Apple Card Savings Account to Receive First-Ever Interest Rate Decrease

Nearly one year after it launched in the U.S., the Apple Card's high-yield savings account will be receiving its first-ever interest rate decrease.

apple card savings account feature
Starting on April 3, the Apple Card savings account's annual percentage yield (APY) will be lowered to 4.4%, according to data on Apple's backend discovered by MacRumors contributor Aaron Perris. The account currently has a 4.5% APY.

4.4% will still be a competitive rate compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.

When the Apple Card's savings account first became available, it offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% will be the first time the rate has gone down.

Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has 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.

The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.

To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.

Goldman Sachs reportedly plans to end its consumer lending partnership with Apple, but it is unclear how this might impact Apple Card holders.

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Top Rated Comments

zach-coleman Avatar
13 months ago
Right after you wrote a comparison guide, too. :( Couldn’t last forever, I guess.
Score: 10 Votes (Like | Disagree)
StuBeck Avatar
13 months ago
Previous article about the savings rate didn't age well.
Score: 9 Votes (Like | Disagree)
izyreal Avatar
13 months ago
I've been on the edge, so this will probably be enough for me to switch to a different provider with a higher interest rate.
Score: 8 Votes (Like | Disagree)
munpip214 Avatar
13 months ago
I know it's not directly linked, but treasury yields went up today, not down. And feds announced no new rate cuts yet, so not sure where this is coming from. Unless they increased to entice new customers, now dropping to save money
Score: 6 Votes (Like | Disagree)
t76turbo Avatar
13 months ago

Apple’s rate wasn’t high enough to move the needle for me in the first place so this drop, for no apparent reason, simply reenforces my decision to pass. There are better rates available out there. I can’t think of a reason why you’d pick Apple’s offering instead of some other alternative. One quick swipe and a tap and my Daily Cash transfers to a high yield checking account with a rate that blows Apple’s rate out of the water.
‘Blows apples rate out of the water’????

would love to hear more.
Score: 5 Votes (Like | Disagree)
magicvash Avatar
13 months ago
CIT and UFB both offer above 5% right now.
Score: 4 Votes (Like | Disagree)