Apple again cuts interest rate for Apple Card Savings Account
Apple and Goldman Sachs have announced another interest rate cut for the Apple Card Savings Account. This follows a previous rate reduction last month and brings the interest rate down to 4.10%. The change will take effect on Friday, October 11th.
The Apple Card Savings Account initially offered a 4.15% interest rate for the first eight months. Since then, the rate has fluctuated, reaching a high of 4.5% in late January before declining to its current level. These interest rate changes are in line with decisions made by the U.S. Federal Reserve.
Exclusive to Apple Card holders, the Apple Card Savings Account allows customers to automatically deposit their Daily Cash into the high-yield savings account within the Wallet app. Additionally, users can transfer funds from linked bank accounts or their Apple Cash balance.
The Apple Card is a credit card jointly developed by Apple and Goldman Sachs. It offers a range of perks and rewards, including 0% financing on Apple products. Applying for the Apple Card is a simple process that can be completed directly within the Wallet app on your iPhone.
MacDailyNews Take: The process of rotating cash out of Apple Card Savings into better investments continues.
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