Apple has reduced the interest rate on its Apple Card Savings account, bringing it down from 3.65% to 3.50%, a drop of 0.15%.
The Apple Card Savings account, launched in partnership with Goldman Sachs, is a high-yield savings account available to Apple Card users in the U.S. It allows customers to earn interest on their Daily Cash rewards automatically, as well as deposit additional funds, all managed directly through the Wallet app on iPhone.
The account has been positioned as a simple, no-fee way to grow savings, with no minimum balance requirements and interest paid out daily. Users can track their balance, interest earned, and transactions directly within the Wallet app.
Since launching in 2023, the savings rate has fluctuated multiple times, largely in line with broader economic conditions and interest rate changes set by the U.S. Federal Reserve. The rate initially launched at 4.15%, before rising to as high as 4.50% at one point. Since then, Apple has gradually reduced the rate in several steps as interest rates have begun to stabilise.
The latest drop to 3.50% continues that trend, reflecting the wider shift across savings accounts as banks adjust their offerings.
While the rate is lower than its peak, Apple’s savings account still remains competitive compared to many traditional banks, particularly given its seamless integration with Apple Card and the Wallet app.