Apple Card Savings Interest Rate Drops Again: What It Means for Your Money
If you're searching for the latest Apple Card savings account interest rate, you're likely wondering: Is Apple Card still a good high-yield savings option in 2025? As of May 28, Apple has lowered its savings account APY from 3.75% to 3.65%, marking its lowest point since the feature launched. This change impacts users looking to earn more from passive income, daily cash rewards, or a digital savings strategy.
Originally launched in April 2023 in partnership with Goldman Sachs, the Apple Card savings account was designed to be a user-friendly, high-yield savings solution integrated seamlessly into the Wallet app. With no fees, no minimum deposit, and a $1 million cap, it quickly gained popularity—especially with an initial APY of 4.15%. But as the Federal Reserve continues to adjust benchmark rates, Apple’s APY has steadily declined.
For those keeping track, this is the second reduction in recent months, following a cut from 3.9% to 3.75% in March. To put it into perspective: depositing $1,000 at the current 3.65% APY would earn you about $36.50 over a year. While still more competitive than traditional savings accounts from major banks, it's a noticeable drop from its early peak of 4.5% in early 2024.
So, is the Apple Card savings account still worth it? For iPhone users who want to maximize interest on their Daily Cash rewards, it remains a convenient and relatively high-yield option—especially when compared with standard checking or basic savings accounts that often offer under 1%. The seamless integration, FDIC insurance, and instant access via Apple Cash make it appealing for those focused on digital banking, personal finance, and cashback optimization.
Setting it up is easy: Open the Wallet app, tap on your Apple Card, hit the three-dot menu, go to Daily Cash, and then select Set Up next to Savings. Once you're in, you can deposit funds from your linked bank account or Apple Cash balance, and start earning interest immediately.
Meanwhile, rumors are swirling about the future of Apple’s partnership with Goldman Sachs. With Goldman reportedly planning to exit early, major players like Barclays, Synchrony, and JPMorgan Chase are said to be in the running to take over. While no changes have been confirmed yet, the move could reshape the financial backing behind Apple’s growing suite of banking services.
In today’s economic climate, choosing the right high-interest savings account is more important than ever. If you’re exploring passive income, digital savings strategies, or simply want to maximize your cash rewards, staying updated on rate changes like these is crucial. Whether Apple Card’s savings APY is right for you depends on your financial goals, but it remains a competitive tool in the world of mobile banking and cashback finance.
Post a Comment