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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

#61

Post by slashdev »

danpalmer wrote: post #42

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 dele…

You probably want a credit rating for financial products, and that’s independent to a specific country.

They could expand to Europe and Canada without too much effort, but I’m not surprised to see them start with the US.

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

#62

Post by jaimehrubiks »

humanistbot wrote: post #45
RankingMember wrote: post #31

Earlier quoted context omitted.

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...

You are spamming a wrong fact. "Most" are not above 4%, a few are.

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

#63

Post by gurjeet »

It's interesting that they will not accept any transfer-in, even reject a transfer, if the balance exceeds $250,000. This must be because of the FDIC insurance limit, and hence protects the consumer's savings. Quite the opposite of what some banks are trying to do: offer accounts that try to provide FDIC insurance over 250k by spreading your money among other banks.

From the footnote 1: https://www.goldmansachs.com/terms-and-conditions/Deposits-A...

    MAXIMUM DEPOSIT LIMITS
    The maximum balance for your Account is $250,000. We will include any funds deposited into your Account but not interest
    or Daily Cash you’ve earned when determining the maximum balance limit. We may reject and return any funds transfer if
    your Account exceeds the maximum deposit limit. You authorize us to return any funds that exceed the maximum balance
    limit by check.

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

#64

Post by detourdog »

jeffbee wrote: post #29
thoughtpalette wrote: post #9

Earlier quoted context omitted.

The 2% back on all touchless/apply pay integrations is what sold it for me.

I got hooked on Apple Card when my other Visa got suddenly suspended after I made a legit purchase abroad, and I was in a store and I had the Apple Card up and running in less than 1 minute on my iPhone. Really changed my perception of how the credit card experience should work.

The Apple Card gui is so refreshing compared to smarmyness of a typical card.

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

#65

Post by ericmay »

humanistbot wrote: post #35

This is below current market rates for savings accounts (edit: for online-based high-interest savings accounts). Current highest rate for a no-minimum FDIC-insured account is from UFB, which is 4.81% APY: https://www.fool.com/the-ascent/banks/the-highest-savings-ac...

Yes but then you have to use those banks, set up accounts, deal with transfers, etc. Just wait, you'll be able to buy and sell stocks and open up an IRA with Apple here within a few years at this rate.

I also wouldn't call it below market rates. I'd call it "below the highest market rate" because rates for savings accounts vary and there isn't a standard "market rate".

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

#66

Post by thebigspacefuck »

humanistbot wrote: post #35

This is below current market rates for savings accounts (edit: for online-based high-interest savings accounts). Current highest rate for a no-minimum FDIC-insured account is from UFB, which is 4.81% APY: https://www.fool.com/the-ascent/banks/the-highest-savings-ac...

I read some reviews about how awful some of these banks are and it turned me off. People putting their money in and having it disappear. People not getting their money back out. Having a bank you can trust is worth something, even if you get slightly lower interest.

Other reputable banks like Amex or Discover are only returning 3.75% right now.

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

#68

Post by ShadowBanThis01 »

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!

Why on earth would you still do business with Wells Fargo? I mean big banks are scumbags, but Wells Fargo are PROVEN scumbags several times over.

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

#69

Post by thoughtpalette »

detourdog wrote: post #64
jeffbee wrote: post #29

Earlier quoted context omitted.

I got hooked on Apple Card when my other Visa got suddenly suspended after I made a legit purchase abroad, and I was in a store and I had the Apple Card up and running in less than 1 minute on my iPhone. Really changed my perception of how the credit card experience should work.

The Apple Card gui is so refreshing compared to smarmyness of a typical card.

Agreed. Been a huge fan of Wallet with the Apple Card.

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

#70

Post by subsubzero »

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!

I have been getting >4% for most of this year on high yield savings accounts and also 1 month CDs. They are all zero risk(FDIC insured) and money generated from them could pay for my portion(half) of the mortgage on my house(if I lost my job). I would look for bankrate and they list which accounts are paying the highest APR, if you have a brokerage like schwab etc you can look at 1-3 month or even longer term CD's which have rates close to 5%.
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