Why did my APY on savings went down
opened a high yield savings account at 4.40 APY and suddenly it went down to 4.25. Why?
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Savings rates on virtually all HYSA, including Apple Savings, are a variable rate that goes up and down as the Federal Reserve Bank raises and lowers the Prime Rate. Last week the Federal Reserve Bank lowered the prime by 50 basis points (1/2%). Goldman Sachs subsequently adjusted the rate of Apple Savings to match the drop in the prime rate. This was all covered in the terms & conditions you agreed to when you opened the account.
As a point of reference, when I opened my account in April 2023, it was paying 4.15% APY.
https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf