Apple has reduced the interest rate on its high-yield savings account tied to the Apple Card, dropping the annual percentage yield (APY) from 3.65% to 3.50%.The change took effect today, with Apple Card users receiving push notifications about the rate cut on Thursday, April 23, 2026. While savings account rates frequently adjust in response to Federal Reserve actions, this particular reduction does not appear to be directly linked to a recent Fed move. Launched in April 2023 in partnership with Goldman Sachs, the Apple Savings account is available exclusively to U.S. residents aged 18 and older who hold an Apple Card. It offers a seamless experience managed directly through the Wallet app on iPhone, with no fees, no minimum deposit requirements, and no minimum balance needed to earn interest. Users can earn interest on their Daily Cash rewards from Apple Card purchases, as well as on deposits transferred from linked bank accounts or Apple Cash balances. The maximum account balance, originally capped at $250,000, has since been raised to $1,000,000. This latest adjustment comes amid ongoing changes in the Apple Card ecosystem. In January 2026, JPMorgan Chase announced a deal to take over Apple Card operations from Goldman Sachs, with the transition expected to take approximately two years. Chase is also reportedly planning to introduce a new Apple-branded savings account. However, existing Goldman Sachs savings account holders will not be automatically migrated and will need to choose whether to remain with Goldman Sachs or open a new account with Chase. Apple has published a FAQ addressing questions about the transition. The new 3.50% rate has drawn mixed reactions from users, with some noting that it is becoming less competitive compared to other options in the current market. Comments have highlighted better yields available from bank CDs, bu appreciated Apple’s practice of notifying users directly when rates change. Apple Savings continues to provide a convenient, no-frills way for Apple Card holders to grow their cash balances and Daily Cash rewards within the Apple ecosystem. Users affected by the rate cut may want to review their options, especially as the broader transition to JPMorgan Chase progresses over the coming months. Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Apple lowers savings account rate for Apple Card users to 3.50% appeared first on MacDailyNews. You're currently a free subscriber to MacDailyNews. For the full experience, upgrade your subscription.
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