Starting from April 3, the annual percentage yield (APY) is expected to see a decrease from 4.5% to 4.4%. This adjustment, identified through Apple’s backend data, has yet to be formally acknowledged by Apple and Goldman Sachs. Users of the Apple Card Savings Account should anticipate a notification regarding this change shortly after its implementation.
The Apple Card Savings Account, an offering exclusive to Apple Card holders, initially launched with a 4.15% APY. Over time, it experienced several increases, reaching 4.25% in December and 4.35% in early January, ultimately peaking at 4.5% later that month.
Despite the forthcoming decrease to 4.4%, the account remains a competitive option in the high-yield savings market, especially when compared to similar products like the Marcus savings account by Goldman Sachs, which also offers a 4.5% APY.
This savings account is designed for Apple Card users to maximize their Daily Cash rewards. These rewards can be automatically deposited into the savings account via the Wallet app, alongside additional funds from a linked bank account or Apple Cash balance.
The interest in this account is compounded daily and distributed at each month’s end, providing a convenient and potentially lucrative option for managing and growing savings.
