Apple and Goldman Sachs have been making adjustments to the interest rate on the Apple Card Savings account recently. The Savings account was launched about a year ago, offering an annual percentage yield (APY) of 4.15% for the first eight months. Since then, the rate has seen several changes:

– In December, it increased to 4.25%
– Early January saw another bump to 4.35%
– Later in January, it went up even further to 4.5%

However, it seems that the savings account is now gearing up for its first-ever interest rate decrease. According to reports from MacRumors, the APY is expected to shift to 4.4% starting April 3. Although this information comes from data on Apple’s backend, neither Apple nor Goldman Sachs has officially confirmed this change yet.

Once the rate adjustment takes effect, Apple will likely notify Apple Card Savings account users through a push notification in the Wallet app.

Even with the rate dropping slightly to 4.4%, the Apple Card Savings account remains competitive compared to other high-yield savings accounts in the market:

– Marcus savings account by Goldman Sachs offers a 4.5% APY
– American Express provides a 4.35% APY
– UFB Direct boasts a 5.25% APY

The Apple Card Savings account is exclusively available for Apple Card users who earn Daily Cash rewards. Users can choose to have their cash automatically deposited into the high-yield Savings account in the Wallet app, where they can also add more money from a linked bank account or their Apple Cash balance.

Interest on this account gets compounded daily and paid out at the end of each month.

Currently, there are millions of users with over $10 billion collectively held in associated Savings accounts through the Apple Card platform. While Apple manages the card through its app interface, Goldman Sachs handles backend operations.

Stay tuned for more updates on this evolving situation!