Historically you are better off investing the money. I think on average you would get a 6% return. That's why you're not supposed to park large sums in these interest bearing accounts: they pay less over time.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
- Thread starter MacRumors
- Start date
- Sort by reaction score
Historically you are better off investing the money. I think on average you would get a 6% return. That's why you're not supposed to park large sums in these interest bearing accounts: they pay less over time.
I hit the 3 dots and nothing is showing up. Is this feature still rolling out or am I one of the lucky glitched out ones? I’m fully updated iOS
Me neither- I called the special support line and they are working under the "you have to be invited to sign up" mode- they must have been sending out invites and their system is behind their public announcements.
Strong opening rate! My AMEX HYSA is currently at 3.75%. I’ll open one here for my Daily Cash for my Apple Card, but keep my AMEX for my monthly transfers…. for now.
Yup. And, it's not necessarily easy for non-US citizens to open up bank accounts in the US. There's some hurdle.
For example: https://www.investopedia.com/ask/an...vidual-open-savings-account-united-states.asp
And like you said too, there could be additional hassles from your home country when it comes to tax reporting and all that. So, why bother.
This is the way to live...if you have the means. Purchasing with a CC gives a lot of advantages over cash/debit such as extended warranties, purchase dispute protection, etc. Depending on the card. Also, you get the perks of points or other rewards (again, depends on the card). I'm already getting 4% with my bank so I probably won't take the time to transfer it since the difference on even a good sized savings is minimal
I think most banks pay monthly. Some at the end of the month and some at the end of the monthly statement date (depends on when you opened the account). Goldman Sachs pays at the end of the month.
I believe since they are giving yield, you can do a straight calc (250,000*(1.0415-1)=$10,375
just now able to get in, done!
transferred my $5.91 apple cash balance, lol
will add more
it's at 4.07% today
Synchrony bumped their HYS APY up to 4.15% from 4 last week, I assume anticipating this move by Apple. Really didn't expect Apple to offer more than Marcus so that's a pleasant surprise. That said, think I'll stick with Synchrony as they also have excellent rates on CDs and are not limited to the Wallet app for all transactions. Call me old school but it's a much nicer experience dealing with large money transfers on a bigger screen haha.
4.15%?!
Welp, looks like I'm changing my savings account to Apple Card.
Welp, looks like I'm changing my savings account to Apple Card.
TheYayAreaLiving 🎗️
Suspended
Thank you! I thought it was going to be alot higher. Still not enough to afford a Fully Spec Mac Pro 🤨
AH! Ok. I'll be checking in a few hours
Update: I just set mine up! So far seems to work like a charm. Considering now which part and how much of my savings to put into this new account
Last edited:
The maximum balance allowed for a Savings account is $250,000.
Interesting...most banks don't place an upper limit on a savings account. Thanks Silicon Valley! /s
Interesting...most banks don't place an upper limit on a savings account. Thanks Silicon Valley! /s
While I haven't read the T&C, it would be extremely hard to believe that the rate would be locked in. These High Yield Savings accounts fluctuate in interest rate based on the fed rate. Right now we're seeing great rates because of the fed, but once those come back down, so will these savings rates. Happened a couple years ago too with every other HYS account from all the different banks.