Overview
- Apple notified customers on Thursday that the Apple Card Savings annual percentage yield was reduced to 3.4%, the latest in a series of cuts since the account launched in 2023.
- Goldman Sachs currently operates the savings account inside Apple Wallet and says rate moves reflect changes in the Federal Reserve funds rate and other market factors.
- Apple announced in January that it plans to shift the Apple Card partnership from Goldman Sachs to JPMorgan Chase in a transition expected to take about two years, a change that analysts say could lower future yields.
- Customers still get Wallet integration and automatic Daily Cash deposits, but the repeated rate reductions mean savers will earn noticeably less interest than at launch.
- The account’s decline illustrates how banks trim deposit rates after Fed easing and how partner economics can shape a branded fintech product’s returns, so users should watch for more rate updates as the bank transition proceeds.