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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

#111

Post by rchaud »

footpath wrote: post #107

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).

Good lord. $100k minimum for a 4% yield? In Canada you can get that at any bank with $100 in your account.

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

#112

Post by rchaud »

lotsofpulp wrote: post #102
ramesh31 wrote: post #30

Earlier quoted context omitted.

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.

Or that Apple is trying to grow market share by offering a higher rate.

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

#114

Post by hakunin »

So far each new Apple financial product makes me research and re-evaluate my options. When they announced their credit card, I got into "cash back" (thankful that I did), and ended up always getting good percentages back on every purchase. Apple Card was a jumping off point for further research. (For those curious, I ended up with Bank of America Premium Rewards at Platinum Honors tier + Amazon 5% card, Target 5% card, Lowe's 5% card, Apple 3% card, etc).

Now that they're announcing Savings, I'm thinking to re-evaluate my Ally savings account. Apple's is better, but I'm already seeing mentions of Betterment, Robinhood, and Wealthfront here. What I'm looking for is a no-fee, high yield, good FDIC insurance. I'm also looking to start a long-term investment account for my young kid, and it would probably be convenient if I could do them both with the same bank.

Any recommendations?

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

#115

Post by annexrichmond »

rchaud wrote: post #111
footpath wrote: post #107

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).

Good lord. $100k minimum for a 4% yield? In Canada you can get that at any bank with $100 in your account.

Can you show us where?

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

#116

Post by ceejayoz »

rchaud wrote: post #109
ttul wrote: post #40

Is this just Goldman Sachs’ continued experimentation with low margin consumer banking?

A product available only to iPhone users doesn't strike me as low-margin.

Apple's margins aren't Goldman's.

https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sa...

> In January, a report indicated that Goldman Sachs had lost over $1 billion through its partnership with Apple for the Apple Card. Despite this, however, the company says that it remains committed to its partnership with Apple and expects it to be lucrative in the long run.

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

#117

Post by [deleted] »

hakunin wrote: post #114

So far each new Apple financial product makes me research and re-evaluate my options. When they announced their credit card, I got into "cash back" (thankful that I did), and ended up always getting good percentages back on every purchase. Apple Card was a jumping off point for further research. (For those curious, I ended up with Bank of America Premium Rewards at Platinum Honors tier + Amazon 5% card, Target 5% car…

[deleted]

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

#118

Post by slg »

gurjeet wrote: post #63

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/t…

At what point does an investment with Apple actually become just as safe if not safer than the FDIC? Neither is realistically going to fail, but with the debt ceiling once again rearing it’s head, I have more trust in the leadership of Apple not doing something stupid than I do in the US government not doing something stupid. Governmental incompetency and dysfunction seems like a bigger risk than insolvency of Apple.

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

#119

Post by babyshake »

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!

What I, and probably many of us want, is a way to keep just enough cash in a checking account at a too big to fail bank while the rest is earning yield at Betterment, Wealthfront, other 4% or more APR locations, automatically topping off the checking account as needed.

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

#120

Post by [deleted] »

slashdev wrote: post #57
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!

The big banks are offering 0% on deposits while raking massive profits. They can do that because they’re too big to fail, so people put their money there anyway so it will be safe. They get enough deposits, so no need to offer better rates to attract more. Meanwhile money market funds are yielding over 4%. Interactive brokers is offering over 4% and it’s insured to some ridiculous amount (standard 250k + extra covera…

[deleted]
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