Yep, love the monthly statement PDF showing all the deposits to the account as well. Just another little attention to detail that makes the experience nice.
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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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It was really nice to see that interest payment last night. 14 days of interest was more interest than I've gotten from my bank the whole 15 years I've had my savings with them.
The first time I moved my savings to a high yield savings account I thought it might be an error when I saw the interest I earned.
I'm curious if our 4.15% will go up if and when the fed raises rates today? And how long it will take?
I'm sure our resident financial wizards we have here will let us know...
I'm sure our resident financial wizards we have here will let us know...
I posted a few days ago but then deleted the post. I think we’ll POSSIBLY see another 10-15 bps added to this rate and it should / could last till ~ early Q4/23..or not. ;-)
That would be nice. How quick could an increase happen?
Anyone have another high yield account that had an increase after the fed increase? If so how long did it take?
You have to pay taxes on the money you make from your job too. So what's the point?
The taxes you will have to pay on interest earned is nothing compared to the money you'll earn rather than having it in an account that pays .02%
So...you're complaining about paying 25 cents in tax on a free $1?
It's like all those articles that come out about the terrible tax bill a billion dollar lottery winner is going to have.
I mean, they just won a BILLION dollars!! Who cares what the taxes are? They're going to be A LOT LESS than a BILLION dollars.
Oh yes. Don't know timeframe but the interest rates can change often. They had absolutely cratered for a while. A year ago mine was 0.50% and now it's back around 3.75%. It was nice seeing them go up again.
Possibly because still making a good deal of money is better than earning pennies.
I have another high interest savings account where the rate has been going up the start of the month after a rate hike. There’s no guarantee the Apple savings will do the same though.
I'll respond the same that I always do with people who make this kind of statement....
"I'll gladly take your money off your hands and pay the taxes I make on the interest since it's too much bother for you"
It never ceased to amaze me that people would rather throw away free money than pay a SMALL PERCENTAGE of it in taxes.....amazingly stupid way of thinking and a serious misunderstanding of how income, percentages and taxation works.
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Let's say you put $10,000 into your Apple Savings account. How much would you profit every month? Since it compounds daily and gets posted into your account monthly.
And let's say we fall into the 22% tax bracket. How much in taxes would we need to pay?
And let's say we fall into the 22% tax bracket. How much in taxes would we need to pay?
You’d get $34.58 for the first month and $423.55 after a year.
As for taxes, that’s tricky because the US doesn’t have a flat tax so even if you are in the 22% tax bracket you don’t pay 22% on everything you earn. Deductions will further decrease the tax rate. For simplicity though 22% of $423.55 is $93.
www.forbes.com
As for taxes, that’s tricky because the US doesn’t have a flat tax so even if you are in the 22% tax bracket you don’t pay 22% on everything you earn. Deductions will further decrease the tax rate. For simplicity though 22% of $423.55 is $93.
2022-2023 Tax Brackets & Federal Income Tax Rates
If you submitted Form 4868 for a 2022 tax filing extension before April 18, your new submission deadline is October 16, 2023. America’s income tax rates are staying the same for the current tax season and next year's. But the tax brackets—the income buckets that are charged at progressively higher
www.forbes.com
What would be really jarring is to put that next to earnings for a standard savings account. I just looked Chase savings accounts up and it's at 0.01%.You’d get $34.58 for the first month and $423.55 after a year.
As for taxes, that’s tricky because the US doesn’t have a flat tax so even if you are in the 22% tax bracket you don’t pay 22% on everything you earn. Deductions will further decrease the tax rate. For simplicity though 22% of $423.55 is $93.
2022-2023 Tax Brackets & Federal Income Tax Rates
If you submitted Form 4868 for a 2022 tax filing extension before April 18, your new submission deadline is October 16, 2023. America’s income tax rates are staying the same for the current tax season and next year's. But the tax brackets—the income buckets that are charged at progressively higher
Just to fix the math, it would be $415 in the first year assuming 4.15% APY remains constant. APY is the annual percentage YIELD. As opposed to the interest rate.You’d get $34.58 for the first month and $423.55 after a year.
As for taxes, that’s tricky because the US doesn’t have a flat tax so even if you are in the 22% tax bracket you don’t pay 22% on everything you earn. Deductions will further decrease the tax rate. For simplicity though 22% of $423.55 is $93.
2022-2023 Tax Brackets & Federal Income Tax Rates
If you submitted Form 4868 for a 2022 tax filing extension before April 18, your new submission deadline is October 16, 2023. America’s income tax rates are staying the same for the current tax season and next year's. But the tax brackets—the income buckets that are charged at progressively higher
Technically it’s a bit more than that since it compounds daily/bi-weekly, so more like $422. ;-)
Nope. The APY takes into account the effect of compounding interest.
If you check the small print, the interest rate on the Apple Savings account is really 4.08% or so. Compounded daily, that rate results in an APY of 4.15%.
FWIW, the title of this thread is wrong.
Marcus just bumped their savings from 3.9 to 4.15%.
Isn't this just another hysa offer? Other than APY is there any other advantage/difference/anything special about this offer?
I already have a high rate savings account that is over 4% for my cash and am trying to see if I am missing something.
Anyway looks like Apple is officially moving into old money industry.
I already have a high rate savings account that is over 4% for my cash and am trying to see if I am missing something.
Anyway looks like Apple is officially moving into old money industry.