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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

#101

Post by MBCook »

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!

Yeah, obnoxious huh? My main bank is always suggest I open a savings account with them. “Check out our new awesome rate!”

0.3%, or something similar.

I’ve been using different banks with real high yield for a long time. My current choice is almost 4% (after climbing a ton last year with all the hikes). A number of banks offer similar rates.

Some places are starting to offer non trivial rates on checking. I think AmEx may be paying over 1% interest on their checking accounts (I know, think it’s new) instead of the common 0.0005% if you’re lucky enough to get interest at all.

Sadly you have to shop around. Even credit unions often don’t offer good savings accounts, even if better than the big banks.

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

#102

Post by lotsofpulp »

ramesh31 wrote: post #30
arberx wrote: post #6

RIP banks

Nah it's just a partnership with Goldman.

I like how Goldman directly offers only 3.90%.

https://www.marcus.com/us/en/savings

Seems like they want people to go via Apple.

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

#103

Post by shmatt »

phh wrote: post #78
shmatt wrote: post #59

Earlier quoted context omitted.

Not too many options that are high spending countries with plenty of iPhones but also a regulation wild west and people willing to pile on hundreds of thousands in high APY debt like the US a true sweet spot Less than half of French people even have a single credit card

> Less than half of French people even have a single credit card Got a source ? https://www.cartes-bancaires.com/cb/chiffres/ says 76M cards over a population of 67M (50M for people over 18yo). Sure some people have multiple cards, but that sounds hard to believe. (Also that's not counting non-CB credit cards. Those are pretty rare in France, but I have one) (Maybe I'm misunderstanding what you said in "a single cred…

this is a quick link https://www.statista.com/statistics/1098129/credit-cards-and...

adoption across countries https://www.statista.com/statistics/968220/credit-card-owner...

your link seems to be confusing debit cards with credit cards

Apple card is not a debit card, which is widely used in Europe, with much less credit card/debt normalized vs. the US

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

#104

Post by rchaud »

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.

It's not the first time that portfolio losses accruing to billion-dollar companies have been covered by the taxpayer, and it won't be the last.

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

#105

Post by pwinnski »

fassssst wrote: post #38
jitl wrote: post #8

Earlier quoted context omitted.

2% cash back on any Apple Pay purchase is worth using.

But there are other cards that give you 2% cash back on any purchase, Apple Pay or not...

Yes, nobody is saying that Apple Card is the only card for everyone, just that it's a great card for tap-to-pay.

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

#106

Post by downWidOutaFite »

runjake wrote: post #56
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!

Bankrate is always a decent source for info. Best high-yield savings accounts in April 2023: https://www.bankrate.com/banking/savings/best-high-yield-int...

Used to be a decent source until they started letting ads take over their content. In your link you have to get past the "Featured" section and "Offers from banks you may use" section to see the actual content. Many times I've needed an extra click to get past the ads, or been completely unable to.

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

#107

Post by footpath »

Here are two manually curated lists of the currently highest yielding FDIC-insured deposit accounts in the US:

https://phatwalletforums.com/topic/109/best-nationally-avail...

https://www.doctorofcredit.com/high-interest-savings-to-get/

4.15% is good, but there are better options, including with big banks like Bank of America (4.50% currently, though with an initial deposit requirement of $100k).

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

#108

Post by gen220 »

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 assumes that 4.81% will remain 4.81% for the foreseeable future.

It's a common tactic to offer premium rates, and then drop the rate precipitously once they meet some quota N months later. Capital One did this circa 2020, for example.

That being said, if you're willing to play the game and monitor your monthly interest rate updates, go for it.

Otherwise, if you're a normal person who likes to ignore their HYSA account, it's prudent to go with people who are offering a rate closer to 4% (e.g. Marcus by GS is currently at 3.9%).

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

#110

Post by rchaud »

cjrp wrote: post #77
ksec wrote: post #74

Apple will be getting a piece from Goldman Sachs somewhere. Both Apple Card and Saving account are US only, nearly 4 years since they first launch Apple Card. What's next? With Apple Watch and Health Monitoring the next step could be Apple Health Insurance? or Apple Mortgage?

Health insurance feels like a sort of "gross" industry that I don't imagine Apple would want to be associated with. Could be wrong though.

Neither did online advertising. Apple today is mostly about leveraging the iOS moat to sell services, the bulk of which will be gross.
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