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Apple Lowers Savings Account Rate for Apple Card Users

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The interest rate on Apple Card's savings account was today lowered from 3.65% to 3.50%.

apple-card-savings-account-16x9.jpg

Push notifications regarding the cut were sent to ‌Apple Card‌ users on Thursday. Savings account interest rates often fluctuate with changes made by the Federal Reserve, and when rates are lowered, banks cut their annual percentage yield (APY). That said, today's cut doesn't appear tied to a specific Federal Reserve move.

Apple introduced its savings account in April 2023, partnering with Goldman Sachs. Designed for ‌Apple Card‌ holders, the account is exclusively available to U.S. residents aged 18 and above. It can be managed through the iPhone's Wallet app, offering a user-friendly experience with no fees, minimum deposits, or balance requirements.

The account allows users to earn interest on their Daily Cash cashback balance, as well as on funds transferred from linked bank accounts or Apple Cash balances. Initially capped at $250,000, the maximum balance has since been increased to $1,000,000.

In January 2026, JPMorgan Chase reached a deal to take over operation of the Apple Card, with the transition expected to take approximately two years.

Alongside its new Apple Card partnership, JPMorgan Chase will reportedly launch a new Apple savings account, but existing users with Apple savings accounts at Goldman Sachs will not be automatically transitioned and will need to decide whether they want to stay at Goldman Sachs or open new accounts with Chase. Apple has a FAQ about the transition.

Article Link: Apple Lowers Savings Account Rate for Apple Card Users
 
Article Link
https://www.macrumors.com/2026/04/23/apple-lowers-savings-account-rate-apple-card/
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WWP99 said:
Not worth it. Sorry Apple. Do better.
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"Goldman Sachs Bank USA (Salt Lake City Branch) actually pays the interest on Apple Card savings accounts. While Apple provides the technology platform and interface in the Wallet app, Goldman Sachs holds the deposits, ensures the accounts (FDIC-insured), and manages the funds, utilizing them for lending to generate the interest paid to users"
 
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Apple Card isn't available here, and I don't care.

In general, I don't like credit-cards, and paying extra interest.
The exception is mortgage interest, and they just dropped a lot here. So I'm good 😎

edit. ok, so their card gives back too, 3,5 is not worth it anyway. There's better investments.
 
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Bill Av said:
Just checked mine. At least Apple notifies people when the rate drops.
Click to expand...

The_Gream said:
3.5% is still better than the 0% my checking account gives me. 😑
Click to expand...

Convenience plus these two points are really why I use Apple savings. No other bank ever seemed to tell me about interest rate changes in real-time.

Savings accounts and CDs are not for long-term investing. Even the best interest rates don't keep pace with inflation. It is just somewhere to park cash that you might need in the short term which gives you more than a checking account would.

E.g. Admittedly, from time to time I do keep more than I should in my Apple savings account but it's because it is frictionless to move it in and out. I used to use my Bank of America savings account that way but they offered sub 1% rates for years. That's cost me thousands over time! 😬
 
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gtmead09 said:
Getting to the point where I can get better rates from a bank CD vs using this HYSA.
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Getting to?

You can already get CD's with higher rates than 3.50%


You can also find higher yielding CD's from your broker. I see a 1 year JP Morgan and 1 year Truist Bank CD with a 4.15% APY
 
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You really should not be comparing High Yield Savings Account (HYSA) rates to CD rates. With CDs your cash in locked in and you can't take it out, with a High Yield Savings Account you can take your cash out at any time. The rates should therefore always be better for CDs.

If you don't expect to need the money at all during the period, you should be looking at CDs. If you might need the money, then CDs aren't best.

I don't have have an apple card savings account, but the 3.5% is actually pretty good right now for a HYSA. I would say it's on-market (or maybe slightly above) for a reputable entity like GS compared to Amex, Capital One, Morgan Stanley/E-trade, etc.
 
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chrono1081 said:
You're missing out on a lot of types of bonusus. Many, myself included pay zero interest on credit cards (just pay your balance in full each month and you pay no interest). Credit cards can give really nice rewards.
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I have a Mastercard that I can use is a credit-card, but I just pay the balance that is due every month - and yes there are some bonuses at times. Very few times those offers are interesting though.
But we have a service that's called Price Hunt directly translated - it's worth more to use that to get good prises when shopping, in my experience.
 
psac said:
You really should not be comparing High Yield Savings Account (HYSA) rates to CD rates. With CDs your cash in locked in and you can't take it out, with a High Yield Savings Account you can take your cash out at any time. The rates should therefore always be better for CDs.
Click to expand...
If you don't want to compare to CDs then look at T-Bills. What I'm seeing right now...

1 month = 3.649%
3 month = 3.652%
6 month = 3.683%
1 year = 3.70%

If you need your money, they can be sold on the secondary market easily, making them very liquid.

Added bonus, no state (just federal) taxes, unlike with a high yield savings account or CD (with a few exceptions)
 
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chrono1081 said:
You're missing out on a lot of types of bonusus. Many, myself included pay zero interest on credit cards (just pay your balance in full each month and you pay no interest). Credit cards can give really nice rewards.
Click to expand...
Your prices for buying things are already more because of credit card merchant fees. Your not getting anything your not paying for with a credit card.

Stacking rewards is the best way to at least break even. EX use a cash back card on top of a rewards program and some coupons.

I like airline miles so I use my AA card at the same time use the AA Advantage shopping site then use the retailers rewards programs and discount on top of that all. I get an average of 6-10 miles per dollar spent in addition to rewards from the retailers.
 
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We get automatic deposits daily.

I would not be interested in doing that work for the small amounts coming from small purchases.

Something interest is better than nothing like a checking account most places. The checking accounts balances are the basis for loans that are generating interest rates into the 30% range on some loans.

The banks are sadly a necessity and are not your friend. 😱
 
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