Overview
- Apple lowered the Wallet‑linked savings APY for Apple Card holders to 3.50% from 3.65% and notified users by push alert.
- The reduction does not appear tied to a specific Federal Reserve decision, according to the reporting.
- The savings account, offered with Goldman Sachs in the iPhone Wallet app, has no fees or minimums and pays interest on Daily Cash and transferred funds, with a balance cap now at $1,000,000.
- JPMorgan Chase reached a deal in January to take over Apple Card operations over roughly two years, and Apple says existing Goldman savings accounts will not move automatically.
- Chase is reportedly preparing its own Apple‑branded savings account, so customers will need to decide whether to keep their Goldman account or open a new one with Chase using Apple’s FAQ for guidance.