Apple Card users woke up Thursday to find their savings account rate had been trimmed from 3.65% down to 3.50%. It’s not a massive cut, but it’s enough to get people talking.
Before you point the finger at Apple, here’s something worth knowing: Goldman Sachs is the one running the savings account, and the bank sets the rate.
Savings account yields tend to move alongside Federal Reserve decisions, though this particular cut doesn’t seem directly tied to a Fed announcement.
A Quick Refresher on How the Account Works
Apple launched its savings account back in April 2023, and it was a surprisingly clean product from the start.
You manage everything right from the Wallet app on your iPhone, and the account is open to U.S. residents who are 18 or older.
You can park your Daily Cash rewards there, move money from a linked bank account, or transfer from your Apple Cash balance.
The maximum you can hold has grown significantly since launch, rising from $250,000 to $1,000,000.
A Big Change Is Already Coming
The rate cut lands at an interesting moment. JPMorgan Chase struck a deal in January 2026 to take over as the issuer of the Apple Card, and that transition is expected to take roughly two years.
Chase plans to roll out a brand-new Apple savings account as part of the deal. The catch? If you already have a Goldman Sachs account, nobody is moving your money for you.
You’ll have to decide whether to stay put at Goldman Sachs or open a fresh account once Chase is ready. Apple has published an FAQ page that walks users through what to expect during the switch.
At 3.50%, the Apple savings account still sits above what some competitors are offering. For comparison, American Express recently trimmed its high-yield savings rate to 3.20%.
Whether that gap is wide enough to keep you satisfied is a personal call, but it helps to have the full picture before making any moves.
