Apple savings account annual interest rate hits a new low

Tech media MacRumors released a blog post, reporting that Apple has started notifying AppleSavings users yesterday, announcing a decrease in annual interest rate by 0.15 percentage points, from 3.65% to 3.50%, setting a new low in the history of the service. The media pointed out that typically, savings account interest rates fluctuate with changes in Federal Reserve policy, but this decrease does not seem to be directly caused by a specific action of the Federal Reserve, but rather an independent adjustment by Apple and its partner banks. This savings account was launched in April 2023, established by Apple in partnership with Goldman Sachs, specifically for AppleCard holders in the United States who are at least 18 years old. The account management is highly integrated with the iPhone Wallet app, and offers features such as zero fees, no minimum deposit requirements, and no balance thresholds.