After cutting interest rates for the Apple Card Savings Account last month, Apple and Goldman Sachs are cutting interest rates again. Customers were notified of the change on Thursday night, and it will take effect on Friday, October 11.
Apple Card Savings Account interest rate to be cut again
Apple Card Savings Account started with a 4.15% interest rate for the first eight months of availability. The rate increased to 4.25% in December of last year, then again to 4.35% in early January and to 4.5% in late January. The rate was then cut back to 4.4% in April and then reduced to 4.25% in late September.
Top comment by E to tha Jâ¢
Just another reason why GS has failed.
First, they gave even the best customers a card with a high interest rate so the user doesn't carry a balance on the card. No profit from interest.
Now, they reduce the yield so that there's no incentive to leave your money with them. I'm taking my 170k and moving it to another that's providing a higher yield.
So GS is paying the cost of managing my money, card, transactions, etc. with no benefit or profit for them.
Have to be competitive to stay in the business. Simple convenience isn't enough.
My .02
Rates have now been reduced to 4.10% Changes in the interest rate for savings accounts follow decisions by the US Federal Reserve and are expected in these cases.
The Apple Card Savings Account is a benefit available exclusively to Apple Card holders. Customers can automatically deposit their Daily Cash into into the high-yield savings account within the Wallet app. Apple Card users can also add funds from a linked bank account or their Apple Cash balance.
For those unfamilar, Apple Card is the credit card designed by Apple and backed by Goldman Sachs. It offers a variety of perks and rewards, including 0% financing on Apple products. The application process for Apple Card is incredibly straightforward. Once you’re invited to apply, you can do so directly in the Wallet app on iPhone.
You can learn more about Apple Card Savings Account in our in-depth guide right here.
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