This evening, Apple has reduced the interest rate on its Apple Card Savings Account to 3.75% APY, a decrease from the previously offered 3.9% APY.
This is the first APY reduction of 2025. The last interest rate drop occurred on December 4th, 2024, when it decreased from 4.1% APY to 3.9% APY.
The recent reductions in interest rates reflect a broader trend across the industry of declining rates.
History of Apple Card Interest Rates
The Apple Card Savings Account was launched in April 2023 with an APY of 4.15%. It saw several increases since then, reaching 4.25% in December 2023, 4.35% in early January 2024, and peaking at 4.5% in late January 2024. After maintaining the 4.5% rate for a while, subsequent cuts followed.
The first reduction took place in April 2024, lowering the rate to 4.4%. Following a federal reserve rate cut in September, Apple again reduced the rates, bringing it down to 4.25% on September 24th. In October, it further decreased to 4.1%, leading to the earlier mentioned dip to 3.9% in December.
Most of these interest rate adjustments have been closely tied to changes in the Federal Funds Rate. Currently, Goldman Sachs manages the Apple Card Savings Account, although this arrangement might change in the near future.
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