Apple Savings rate has increased to 4.25% APY, according to a new Apple notification.
Account holders received a pop-up notification on their iOS devices today about an increase in Savings rate. Goldman Sachs has increased the interest rate to an APY of 4.25%, up from 4.15% previously. It’s worth noting that this is the first interest rate hike since the service started in April this year.
Apple’s savings rate increase has put it in line with other high-yield savings accounts, with several offering higher rates. It’s believed that the change comes from the discussion between Apple and Goldman Sachs and the end of their agreed partnership. Reports say that Apple has sent in a proposal that gradually winds down the interaction within 12-15 months’ time. Availability is said to be the same for now.
Apple is said to be looking for a new partner who will take over Apple Savings and Apple Card.