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Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

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Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#41

Post by toomuchtodo »

sosuke wrote: post #16

I feel somewhat confused; my current Wells Fargo saving account APY is 0.01% where did I go wrong? Seems like I might be shifting my money to a new home. Edit: In the very least it will educate many uninformed folks like myself they are getting shafted at their current banks. Double edit: Thank you for all the helpful links and information!

https://www.bbc.com/news/business-65180130

https://xkcd.com/1053/

Banks capitalize (hah) on unsophisticated deposits to underpay them and profit from the spread. Check if your brokerage has a short dated government securities money market fund (Fidelity = SPAXX [1], Vanguard = VMFXX [2]). Not investing advice!

[1] https://fundresearch.fidelity.com/mutual-funds/summary/31617...

[2] https://investor.vanguard.com/investment-products/mutual-fun...

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#42

Post by danpalmer »

I'm surprised that Apple Card (credit and savings) aren't available outside the US yet.

A financial product that is only available to iPhone users seems like a reasonable business, but if it's only available in one market it's limited and you can't build much else on top because it's slicing the market to granularly.

I realise that international financial products are hard, but isn't that the reason why Apple is delegating the finance part to Goldman Sachs (and I suppose, theoretically, others in other countries) – so that they don't need to deal with the nitty gritty in each region?

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#44

Post by sosuke »

mgaunard wrote: post #26
sosuke wrote: post #16

I feel somewhat confused; my current Wells Fargo saving account APY is 0.01% where did I go wrong? Seems like I might be shifting my money to a new home. Edit: In the very least it will educate many uninformed folks like myself they are getting shafted at their current banks. Double edit: Thank you for all the helpful links and information!

Are you sure it's not 1% ?

Double checked my statement right now "Annual percentage yield earned 0.01%"

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#45

Post by humanistbot »

RankingMember wrote: post #31
sosuke wrote: post #16

I feel somewhat confused; my current Wells Fargo saving account APY is 0.01% where did I go wrong? Seems like I might be shifting my money to a new home. Edit: In the very least it will educate many uninformed folks like myself they are getting shafted at their current banks. Double edit: Thank you for all the helpful links and information!

High yield savings accounts are all above 3% at this point- you're getting hosed if you're getting .01%.

Most are above 4%: https://www.fool.com/the-ascent/banks/the-highest-savings-ac...

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#46

Post by embwbam »

sosuke wrote: post #16

I feel somewhat confused; my current Wells Fargo saving account APY is 0.01% where did I go wrong? Seems like I might be shifting my money to a new home. Edit: In the very least it will educate many uninformed folks like myself they are getting shafted at their current banks. Double edit: Thank you for all the helpful links and information!

Many banks have high-yield savings accounts, but I think they use them to attract customers, so they don't automatically put you in them if you don't ask. That said, I just looked up wells fargo and I don't see any.

Capital One is paying 3.5% right now for "Performance Savings".

Note that these rates change in relation to the federal interest rates. You'll sign up for a great rate, and in 3 years it can go back down to a half percent

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#47

Post by gainda »

aketchum wrote: post #7

It is interesting that there is no direct deposit requirement for this account. Most traditional (Truist, BofA) and competitor banks (Sofi) offer incentives to encourage direct deposit for the end users. I wonder what other strategies Apple will be using to drive deposits in lieu of this. It is also in Apple's best interest to drive deposits, as most of these agreements end up with the bank (GS) and the provider (App…

part of me wonders if its really there to just drive Apple Card adoption instead.

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#48

Post by zubiaur »

andsoitis wrote: post #36

with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent. Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. APY may change at any time. Maximum balance limits apply. I wonder how long that APY is going to sit at that level (and what the maximum balance limit is), given than Goldman Sachs' Marcus accounts offer 3.9% and I don't think there's any balance limit and there is n…

Probably for a while? With a referral, one can get Marcus at 4.9% (for three months). There is still quit a bit of spread.

Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p

#49

Post by sp332 »

sosuke wrote: post #16

I feel somewhat confused; my current Wells Fargo saving account APY is 0.01% where did I go wrong? Seems like I might be shifting my money to a new home. Edit: In the very least it will educate many uninformed folks like myself they are getting shafted at their current banks. Double edit: Thank you for all the helpful links and information!

In general I would avoid Wells Fargo since they made up fake accounts for customers to charge them more money, got fined a billion dollars for it, and then did it again while they were still on probabtion from the first time.
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