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.
too much info for users.
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
#92This 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.
FDIC says the national average is 0.35% for savings accounts; Bankrate survey of banks says 0.24%. Granted this included dinosaurs taking advantage of their customers, but the point is that it's weird to use the maximum to make claims about "market rate". Of major institutions that are trying to compete on rates, it seem to be 4.0% +/- 0.5%.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#93I 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!
Bank accounts are one of the lowest "customer churn" services out there. People typically open a bank account and use it for years and years (which turns into decades on decades). Until someone like Apple comes in with a one click UX to open a bank account and set everything up, existing banks have no incentive to make existing clients happier because they're extremely unlikely to move banks (or even to open a better…
One click setup isn't going to do it. If Apple is providing banking-type services, they're going to need to have support available at the Apple Store. If they don't, banks will beat them every time. Customer support for noney is not something that can be left to a chat window.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#94Curious on what's the better play here, the High-yield Marcus account by Goldman Sachs, or Apple High-yield. Anyone have thoughts?
if you have apple card, it definitely gives you more APY
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#95Curious on what's the better play here, the High-yield Marcus account by Goldman Sachs, or Apple High-yield. Anyone have thoughts?
Also curious. I've been meaning to get off my bank's lousy 0.01% APY and this is tempting me enough to even consider switching to an iPhone.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#96This 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...
4.15% is lower than 4.81%, but how did you decided that UFB defines "current market rates?"
UFB, I note, does not offer a debit card.
4.15% is not the highest yield currently available, but it would put them fourth on this list[0] of ten, making them better than average even on that rarified list. This without fees or minimums, which would put them behind only Betterment, which is not a bank, but a brokerage account.
As always with an Apple offering, there are ways that some people under some circumstances can find better terms so long as they don't care about some of the benefits Apple is offering, but that's a very long way from "below current market rates," and comes from a company a lot of people are already trusting with their funds.
It's fine if you already have an account with UFB, carry on! And next month when it's a different company leading the pack, transfer. And the month after that, while Apple is still consistently in the top five.
0. https://www.investopedia.com/best-high-yield-savings-account...
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#97Really like the idea of this as a user in the Apple ecosystem and would hop to it in a hot minute.
However, given recent trickery around stealing iPhones and taking over entire accounts: https://www.wsj.com/articles/apple-iphone-security-theft-pas...
I worry this makes iPhones that much richer (heh) of a target. I would be hesitant to add a significant amount of money to my wallet’s savings account as it would create an incredibly financially potent single point of failure in the event my iPhone is stolen and compromised.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#98Earlier quoted context omitted.
But there are other cards that give you 2% cash back on any purchase, Apple Pay or not...
Especially when, as I’ve learned, so few places allow touchless/Apple Pay payments.
While the point remains that Apple Card’s rewards are inferior, I find that almost everywhere except Home Depot/Walmart/Lowes/Kroger/Winco accepts Apple Pay.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#99Nice, only 1% or so less than the risk free rate. SO generous
It's on the upper end of the spectrum.
Citi's fancy "Citigold Private Client" savings account for people with $1M+ in it is at 0.35%.
(My favorite bit about that account: they have an interest rate tier starting at $10,000,000,000,000+ on https://online.citi.com/US/ag/current-interest-rates/savings...)
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#100Curious on what's the better play here, the High-yield Marcus account by Goldman Sachs, or Apple High-yield. Anyone have thoughts?
It's the same account behind the scenes, but somehow the Apple branded version pays more.