From appleinsider.com

Apple Savings

Apple Savings APY to decrease for first time on April 3

Apple Card customers taking advantage of the high-yield Apple Savings account will see their APY decrease for the first time from 4.5% to 4.4% on April 3.

The financial sector is no stranger to fluctuating numbers, so what goes up generally must come down. Apple has been on a winning streak for its Savings account APY, but that’s about to change.

According to backend data discovered by MacRumors, Apple will lower the Apple Savings APY to 4.4%. The new rate is still somewhat competitive as comparisons show alternatives between 4.35% and 5.25% APY.

Apple teamed up with Goldman Sachs in 2023 to offer a high-yield savings account as a bonus for Apple Card holders. It has consistently seen rate increases since its inception, with the previous increase taking it from 4.35% to 4.5% in January.

Goldman Sachs reportedly wants out of the Apple Card contract. Apple is hunting for alternative partners, but for now, Goldman Sachs is stuck with the arrangement.

Apple Card and Apple Savings are expected to function normally throughout the transition to a new bank partner. Savings account holders should see their APY drop to 4.4% on April 3.

[ For more curated Apple news, check out the main news page here]

The post Apple Savings APY to decrease for first time on April 3 first appeared on appleinsider.com

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