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Apple customers say it’s hard to get money out of Goldman Sachs savings accounts

wsj.com

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Re: Apple customers say it’s hard to get money out of Goldman Sachs savings accounts

#11

Post by prepend »

mikehollinger wrote: post #9

JFYI: you can skip the Apple middle man and just open a Marcus.com account. It’s Goldman Sachs on the back end. Works great. No drama. Decent app. Reasonable website. Same rates as far as I can see.

I don’t understand why someone would open a Marcus account as it only yields 4.15% vs other higher yielding accounts [0].

I get why someone opens an Apple account as it’s easy and linked to their phone. But it seems kind of dumb to seek out Marcus and go through all that work to miss out on 50 basis points.

It’s not a lot of money, but for a $1000, that’s $5/year. It’s the tip for a coffee.

[0] https://www.bankrate.com/banking/savings/best-high-yield-int...

Re: Apple customers say it’s hard to get money out of Goldman Sachs savings accounts

#12

Post by prepend »

35997279 wrote: post #8
i_am_jl wrote: post #7

Earlier quoted context omitted.

It's not that high of a savings yield (compared to other offerings, it's crazy-high compared to the past few years). CIT is offering 4.8% APY with $5,000 minimum balance. SoFi is offering 4.2%, zero minimum, $250 bonus for direct deposit. 4.15% wasn't even that great when it was announced, people simply haven't paid attention as interest rates have risen.

4.15% was 10x the national average when it was announced. Neither of the banks you mentioned have the Apple Card -> Apple Pay Cash -> Apple Savings integration. That is the main draw; people who are not interested in this integration will find more competitive rates elsewhere, including investments, CDs, etc.

The national average is stupidly low. Major banks still charge 0.01 and even my credit union pays basically nothing.

But if you’re opening an account online specifically for savings, why choose one that isn’t the best.

Also, for comparison the vanguard money market fund is paying 5% right now, and Bask pays 4.75% on a $0 minimum balance, so there’s no reason to open this account and put $10K into it unless you really love Apple, or for some reason are blocked from opening accounts with higher yielding banks.

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