Apple has cut the Apple Savings APY to a record low of 3.50%, marking the first decrease in 2026. The 0.15% reduction affects all Apple Card users who utilize the savings service. This latest drop continues a downward trend that began following Federal Reserve rate cuts in late 2025, reflecting broader economic conditions impacting high-yield savings accounts.

The current rate represents a significant decline from the service's peak. When Apple Savings launched in 2023 with a 4.15% rate that was "ten times the national average," savers benefited from a favorable economic environment. Since then, the APY has steadily decreased through multiple cuts, dropping from 4.4% in April 2024 to today's 3.50%.

The rate cuts mirror Federal Reserve actions, with Apple adjusting its savings APY after Fed reductions in December 2025. Earlier in 2025, the rate already decreased twice, falling to 3.75% in March and then 3.65% in May. For consumers, the lower rates mean reduced returns on savings, though Apple's offering still remains competitive relative to traditional banking alternatives.