In the United States, the Apple Card is present in many homes, it allows you to make purchases with cashback, but above all… to save money at a higher interest rate. interesting than traditional banking institutions. Apple announced yesterday evening to Apple Card loyalists that one measure was going to change: the interest rate, which is going down slightly.

A drop in the interest rate, but rather slight

Apple recently announced a rate cut on its Apple Card Savings Account, in collaboration with Goldman Sachs. The rate, which was previously 4.4%, was reduced to 4.25% today. While this revision represents a slight decrease, the Apple Card Savings Account remains competitive in the U.S. market, where savings account interest rates are averaging less than 3.9% in 2024.

Launched with an initial rate of 4.15%, Apple’s offer has already undergone several adjustments; last December, the rate rose to 4.25%, followed by an increase to 4.35% in early January, then to 4.5% at the end of the same month. However, a first decrease took place in April, bringing the rate back to 4.4%. Despite the recent decrease, the rate has never fallen below its initial level, which still shows an effort on the part of Apple and Goldman Sachs to maintain an attractive offer for Apple Card holders.

Apple Card: savings account interest rate becomes less generous

Apple Card users notified via iOS notification

In accordance with U.S. law that requires institutions to promptly notify savings account holders of rate changes, Apple Card customers were notified of the change via push notifications sent to their iPhones Tuesday evening.

The Apple Card Savings Account (exclusive to cardholders) offers a cool feature: users can choose to have their Daily Cash rewards automatically transferred to their savings account through the Wallet app. They also have the option to add funds from a linked bank account or their Apple Cash balance.

In the United States, interest is calculated daily and paid at the end of the month. This method of calculation differs from that of savings accounts in France, where interest is accumulated twice a month and paid annually, according to the “fortnightly rule”, as is the case for the Livret A.

For now, the Apple Card remains a US exclusive, with no concrete plans for international deployment, including in France. However, a recent rumor suggests that Goldman Sachs could soon withdraw from this partnership, leaving room for another financial institution to manage the program with Apple.

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