The savings account of the Apple Card with a high annual percentage yield got an interest rate cut for the fourth time this year, whereas the APY of the savings account for the Apple Card dropped 0.2% with values from 4.1% now down to 3.9%. The cut in interest rate was made known to users of the Apple Card by push notifications.
The Apple Card offered a 4.15% annual percentage yield rate when the savings account was first made available. It was created in April last year in partnership with Goldman Sachs and was exclusive to people who lived in the U.S. and were above the age of 18. They can manage their savings acocunt in the Wallet App on their iPhone without balance requirements, minimum deposits, and fees.
Banks tend to cut back on their annual percentage yield or APY when the interest rates are fluctuating because of changes that were done by the Federal Reserve. Apple Card’s APY for its savings account then increased to 4.25%, 4.35%, then peaked at 4.5% before being cut back to 4.4% last April, and was cut back even more in September and October.
