to 4.10%.
As of December 4, 2024, the Apple Card Savings Account currently earns an APY of 3.90%. This matches the interest rate provided by Goldman Sachs through its Marcus savings account, although a promotional rate may be available via this link for a limited period.
Like all financial institutions, Apple and Goldman Sachs modify their interest rates based on prevailing economic conditions.
The Apple Card Savings Account is exclusively available to Apple Card holders. Users can seamlessly transfer their Daily Cash rewards into this high-yield savings account via the Wallet app.
Aside from transferring Daily Cash directly, Apple Card users can also fund their accounts through a linked bank account or their Apple Cash balance. The interest is compounded daily, which allows for earning interest on both the original deposit and the interest accrued over time. At the end of each month, the interest is credited to the savings account.
For further comprehensive details regarding the Apple Card Savings Account, please refer to our detailed guide available here.
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