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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

#51

Post by judge2020 »

mgaunard wrote: post #26
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!

Are you sure it's not 1% ?

Either because banks don't lend out consumer money, or they do and don't pay the interest back to their savings account customers, tons of regular consumer banks and CUs offer 0.01% on savings accounts they bundle with checking.

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

#53

Post by irrational »

thoughtpalette wrote: post #9
Simulacra wrote: post #2

How many of you got the card just to have a titanium Apple card, and never used it, or was that just me?

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.

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

#55

Post by Brendinooo »

duxup wrote: post #14
dontcontactme wrote: post #5

Decent but there are plenty of higher yield savings accounts out there

Do you have some you can provide?

Interested in this as well, because I've been doing research on this and it seems like the ones that aren't banks you've heard of that have higher yields are more prone to playing games with your account (not adjusting your APR but instead keeping you on whatever and creating new accounts for the new plans).

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

#56

Post by runjake »

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!

Bankrate is always a decent source for info.

Best high-yield savings accounts in April 2023:

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

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

#57

Post by slashdev »

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!

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 coverage from Lloyds of London).

You can buy 3 month or 6 month treasuries with yields well over 4%.

I don’t know why anyone would want to keep cash in the big banks, unless they really need it liquid in the short term.

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

#58

Post by irrational »

fassssst wrote: post #38
jitl wrote: post #8

Earlier quoted context omitted.

2% cash back on any Apple Pay purchase is worth using.

But there are other cards that give you 2% cash back on any purchase, Apple Pay or not...

Especially when, as I’ve learned, so few places allow touchless/Apple Pay payments.

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

#59

Post by shmatt »

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…

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

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

#60

Post by cptcobalt »

aketchum wrote: post #7

It is interesting that there is no direct deposit requirement for this account. Most traditional (Truist, BofA) and competitor banks (Sofi) offer incentives to encourage direct deposit for the end users. I wonder what other strategies Apple will be using to drive deposits in lieu of this. It is also in Apple's best interest to drive deposits, as most of these agreements end up with the bank (GS) and the provider (App…

Convenience—it's just there in your phone, ready to set up. The others need to win you.
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