Daisy Watts 
Dec 21, 2023
The interest rate of the Savings account has been raised from 4.15% to 4.25% by Goldman Sachs, Apple's partner in this facility, on Thursday.
The savings account service, launched as a result of a joint venture between Goldman Sachs and Apple, is now notifying account holders of the mounted interest rate through push notifications.
Macrumors reported that the interest rate hike has come as the first ever since the feature initially launched in April this year.
Read more: Instant approval credit cards: All questions answered
Although the increase seems to be a breather for the subscribers of Apple Savings and likely will attract a wider scope of audience, there still exist some savings accounts services that offer even higher rates.
The interest rate hike has come into effect at a time when Apple and Goldman Sachs are aiming the termination of their partnership around their offering like Apple Card and Apple Savings, with Goldman Sachs reportedly looking to step away from the consumer business.
When Apple and Goldman Sachs will end partnership
Further reports by the international publications have also suggested that Apple presented a proposal to Goldman Sachs outlining a phased conclusion of their partnership over the next 12 to 15 months.
However, as of now, there have been no amendments to the accessibility of Apple Card and Apple Savings.
Both Apple and Goldman Sachs are said to be in the process of seeking new partners to take over the management of Apple Card and Apple Savings. Meanwhile, it’s unclear how much potentially will these be impacted following the transition.
