Apple Lowers Savings Account Rate for Apple Card Users

Source: MacRumors

Rate Change

• The interest rate on the Apple Card savings account was lowered from 3.65% to 3.50%.
• Push notifications about the change were sent to Apple Card users on Thursday.
• Savings account rates often move with Federal Reserve policy, but this cut does not appear tied to a specific Fed action.

Account Overview

• Launched in April 2023 in partnership with Goldman Sachs.
• Designed exclusively for Apple Card holders who are U.S. residents aged 18 or older.
• Managed through the iPhone’s Wallet app, offering a user‑friendly experience.
• No fees, minimum deposits, or balance requirements.
• Earn interest on:
  • Daily Cash cashback balance
  • Funds transferred from linked bank accounts
  • Apple Cash balances
• The maximum insured balance was initially $250,000 and has since been increased to $1,000,000.

Transition

• A deal was reached to take over operation of the Apple Card, with the transition expected to take approximately two years.

FAQ

Details about the transition are addressed in the FAQ section (content not provided).

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This article first appeared on MacRumors.com.