Apple Card Slashes Savings Account Interest For 3rd Time Following Fed's Decisions: Here's What You Need To Know

Apple Inc. (NASDAQ:AAPL) is set to lower the interest rate on its Apple Card high-yield savings account, effective Friday, Oct. 11. The new annual percentage yield (APY) will be 4.10%, a decrease from the previous 4.25%.

What Happened: This marks the third reduction in the interest rate for the Apple Card savings account this year, and the second in recent weeks.

In late September, the APY decreased from 4.4% to 4.25%, following an earlier cut from 4.5% to 4.4% in April. The upcoming rate will drop below the initial 4.15% APY introduced in April 2023.

Interest rates for savings accounts often fluctuate in response to Federal Reserve adjustments. Recently, a significant 50 basis point reduction occurred in September, and further cuts are anticipated, as noted by Federal Reserve policymakers.

Other high-yield ...

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