Apple Card Savings Interest Rate Reduced to 4.25% Following Fed Cut

The Federal Reserve's recent rate cut prompts Apple and Goldman Sachs to lower the APY for Apple Card Savings accounts.

Apple Card Savings account's APY decreased from 4.4% to 4.25%, marking the second reduction this year.
The Federal Reserve's 50 basis point rate cut last week influenced the decision to lower the savings account interest rate.
Despite the reduction, the current 4.25% APY remains higher than the initial 4.15% rate when the service launched in April 2023.
Apple Card Savings accounts, managed through the Wallet app, allow users to deposit Daily Cash rewards and transfer funds from linked bank accounts.
Goldman Sachs, Apple's partner for the savings account, is reportedly seeking to end its consumer lending partnership with Apple.