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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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It’s a Goldman Sachs bank account. I’d chose this over many other competitors.
That's probably because $250,000 is the maximum amount that can be insured by the FDIC.
the full amount allowed by the FDIC, $250k. Apple has decided to cap your account at $250k so no money will ever be uninsured in the Apple account.
I see it now but when i enter my SS number just says savings unavailable. Ill try again later
Just a general FYI.
www.investopedia.com
APR vs. APY: What’s the Difference?
APR and APY are both used to calculate interest for investment and credit products but they differ in how they affect what you must earn or what you must pay.
You can get 4% with the Wealthsimple cash account in Canada so that's an option but I think it might require a certain amount invested with them.
I just signed up successfully in midwest US if it matters. I had to go through the Daily Cash area and it gave me the option to sign up.
I wonder how this will work on joint accounts? We each get our own Apple Cash based on the purchases we make on the same card.
I have no option to set up a savings account yet. But it's not 10am yet.
Edit: Second time I went in, now I have the option to set it up.
Edit2: "Savings Unavailable - Apple Pay Series are currently unavailable. Please try again later."
Edit3: On third try, it is now asking me for my full SSN. And above error. Constantly erroring out now.
I have no option to set up a savings account yet. But it's not 10am yet.
Edit: Second time I went in, now I have the option to set it up.
Edit2: "Savings Unavailable - Apple Pay Series are currently unavailable. Please try again later."
Edit3: On third try, it is now asking me for my full SSN. And above error. Constantly erroring out now.
Curious what Apple is doing with the cash to make more than a 4.15% return on it. Possibly just using that cash flow to fund production instead of borrowing?
What happens if you max out the account at $250K - does it stop accruing interest? If not, I’d put $250K in and let it sit… hypothetically, of course. I don’t have jack.
On the 8th try I was able to get it to work. It's in the process of opening the account now.
And just got an email saying it was created. Cool. I can now add money.
Don't forget you have to pay tax on the interest you earn.
Savings account interest is taxed at the same rate as your earned income. The interest you earn on regular savings, high-yield savings, money market accounts or certificates of deposit is reported to the IRS on Form 1099-INT.
Goldman Sachs is the bank behind the savings account so I assume it's what all the big banks do to make money.
So if everyone else goes to 4.50% you want to stay locked in at $4.15%
I'm not sure if I'd rather Apple get into banking -- highly volatile in today's world -- or stick to developing excellent innovative tech.
But with Tim in charge, I guess they have a lot of time on their hands not developing excellent innovative tech...
But with Tim in charge, I guess they have a lot of time on their hands not developing excellent innovative tech...
a sad story in two parts 😂
hope it’s working for you now man, sadly not surprised to see Apple has announced this and tons of people are having problems with actually setting it up
/me looks at my bank's "high-yield savings account" generously offering 1.5% interest (tho that's not the acquisition APY, which is something like 3-4% for the first 90 days).
Given Canada's closed banking system, it may never happen - or it will be a less generous/appealing version.
I really like that all your Apple Cash you earn goes right to the savings account. So those 2% in rewards keeps growing.
This may sound like a lot but it's not. You can get 4.47% (7-day yield in the link below) with Fidelity's money market fund. It is super safe at this point with no limits. You can probably do even better with Vanguard.
I reiterate that Apple needs to stop doing financial engineering and switch to doing real engineering. Make their products something that bring satisfaction rather than aiming to be the least bad option.
SPAXX - Fidelity ® Government Money Market Fund | Fidelity Investments
Analyze the Fund Fidelity ® Government Money Market Fund having Symbol SPAXX for type mutual-funds and perform research on other mutual funds. Learn more about mutual funds at fidelity.com.
fundresearch.fidelity.com
I reiterate that Apple needs to stop doing financial engineering and switch to doing real engineering. Make their products something that bring satisfaction rather than aiming to be the least bad option.