When you have an Apple Card in the United States, you can have a savings account with an interest rate. If this rate was very attractive compared to traditional banks a few months ago, Apple has organized several interest rate reductions since the beginning of the year, which greatly irritates people who trusted Apple to save their money. money !
The interest rate becomes identical to American banks
Apple continues to adjust the interest rates on its savings account dedicated to Apple Card holders in the United States. For more than a year, this account, developed in collaboration with Goldman Sachs, has allowed you to earn interest on the Daily Cash balance as well as on funds transferred from bank accounts. Accessible via the iOS Maps application (Wallet in the US), it was designed to offer users a practical solution integrated into the Apple ecosystem.
According to information that emerged last night, Apple will once again lower the interest rate on this savings account. After a first reduction last April, where the APY (Annual Percentage Yield) went from 4.5% to 4.4%, then another at the end of September, from 4.4% to 4.25%, the rate will be lowered to 4.10% from Friday October 11. The change is the third reduction this year, and the second in just a few weeks.
This new rate of 4.10% is particularly symbolic since it becomes lower than that initially proposed at launch in April 2023, which was 4.15%. This is therefore the first time that the interest rate has fallen below its starting level. We can go so far as to speak of a failure for Apple, which did everything for more than a year to keep the rate as high as possible in order to attract new Apple Card users.
Why a drop in the interest rate?
Have Apple and Goldman Sachs suddenly become less generous? Not at all, in reality these successive adjustments are explained by the revisions made by the Federal Reserve, which directly influence the interest rates on savings accounts. High-yield savings accounts from other institutions in the United States, such as American Express and Capital One, also now have an APY of 4.10%, putting Apple in line with its competitors in the banking industry.
Fortunately, the Apple Card has other advantages!
