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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

#81

Post by kyawzazaw »

gainda wrote: post #47
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.

Of course!

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

#82

Post by stavros »

lowercased wrote: post #80
stavros wrote: post #73

Earlier quoted context omitted.

Is UFB a reputable bank? I've never heard of them, but that rate is hard to pass up.

There are plenty others offering north of 4%, and north of apple's rate, that are reputable (not saying UFB isn't, but it's definitely not a household name). The delta between, say, 4.55% and 4.8%, on the amounts I'm holding, may not be worth the potential extra headache of working with a lesser known bank. Introducing more risk (or just taking time to open more accounts) to earn, say, an extra $8/month... at some po…

Very true. It irks me that Chase/WF/etc offer 0.03% or something, what am I supposed to do with that rate, other than take all my money to some other bank?

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

#83

Post by kyawzazaw »

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...

That’s from pretty unknown banks. Name brands still matter when it comes to money and banking. Best to compare with Marcus By Goldman Sachs’ 3.9% APY.

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

#85

Post by mint2 »

thebigspacefuck wrote: post #66
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.

Yeah it’s what I’d call a very competitive interest rate for a saving account.

Amex slightly lower, citizens access slightly higher.

Banks looking like they may lead to a more questionable experiences have even higher rates to offset higher chance of frustrations.

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

#86

Post by dicomdan »

humanistbot wrote: post #72
vishnugupta wrote: post #54

It's not explicitly mentioned if the deposits are FDIC insured, but looks like they are reading the foot note. I would have expected Apple to make it abundantly clear given recent bank failures.

They are, it's a Goldman Sachs account branded by Apple. But the recent bank failures have shown that the US government did not even hesitate to cover depositors who put themselves at risk. Goodbye moral hazard.

What if I already have a Marcus / Goldman Sachs account with 250k? Is this going to be a separate 250k for the purposes of FDIC?

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

#87

Post by duxup »

Brendinooo wrote: post #55
duxup wrote: post #14

Earlier quoted context omitted.

Do you have some you can provide?

Interested in this as well, because I've been doing research on this and it seems like the ones that aren't banks you've heard of that have higher yields are more prone to playing games with your account (not adjusting your APR but instead keeping you on whatever and creating new accounts for the new plans).

Yeah a lot of the high yield savings accounts feel gamified where it suddenly feels a hell of a lot less simple than "savings account". More "high yield if ... ".

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

#90

Post by lotsofpulp »

thebigspacefuck wrote: post #66
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.

CIT bank has a track record of offering some of the high savings rates (4.5% now) and it has a great online interface, with $250k transfer limits.

https://www.cit.com/cit-bank/bank/savings/savings-connect-ac...

It is also part of First Citizens which is a decent sized institution:

https://en.wikipedia.org/wiki/First_Citizens_BancShares

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