Apple cuts Apple Card Savings interest rate
After the U.S. Federal Reserve cut the federal funds rate into a range of 4.75% to 5%, down from its prior range of 5.25% to 5.5% (which had been its highest level in 23 years), Apple and banking partner Goldman Sachs are cutting the Apple Card Savings Account interest rate from 4.4% to 4.25%.
Apple Card Savings Account started with a 4.15% interest rate for the first eight months of availability. The rate increased to 4.25% in December of last year, then again to 4.35% in early January and to 4.5% in late January. The rate was then cut back to 4.4% in April and has remained at that level until now.
MacDailyNews Notee: Apple Card users can choose to grow their Daily Cash rewards with a high-yield Savings account from Goldman Sachs. Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
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