Apple Card savings account interest rates reduced
The interest rate for the Apple Card savings account was reduced from 3.65% to 3.50%, after the account was originally at 4.15% The initiative had begun. On Thursday, push notifications about the interest rate cut were sent to Apple Card users. Interest rates on savings accounts often fluctuate with the decisions of the US Federal Reserve, and when interest rates are cut, banks reduce their effective annual return (APY). However, today’s cut does not appear to be related to any specific action by the Federal Reserve.
Apple launched its savings account in April 2023 in partnership with Goldman Sachs. The account is designed for Apple Card holders and is available exclusively to US citizens aged 18 and over. It can be accessed via the Wallet app on iPhone and offers a user-friendly interface with no fees, minimum deposits or minimum balance requirements.
The account allows users to earn interest on their Daily Cash cashback balance, as well as on transfers from linked bank accounts or Apple Cash balances. Originally limited to $250,000, the maximum balance has since been increased to $1,000,000.
Apple Card has been sold since the beginning of 2026
In January 2026, JPMorgan Chase reached an agreement to take over operations of the Apple Card. The transition is expected to take approximately two years.
Alongside its new partnership with Apple Card, JPMorgan Chase will reportedly launch a new Apple Savings Account. Existing users with Apple Savings Accounts at Goldman Sachs will not be automatically transferred and will have to decide whether to remain with Goldman Sachs or open a new account with Chase. Apple is offering a FAQ page to assist with this.
