Apple has implemented an interest rate reduction for Apple Card Savings account holders, effective immediately. Here are the details.

Apple Card Savings accounts now offer a 3.50% APY interest rate, down from the previous rate of 3.65%

If you are using an Apple Card, there are many questions regarding the transition process to Chase.

Some of these questions include the fact that Chase's consumer savings accounts generally come with very low interest rates, which also affects Apple Card Savings accounts.

  • Read more: Transition of Apple Card to Chase: What will (or may) change

However, at least for now, Apple Card Savings accounts are still yielding a reasonable interest rate. But as of today, the interest rate has been reduced.

Apple has informed Apple Card Savings users that the Annual Percentage Yield on their accounts has been reduced from 3.65% to 3.50%, and this change is effective immediately.

You can find confirmation of the change in your Apple Wallet app under Apple Card ⇾ Savings Account. Additionally, if you haven’t received it yet, you may also get a notification.

It’s not unusual for Apple and Goldman Sachs to adjust interest rates for Savings accounts from time to time.

However, these changes typically occur in response to updates in the interest rates set by the Federal Reserve. In today’s case, it seems to be related to general economic trends.

Are you an Apple Card Savings user? If so, what keeps you with Apple? Share with us in the comments.