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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

#151

Post by brundolf »

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!

I just took a double-look at the Betterment high-yield savings account they'd offered to me previously (I already have an account there for investments), which I'd dismissed because it seemed convenient to keep my savings and checking in the same place (Chase), and it's 4.2%! I've been getting 0.01% at Chase!

Needless to say I'm going to be trying it out! Thanks Apple!

Edit: It looks like they have a checking account too (https://www.betterment.com/checking), which also has better terms than Chase.

People who know more about this stuff than me: is there any reason not to just move over completely? Technically Betterment is not a bank, but it sounds like these cash accounts are backed by accounts at banks that Betterment manages for you, which means they're insured (and in fact, you can insure more than $250k because multiple banks are involved). Is there any downside I'm not seeing?

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

#152

Post by cypherpunks01 »

r00fus wrote: post #145

I'm looking for a HYS account that also has meaningful 2-factor (ie, not SMS) authentication. Does anyone know a bank that has > 4% APY where they allow an authenticator?

Wealthfront offers real 2FA (TOTP) and their Cash account pays 4.3%. Don't think there is direct Yubikey support yet.

They are not a bank, but spread your deposits over multiple banks if needed in order to achieve high FDIC insurance limits.

They also issue revocable unique login codes for some 3rd party app authentication, which I appreciate a lot. Some other 3rd party connections just use Plaid or similar.

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

#153

Post by scubbo »

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!

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 knowingly instructs a client to sign a single fraudulent document should be viewed with caution; twice is unconscionable.

I'm currently very happy with the Vanguard Cash Plus account for savings (https://investor.vanguard.com/investment-products/cash-inves...), though I think it's invite-only. I see you've got plenty of good suggestions in replies, though - you'll do fine. Good luck! :)

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

#154

Post by plagiarist »

koolba wrote: post #142
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’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?

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

#155

Post by danpalmer »

slashdev wrote: post #61
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…

You probably want a credit rating for financial products, and that’s independent to a specific country. They could expand to Europe and Canada without too much effort, but I’m not surprised to see them start with the US.

Starting with the US makes sense, but 2 years later not having launched elsewhere and launching a new US-only product, that feels like longer than I expected.

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

#157

Post by latchkey »

scubbo wrote: post #147
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'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.

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

#158

Post by subsubzero »

vlovich123 wrote: post #75
subsubzero wrote: post #70

Earlier quoted context omitted.

I have been getting >4% for most of this year on high yield savings accounts and also 1 month CDs. They are all zero risk(FDIC insured) and money generated from them could pay for my portion(half) of the mortgage on my house(if I lost my job). I would look for bankrate and they list which accounts are paying the highest APR, if you have a brokerage like schwab etc you can look at 1-3 month or even longer term CD's wh…

I have not figured out how to get CDs from the Schwab online UI.

You can't do it from the app, its only on the WEB UI. from there click "Trade" and it will be one of the options to select(in the middle column). Hope that helps.

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

#159

Post by scubbo »

latchkey wrote: post #157
scubbo wrote: post #147

Earlier 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.

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 supporting this myself, particularly since "timing the market" is often a fool's errand; but it's worth considering to recognize how your first-order reaction misses many nuances - that if you have a strong conviction that a stock market crash is imminent, then holding dollars that devalue due to inflation to then be able to buy in after the crash is still profitable)

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

#160

Post by kristopolous »

jaimehrubiks wrote: post #62
humanistbot wrote: post #45

Earlier quoted context omitted.

Most are above 4%: https://www.fool.com/the-ascent/banks/the-highest-savings-ac...

You are spamming a wrong fact. "Most" are not above 4%, a few are.

cool. it takes like 15 minutes to sign up for one such as say https://www.viobank.com/ or https://www.baskbank.com/ which are both above 4.5% ... it doesn't have to be "most" just yours.

Park 250k in there and you're getting over $950 a month right now. Spread those chunks around multiple banks, assuming you have those chunks, and you'll have a decent modest income while these rates last.

And yes, I'm doing exactly this and no, I don't have a day job right now and yes, my overall holdings are still going up. This is an unusually good time to be holding cash.

Also I know the trivial inflation arguments about how I'm hypothetically losing purchasing power. But again I don't need hypothetical things to be bought, just mine.

Right now it's covering my bills and the number is still rising. This strategy is subject to change without notice.

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