The Apple Card’s high-yield savings account received an interest rate cut, the second time it has done so this year, reports MacRumors.
The Apple Card savings account’s annual percentage yield (APY) dropped from 4.4% to 4.25%, in line with the US Federal Reserve approving an aggressive rate cut of 50 basis points last week, the article adds. Push notifications regarding the cut were sent to Apple Card users on Tuesday evening.
Apple Card Savings Account started with a 4.15% annual percentage yield for the first eight months of availability. The rate increased to 4.25% in December of last year, then again to 4.35% in early January and to 4.5% in late January. The rate was then cut back to 4.4% in April.
