The interest rate on the Savings Account of Apple Card had come down from 3.75% to 3.65% today-all the time short.
The drop follows the final interest rate cut in March, where it declined from 3.9% to 3.75%. If you have deposited $ 1,000 in the account, and have maintained that balance for a year, you will earn $ 36.50 in interest based on the current annual percentage yield (APY).
Apple introduced its high-up-up savings account in partnership with Goldman Sachs in April 2023. The wallet is available in the wallet app on the iPhone, the account is no fee, no minimum deposit, and there are no minimum remaining requirements. To be eligible, users must have an AAPPLE card, live in the US, and should be at least 18 years old.
This account enables users to earn interest on any additional funds deposited through their daily cash prizes and linked bank accounts or Apple Cash. The balance cap was extended to $ 1 million, which was above the previous range of $ 250,000.
At the time of launch, the APY was set to 4.15%, but it differs in response to a change in the US federal reserve rate. It reached the summit of 4.5% in early 2024, while the current rate sits at a record of 3.65% lower.
To start, open the wallet app, select your AAPPLE card, tap on the three-dot icon, go to the daily cache, and tap “set up” next to the savings.
While Goldman Sachs is allegedly looking to get out of his partnership with Apple, it is not clear whether it will affect the current Opplpt card users. Recent reports indicate that Barclays, Sinkoni and JP Morgan Chase are one of the contenders for becoming the new financial partner.
