Apple just made a quick change to the money you earn by keeping cash in its savings accounts. If you use the Apple Card and stash your extra cash with the company, you will now see a slightly lower return on your money. The company sent out alerts to users today to let them know about the sudden drop in the yearly interest rate.
While the account still pays more than many normal banks, the new payout rate took effect right away. You can easily check your updated account details right on your phone.
Apple drops the yearly savings account return starting right away
Starting today, the interest rate for the Apple Card savings account has gone from 3.65 percent to 3.50 percent. This change happens immediately for anyone who already has an account open. Apple partnered with Goldman Sachs to run this banking service, and they often adjust the numbers to match what is happening in the broader economy.
Even with the recent drop, this setup still offers a much better deal than what you find at a standard local bank. You earn this money on the daily cash back rewards you get from using your credit card, plus any extra funds you choose to deposit from your regular checking account.
Users can check their new banking details inside the app
Finding your current account information only takes a few taps on your screen. You just need to open the Apple Wallet app on your phone and tap on your credit card. From there, select the savings account option to view your balance and verify the newly updated interest rate.
Apple has already started sending out push alerts to notify customers about the change. If you missed the alert on your lock screen, the app will display all the correct details. Since the tech giant plans to switch its banking partner to Chase soon, users will want to keep a close eye on their money and watch for any future updates.
