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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

#121

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]

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

#122

Post by zamalek »

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!

> where did I go wrong

Credit unions are typically more competitive than big banks in general. If you truly want to make the most out of every penny then you should be unbundling your bank services (checking at CU A, savings at CU B, credit at X, etc.). This is especially easy with credit unions because they are typically part of a cooperative that streamlines inter-bank transfers (it usually takes There can be higher yield options for long-term savings (depending on market conditions at the time). The classical wisdom is to keep your money in CDs[1], but you're locking in an interest rate for , so if interest rates go up you could lose out.

If you're saving for more than a couple (1-3) of years you really should be looking at handing over some of your money to someone who profits when you profit (money market or brokerage). Remember that even at the current ~5% of CDs, the banks have ensured that they will be making a profit even during moderate market turmoil.

It's also not a bad idea to invest in something that is guaranteed to maintain value (such a gold or platinum), to hedge against recessions.

[1]: https://www.bankrate.com/banking/cds/cd-rates/

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

#123

Post by incanus77 »

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.

Like the music industry? Like cell phones? Both of these were awful pools to wade into when Apple got involved.

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

#124

Post by TradingPlaces »

This is the best savings account out there, imo

1. The rate is 0.25 percentage points higher than Goldman’s own Marcus account. Apple extracted 0.25% in rent from Goldman and gave it to their customers.

2. FDIC insured through Goldman, and the max deposit is the FDIC limit, $250k.

3. Easily usable in Apple Pay, so almost like a high interest debit account.

I’m moving a bunch of cash over once I set it up

edit: unclear whether deposits are allowed, or just Daily Cash from Apple Card.

edit 2: super easy to set up on my iPhone and yes, you can transfer from any linked bank account via ACH

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

#125

Post by dgrin91 »

TradingPlaces wrote: post #124

This is the best savings account out there, imo 1. The rate is 0.25 percentage points higher than Goldman’s own Marcus account. Apple extracted 0.25% in rent from Goldman and gave it to their customers. 2. FDIC insured through Goldman, and the max deposit is the FDIC limit, $250k. 3. Easily usable in Apple Pay, so almost like a high interest debit account. I’m moving a bunch of cash over once I set it up edit: unclea…

I would recommend https://www.ufbdirect.com/.

Even higher rates. Still FDIC insured like normal. Doesn't plug into Apple, but has plaid-like integration so you can just log into your other account from UFB and do a transfer easily.

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

#126

Post by bobleeswagger »

slg wrote: post #118
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.

> At what point does an investment with Apple actually become just as safe if not safer than the FDIC?

Apple would have to be backed by something other than the dollar for this to be remotely possible.

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

#127

Post by fundad »

slg wrote: post #118
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.

Apple would suffer during a default just like the rest of us. Intimidating the majority of voters and businesses is THE point of the debt ceiling stunt.

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

#128

Post by ivanvas »

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…

Are there any good options to get decent APY on Eur or USD deposits in Europe?

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

#129

Post by TradingPlaces »

dgrin91 wrote: post #125
TradingPlaces wrote: post #124

This is the best savings account out there, imo 1. The rate is 0.25 percentage points higher than Goldman’s own Marcus account. Apple extracted 0.25% in rent from Goldman and gave it to their customers. 2. FDIC insured through Goldman, and the max deposit is the FDIC limit, $250k. 3. Easily usable in Apple Pay, so almost like a high interest debit account. I’m moving a bunch of cash over once I set it up edit: unclea…

I would recommend https://www.ufbdirect.com/ . Even higher rates. Still FDIC insured like normal. Doesn't plug into Apple, but has plaid-like integration so you can just log into your other account from UFB and do a transfer easily.

Money market account, which is different regulatory structure, but still insured.

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

#130

Post by 58028641 »

slg wrote: post #118
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.

Isn’t Goldman Sachs actually handling that money?
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