Apple Card Savings interest rate drops slightly, now at 4.4%


Apple Card Savings account at 4.4%
The interest rate earned by Apple Card Savings accounts just decreased. But not by very much.
Image: Ed Hardy/Cult of Mac

Apple Card Savings accounts just got their first interest rate decrease. Money stored in on these accounts now earns 4.4% in annual interest.

Previously, Apple and Goldman Sachs had boosted in the rate multiple times since the beginning of December. And it’s still quite high, even after the drop.

Apple Card Savings accounts now pay 4.4% in interest annually

Starting in spring 2023, money earned from Apple Card’s cash-back program can automatically go into a high-yield savings account. Plus, users of Apple’s credit card can easily transfer cash from other accounts that pay a lower interest rate.

And there are plenty of accounts with lower rates. A Wells Fargo one pays 0.15% to 0.25%, for example, and Bank of America pays 0.01% to 0.04%. But an Apple account pays much more: 4.4%.

The current rate is a drop from the 4.5% interest rate that went into place in late January. The change is likely about the expectation that the Federal Reserve will drop the federal funds rate later this year. It’s currently 5.25% to 5.50%, but that could change in June. A drop in the federal funds rate generally means banks lower savings accounts’ interest rates.

But the Apple Card Savings interest rate increased rapidly in recent months. As noted, it went up to 4.5% in late January. That  that was a bump up from the previous rate of 4.35% from early January. In December 2023 it jumped to 4.25% — before that, it was 4.15%.

These are the Annual Percentage Yields, of course. And interest is compounded daily. So now $100 in an account earns $4.40 a year. Or put $10,000 away and earn $440 each year. The money is divided up monthly, of course.

Put your money work for you

With U.S. inflation down to 2.5%, the dollars stored in an Apple Card Savings account are genuinely increasing in value. Plus, there are no fees.

These benefits make an account a much better option than stuffing the cash under a mattress. Or even putting it in a low-yield account from another bank.

Read the Cult of Mac guide on how to sign up for Apple Card Savings and start earning significant interest.


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