Its interesting to see, Goldman sachs equivalent product marcus is only offering 3.9% at the time of writing this. But with apple card, they are offering a much higher rate of 4.15%. I guess, the later is only confined to dollar amount from CC (credit card) related purchases. Nevertheless, I wish more CC companies do this.
Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
161–170 of 306 posts
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#162Earlier quoted context omitted.
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…
The larger banks simply can't offer high interest rates due to the amount of their deposits. For example, JP Morgan Chase has yearly net income of ~$50 billion. The size of their interest bearing deposits is 1.6 trillion. So every 1% rise in savings account rates costs them $16 billion a year.
Your two statements don't match up. Sounds like they can offer at least 3% more, no?
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#163I 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!
Cannot stress enough how much you should run, not walk, from Wells Fargo. When I was foolish enough to seek a mortgage with them, they instructed me to sign documents stating that a) my partner was my spouse (and doubled-down on that when I highlighted the error), and b) a loan from my uncle to provide necessary "buffer funds" was in fact a gift that would not be repaid (it wasn't, and they knew that). Any bank that…
You do have to admit that when they're urging you to commit fraud, they're at least not asking you to do something they're unwilling to do: https://cnn.com/cnn/2022/12/20/investing/wells-fargo-cfpb-fo...
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#164Earlier quoted context omitted.
I'm getting 4.25% from Vanguard's "Cash Plus" account[0], which is also FDIC-insured (up to $1.25M). I don't use Apple Pay so can't comment on 3, but I'll happily take an extra 0.10% interest at the cost of only being able to use it as a savings account - though I do recognize that others might disagree! [0] https://investor.vanguard.com/investment-products/cash-inves...
Compared with inflation, you're still losing money holding dollars.
Yup, but the point is that you are losing less than other options with a similar risk and liquidity profile.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#165Earlier quoted context omitted.
> I’m moving a bunch of cash over once I set it up US 3-month Treasuries are paying 5.125% and are State tax free so if you're not planning on touching the money in the near term that's an even better position. They're about as liquid as securities get so if you do need to sell them for cash there's not going to be any meaningful hit to their valuation. At most it'll be a couple bucks of transaction fees (if that) wh…
This is a dumb question, but how does an individual buy those? Through any regular brokerage?
You can buy direct from treasurydirect.gov . The process is a little clumsy, but still something an individual can figure out.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#166Earlier quoted context omitted.
The 2% back on all touchless/apply pay integrations is what sold it for me.
That was what originally interested me, except I’ve learned that the vast majority of places I frequent don’t allow touchless payments. I’m at Home Depot nearly daily and I really wished they allowed touchless payments.
Home Depot in my area (Seattle) has rolled out touchless/apple pay. They’re not like walmart wherein they were purposefully holding out, they’re just slow
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#167Earlier quoted context omitted.
> I’m moving a bunch of cash over once I set it up US 3-month Treasuries are paying 5.125% and are State tax free so if you're not planning on touching the money in the near term that's an even better position. They're about as liquid as securities get so if you do need to sell them for cash there's not going to be any meaningful hit to their valuation. At most it'll be a couple bucks of transaction fees (if that) wh…
This is a dumb question, but how does an individual buy those? Through any regular brokerage?
Super easy, you buy direct:
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#168So 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…
Fidelity and Vanguard have "core" positions (all money goes into these) that are yielding 4.4-4.7%. They're money market funds so are covered by SIPC insurance. If you're looking to open up something for your kid, might as well just open one up for yourself as well.
+1 here. This seems like the best option for fixed income assets right now.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#169Earlier quoted context omitted.
> I’m moving a bunch of cash over once I set it up US 3-month Treasuries are paying 5.125% and are State tax free so if you're not planning on touching the money in the near term that's an even better position. They're about as liquid as securities get so if you do need to sell them for cash there's not going to be any meaningful hit to their valuation. At most it'll be a couple bucks of transaction fees (if that) wh…
This is a dumb question, but how does an individual buy those? Through any regular brokerage?
yep - just pop over to fidelity/schwab/etc. and you can buy treasuries, you can also buy directly with treasury direct (but its pretty clunky), you just need to do a little management (e.g. buy treasuries, reinvest when they mature)
example: https://fixedincome.fidelity.com/ftgw/fi/FILanding#tbindivid...
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#170This looks hugely disruptive no?
Not intentionally, but it is. What Apple is offering is a financial ecosystem for families, particular for parents helping their kids manage money. Apple ecosystem is quickly becoming the one-stop shop for managing all things family