Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

apple.com

Post reply on HN
Print view View original

171–180 of 306 posts

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

#171

Post by TradingPlaces »

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…

They are also illiquid for 3 months. A savings account is for more liquid savings

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

#172

Post by danr4 »

footpath wrote: post #107

Here are two manually curated lists of the currently highest yielding FDIC-insured deposit accounts in the US: https://phatwalletforums.com/topic/109/best-nationally-avail... https://www.doctorofcredit.com/high-interest-savings-to-get/ 4.15% is good, but there are better options, including with big banks like Bank of America (4.50% currently, though with an initial deposit requirement of $100k).

Where do you see 4.5% in BofA?

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

#173

Post by kylehotchkiss »

hakunin wrote: post #114

So 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.

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

#175

Post by RoyGBivCap »

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.

If inflation is above the savings yield no matter what the particular values are, you're still losing purchasing power.

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

#176

Post by jedberg »

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…

My guess is that it has little to do with FDIC and a lot more to do with them not wanting to pay so much interest on that much money.

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

#177

Post by tombert »

TradingPlaces wrote: post #171
koolba wrote: post #142

Earlier 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…

They are also illiquid for 3 months. A savings account is for more liquid savings

I could be wrong, but I thought you could sell T-Bills fairly easily on the secondary market. You might take a bit of a haircut, so it's obviously better to hold onto until maturity, but I think in a pinch you can get most of the money back.

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

#178

Post by phh »

shmatt wrote: post #103
phh wrote: post #78

Earlier quoted context omitted.

> Less than half of French people even have a single credit card Got a source ? https://www.cartes-bancaires.com/cb/chiffres/ says 76M cards over a population of 67M (50M for people over 18yo). Sure some people have multiple cards, but that sounds hard to believe. (Also that's not counting non-CB credit cards. Those are pretty rare in France, but I have one) (Maybe I'm misunderstanding what you said in "a single cred…

this is a quick link https://www.statista.com/statistics/1098129/credit-cards-and... adoption across countries https://www.statista.com/statistics/968220/credit-card-owner... your link seems to be confusing debit cards with credit cards Apple card is not a debit card, which is widely used in Europe, with much less credit card/debt normalized vs. the US

Ah thanks, that indeed clears up my confusion.

I don't understand how is that relevant to savings or Apple Card though? I mean sure Apple Card is currently a credit card, but I don't think that's relevant? In France most banks just give the customer the choice between credit and debit cards, and we just mostly prefer debit cards. Apple could probably just do that as well.

That being said, I guess the reason there is no Apple Card in Europe, is that you can't make 2%+ markup on card payments.

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

#179

Post by donohoe »

hakunin wrote: post #114

So 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…

I'm still very happy with Ally for general banking - still prefer their app over others that I have seen. For Savings they are still very good but also have a "No Penalty CD" thats at 4.25% APR and their "High Yield CD" is at 4.8% for 18 months

https://www.ally.com/bank/cd-rates/

For kids we did go with Chase, and I maintain a balance to avoid fees and allow for a monthly transfer for allowances. I have a recurring transfer from Ally to Chase to keep things level. Easy to setup and forget about.

https://account.chase.com/banking/first-banking

That aside... I think you may want to look at US Treasury "Series I Savings Bonds". The rate changes every 6 months but you can lock in a 6.89% for that time (if you get them before April 30, 2023). Again, you need to keep them for at least a year and other terms apply. Their website is not great but once you get over that....

https://www.treasurydirect.gov/

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

#180

Post by tombert »

balderdash wrote: post #169
plagiarist wrote: post #154

Earlier quoted context omitted.

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...

TreasuryDirect's website is pretty horrible, but for what it's worth they actually have the option for automatic reinvestment of T-Bills built in. You can even set the number of reinvestments you want to do, or just have it automatically re-deposit into your bank account when the T-Bill is mature.
Post reply on HN