The Apple Savings APY falls again after a December drop, reaching a new all-time low of 3.75% APY.
The Apple Savings APY falls again after a December drop, reaching a new all-time low of 3.75% APY.
Apple launched a high-yield savings account attached to the Apple Card in April 2023 at 4.15% APY. It climbed up to 4.5% by January 2024 and saw its first rate cut in April to 4.4%, then a second cut to 4.25% in September, another to 4.10% in October, and then a drop to 3.90% in December.
Apple has begun notifying Apple Savings users of another APY dip late Tuesday night. The 3.90% rate was an all-time low for the high-yield savings account, but it has reached a new low of 3.75%.
When Apple launched Apple Savings in 2023, interest rates were high. The Federal Reserve lowered rates by a half a percent in September, then another quarter percent was cut in November — impacting the entire market.
Those rates held from January to March thanks to a pause in decreases by the Federal Reserve. However, uncertainty due to economic challenges and inflation could see rates drop again soon.
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Apple’s competitors are lowering interest rates too, so Apple Savings remains competitive, but not the best option. The market ranges between 3.70% and 4.41% interest rates on high-yield accounts.
Apple Savings users don’t need to take any action. The 3.75% interest rate is already in effect.
