Wed Sep 25 02:38:05 UTC 2024: ## Apple Card Savings Account Interest Rate Drops to 4.25% Following Fed Rate Cut

**CUPERTINO, CA** – Apple and Goldman Sachs have announced a reduction in the interest rate offered by the Apple Card Savings Account, dropping from 4.4% to 4.25%. This change follows last week’s decision by the US Federal Reserve to lower interest rates by 50 basis points.

The move was communicated to Apple Card users via push notifications on Tuesday evening. The savings account initially launched with a 4.15% interest rate, experiencing several subsequent increases before settling at 4.4% in April.

The Apple Card Savings Account, exclusively accessible to Apple Card holders, provides a convenient way to save Daily Cash rewards earned through card usage. Users can also manually transfer funds from linked bank accounts or their Apple Cash balance.

The savings account offers daily compounding interest, with payouts occurring at the end of each month.

This recent adjustment in interest rates is a typical response to changes in the Federal Reserve’s benchmark rate. As a result, Apple Card users should expect potential fluctuations in their savings account APY in the future.

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