When will Apple Card be available outside the US? I would use it if it was available in Europe… Sometimes Apple is too US centred.
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lol :P
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
#242Earlier quoted context omitted.
Yes, but it is still Apple's brand on the line. Which of the following has higher odds? 1. GS going under and Apple bails out its customers who hold these accounts. 2. GS going under and the US government bails out everyone. Both are as close to 100% that this conversation is effectively meaningless. I just think it is an interesting hypothetical.
> Both are as close to 100% that this conversation is effectively meaningless. I just think it is an interesting hypothetical. The first has almost 0% chance of happening. Apple will never bail out its customers for insured deposits, as that money is guaranteed by the FDIC. Why would they effectively "donate" money for free to the FDIC? The only universe in which that happens is the one in which the FDIC somehow is i…
This sounds like the type of situation where money becomes worthless.
An asteroid the size of Texas just fell into the Pacific? What will happen to my FDIC insured funds!?
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#243So 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…
Apple's cash back is OK. If you want to play and win the points game, Amex Gold for dining/groceries and Amex Green for all travel expenses can net you some nice travel options in the future. Getting 100,000 points (the rough equivalent of $1000 cash back) can get you some nice business class seats over the oceans to EU and Asia that can be worth 5-10x the cash value of the points.
Only Apple comes with privacy guarantees.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#244I 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!
Big banks are absolutely scamming you. Never, ever use a savings account from a big bank.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#245Earlier quoted context omitted.
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 has approximately $50B in cash on hand. The US government can print a trillion+ on a whim. So if there's a banking crisis I'm going to trust the FDIC to bail me out over Tim Cook (and there's a pretty strong recent precedent of exactly that).
>The US government can print a trillion+ on a whim.
To be clear, there is a difference between the ability to do something and the will to do it. That is why I referenced the debt ceiling. The government could easily spend more than the debt ceiling. It is also unlikely there would be serious repercussions to just abolishing the debt ceiling. And yet we constantly have to have the debate of whether we should raise the debt ceiling. It is a game of political theater. Are we sure something similar could never happen with a bailout big enough to save Goldman Sachs?
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#246Earlier quoted context omitted.
This is a factual but unhelpful comment. I (and many many other people) have a need for an emergency fund that is liquid at short notice. Storing _all_ my wealth in investment vehicles (and possibly needing to liquidate it at an inopportune time) would be foolish. The devaluation due to inflation can be considered the "convenience cost" of such a fund. (There's also the consideration - and, to be clear, I'm not suppo…
It is a helpful comment because a lot of people don't think about things in the terms that I'm outlying. In the same way that people don't think about how getting paid a salary in USD is the same as buying dollars. Your response suggests that the only way to protect yourself is by holding cash and taking the loss as some sort of convenience cost. I'd say that there are other ways to hold liquid funds that try to comb…
This sounds a lot like becoming a professional investor. Most people don't have time for that (and there are no financial guarantees in any case).
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#247I dream of the unlikely day this lands in Canada. Banking is a highly legislated oligopily here in Canada. They will lobby long and strong to prevent Apple from entering the banking sector.
WealthSimple has been advertizing an account with 3% interest, and up to 4% if you have more than 100K invested with them: https://www.wealthsimple.com/en-ca/spend
Has anybody tried this? Any advice?
edit: their ad is slightly misleading. Rates start at 1%, go up to 3% with a regular direct deposit, and up to 4% when reaching 100K net deposits.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#248Earlier 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
> people willing to pile on hundreds of thousands in high APY debt like the US That’s a pretty unfair characterization of CC borrowing in the US. I’m sure there are some instances of that but most people have either a minimal amount on CC or none at all.
I would think it will vary greatly by location and status. I'm 34 and in a fairly low income area / states. The only people I know that aren't drowning in credit card debt are people that manage to be financially responsible enough to never get one at all.
I thought myself fairly responsible until the pandemic hit and now I'm nearly $18K in the hole on credit cards I'm crawling out from under slowly.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#249Earlier quoted context omitted.
It is a helpful comment because a lot of people don't think about things in the terms that I'm outlying. In the same way that people don't think about how getting paid a salary in USD is the same as buying dollars. Your response suggests that the only way to protect yourself is by holding cash and taking the loss as some sort of convenience cost. I'd say that there are other ways to hold liquid funds that try to comb…
Both gold and crypto have wildly different profiles than cash in a high interest savings account, so much so that suggesting them as a plug in alternative is at best disingenuous. Not that that's always way you want! But most people need some sort of emergency fund, and very few things are liquid enough and stable enough to meet this need well. Laddered CD's, etc. can work but are fiddly. Cash accounts are king here…
Wait a second. I'm only providing examples to better the discussion and now you're calling me disingenuous. I'm not shilling anything. Nor am I saying anything isn't without risk. Putting words into my mouth isn't cool either.
Re: Apple Card’s new high-yield Savings account is now available, offering a 4.15 p
#250Earlier quoted context omitted.
> 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 highe…
I definitely agree with un-bundling for the best services over all. The problem with credit unions are most are regional (though some are not). I have the best CU in my area which is fine, but it doesn't have a competitive credit card offering or savings rate. It does have good service and some good other benefits and I use it for my main checking account. I don't agree CUs are more competitive always than big banks.…
> The problem with credit unions are most are regional
My CUs are west-coast, and I moved to the east coast last year. I haven't run into any problems. On the off-chance I had to walk into a brick-and-mortar bank (depositing cash is about the only reason I'd need to do that, so never), I could visit a coop instead.
> I don't agree CUs are more competitive always than big banks
Absolutely. We're on a mainstream brand miles reward card because my wife likes traveling. CC rewards at my CU were basically worthless - the rates were pretty competitive, though.