Apple Card Savings Account sees another interest rate cut

Apple Card Savings Account has taken another hit to its interest rate as of today. Apple and Goldman Sachs have dropped the annual percentage yield from 3.75% to 3.65%, marking the second rate cut of 2025.

Apple Card Savings Account started with a 4.15% interest rate for the first eight months of availability. The rate increased to 4.25% in December of 2023, then again to 4.35% in early January of 2024, and to 4.5% in late January. The rate was then cut back to 4.4% in April, 4.25% in late September, 4.10% in October, and 3.90% in December. Finally, in March of this year, the rate fell to 3.75%.

Now, as of May 28, 2024, the Apple Card Savings Account rate sits at 3.65%. This rate matches the rate that Goldman Sachs offers through its own Marcus savings account, though you can earn a bonus rate with this link for a limited time.

Like all financial institutions, Apple and Goldman Sachs periodically adjust interest rates based on overall economic conditions. The rate is still dramatically higher than the national average interest rate in the United States.

The Apple Card Savings Account is available exclusively to Apple Card holders. As you earn Daily Cash rewards with your Apple Card, you can transfer them into the high-yield savings account within the Wallet app.

In addition to transferring Daily Cash directly, Apple Card users have the option to add funds from a linked bank account or their Apple Cash balance. The interest is compounded daily, ensuring that you earn interest on both your initial deposit and the accumulated interest over time. At the end of each month, the interest is paid out into your savings account.

For more detailed information about the Apple Card Savings Account, visit our comprehensive guide right here.