Users of Apple Card Savings have been notified that they will witness a reduction in the interest rate to 4.25 percent
The annual percentage yield, or APY of Apple Card Savings account, was 4.15 percent when the service rolled out for users, with the company slowly introducing increments, allowing depositors to receive monetary rewards for their funds. That APY figure has witnessed a rise to as high as 4.5 percent, but the latest update mentions that the interest rate has been reduced to 4.25 percent, and there could be various reasons for this change. Regardless, it is still higher than the interest rate at which Apple Cards Savings was introduced at, putting users at an advantage.The U.S. Federal Reserve recently approved an aggressive rate cut, which may explain why Apple Card Savings’ interest rate was reduced too
The change in the APY was reported by 9to5Mac, who reports that push notifications were sent to Apple Card users on a Tuesday evening.
