Apple’s high-yield savings APY decreases from 4.5% to 4.4% on April 3rd

Apple’s high-yield savings APY decreases from 4.5% to 4.4% on April 3rd

230417 savings - Apple's high-yield savings APY decreases from 4.5% to 4.4% on April 3rd
Apple Card users can choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs.

Apple Card customers taking advantage of the high-yield Apple Savings account will see their APY decrease for the first time from 4.5% to 4.4% on April 3rd. The savings account originally offered a 4.15% APY and it was raised to 4.5% earlier this year; it features no fees and no minimum balance requirements

Joe Rossignol for MacRumors:

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.

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.

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.

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MacDailyNews Nate: To open a high-yield Savings account in Apple’s Wallet app, tap on your Apple Card, tap on the circle with three dots at the upper right of the screen, tap Daily Cash, and select Set Up Savings.

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