The first decline the product has seen after months of increases
For the first time since its launch, the Apple Card Savings account will yield slightly less — a single tenth of a percentage point separating what was from what will be. Beginning April 3rd, the account's APY falls from 4.5% to 4.4%, a quiet but telling signal that the era of climbing rates may be softening. Across more than $10 billion in collective deposits, this modest adjustment touches millions of people who have woven a tech company's financial product into the fabric of their daily saving lives.
- After months of steady rate increases through January 2024, Apple Card Savings is reversing course for the first time — a small but symbolically significant shift.
- The change, discovered in Apple's backend systems before any official announcement, affects billions of dollars held by millions of cardholders.
- At 4.4%, the account still holds its ground in a competitive landscape where rivals range from 4.25% to 5.25% — including Goldman Sachs' own Marcus at 4.5%.
- Users can expect push notifications this week confirming the adjustment, turning a backend discovery into a personal financial reality on their screens.
Apple and Goldman Sachs are preparing to lower the Apple Card Savings account's annual percentage yield from 4.5% to 4.4% starting April 3rd — the first rate decrease since the product launched. The change surfaced through Apple's backend systems before either company made a public statement, though account holders should expect a push notification once it takes effect.
The account's rate history has been anything but static. It launched at 4.15% APY, climbed to 4.25% in December, then rose again to 4.35% and 4.5% in January. This week's dip marks the first time that upward momentum has reversed.
Despite the cut, the account remains competitive. High-yield savings rates across the industry span roughly 4.25% to 5.25%, with Goldman Sachs' own Marcus offering 4.5% and UFB Direct leading at 5.25%. Apple's new rate doesn't fall dramatically out of range.
The savings account is available exclusively to Apple Card holders, who can funnel their Daily Cash rewards directly into it through the Wallet app. Additional deposits can be made via linked bank accounts or Apple Cash transfers, with interest compounding daily and paid monthly. With more than $10 billion held collectively across these accounts, even a tenth-of-a-point adjustment carries real weight for the millions of people it touches.
Apple and Goldman Sachs are about to lower the interest rate on the Apple Card Savings account for the first time since its launch. Starting April 3, the annual percentage yield will drop from 4.5% to 4.4%, according to data found on Apple's backend systems. Neither company has made a public announcement yet, but users should expect a push notification once the change takes effect.
The savings account has had a volatile year in terms of rates. When it debuted roughly a year ago, it offered 4.15% APY for the first eight months. Then the rate began climbing: 4.25% in December, 4.35% in early January, and 4.5% later that same month. Now, after months of increases, it's reversing course. The 4.4% figure marks the first decline the product has seen.
Even at the lower rate, the Apple Card Savings account remains reasonably competitive within the high-yield savings landscape. Other banks and financial services companies are offering rates that span a wider range. Marcus, which is owned by Goldman Sachs itself, provides 4.5% APY. American Express sits at 4.35%. UFB Direct leads the pack at 5.25%. Most high-yield savings accounts cluster somewhere between 4.25% and 5.25%, so Apple's new rate doesn't fall dramatically out of step.
The savings account is exclusively available to Apple Card holders. When you use your Apple Card to make purchases, you earn Daily Cash rewards. Those rewards can be automatically funneled into the high-yield savings account, which lives inside the Wallet app on your phone. You can also deposit additional funds by linking a bank account or transferring money from your Apple Cash balance. Interest compounds daily and gets paid out monthly.
The scale of this product is substantial. Apple Card users collectively hold more than $10 billion across their associated savings accounts. Apple manages the card experience through its Wallet app, but Goldman Sachs handles the actual banking operations behind the scenes. The rate cut, while modest, affects millions of account holders and billions of dollars in deposits. Users will likely see notification of the change arrive on their devices this week, confirming what backend data has already revealed.
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Neither Apple nor Goldman Sachs has publicly confirmed this change yet— PhoneArena reporting
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Why would Apple and Goldman Sachs cut the rate now, after spending months raising it?
The broader interest rate environment shifted. The Federal Reserve has been signaling that rate cuts might be coming later in 2024, so banks are already adjusting their deposit rates downward in anticipation. They don't want to be stuck offering high rates if the overall rate environment falls.
Is 4.4% still worth using for someone with a lot of cash sitting around?
It depends on what else is available. If you're already an Apple Card user earning Daily Cash, it's convenient—the money goes straight into savings automatically. But if you're shopping purely for the best rate, UFB Direct at 5.25% is meaningfully better. The gap isn't huge, but it's real.
How many people are actually affected by this?
Millions of Apple Card users, and we're talking about $10 billion in collective deposits. Even a 0.1% drop compounds across that much money. It's not catastrophic for any individual, but it adds up.
Will Apple tell people about this, or will they just wake up to a lower rate?
They'll send a push notification once it officially goes live. Apple tends to be transparent about product changes, even when they're not favorable. It's better than letting people discover it on their own.
Is this a sign the savings account product is struggling?
Not necessarily. It's still a solid product with billions in deposits. This is just Apple and Goldman Sachs being realistic about where interest rates are heading. Every bank is doing the same thing right now.