Apple Card Savings Account's Interest Rate Lowered Again

[mthomas184]

If anyone wants to know the math, since Apple is 3.65% and Robin Hood is 4.5% with a $5-month subscription...
When compared to Apple, the Robin Hood fee pays for itself if you have at least $7,060.00 in their high-yield savings account.

($5/month * 12 months) / (4.5% - 3.65%) = $7,058.82

I would never pay a monthly subscription for a higher interest rate lol

 

[TheLinkster]

Maybe..? Goldman Sachs handles and holds the money, not Apple.

It would be naive to think Apple doesn't get a cut.

 

[rictus007]

as the interest rates decrease cash should be invested in something else, maybe a CD (short term, like a year if you want something insured by the FDIC). Stocks and Bonds (long term?) are an alternative, if the goal is 4-5%/yr. …. BTW I’m not a financial advisor, so I might be wrong.

 

[Apple MessagePad]

Apple Savings has never had a great rate. Still at 5.13% with my one savings. Another at 4.35%.

 

[uecker87]

If anyone wants to know the math, since Apple is 3.65% and Robin Hood is 4.5% with a $5-month subscription...
When compared to Apple, the Robin Hood fee pays for itself if you have at least $7,060.00 in their high-yield savings account.

($5/month * 12 months) / (4.5% - 3.65%) = $7,058.82

You fail to mention that Robinhood Gold goes to 4% after the initial 60 days 'boost'.

 

[topdrawer]

Moved my money to Robinhood. Getting 4.5%.

the app says for 60 days then 4% after that

i'm getting 4.37 elsewhere with no fees

 

[sloheim]

I would never pay a monthly subscription for a higher interest rate lol

If you have more than $7060 in the account, you should!

 

[k1121j]

I know its how the industry works but i still find it weird they lower rates way before the fed even does. Is this like the 3rd time it's gone down and the fed rate has stayed the same?

 

[mthomas184]

If you have more than $7060 in the account, you should!

Or I can use a bank that offers that without a subscription lol

 

[bushman4]

Marcus saving money. 3.75 to 3.65 keeps the majority of customers
If you have a large amount of money to deposit Marcus is not the place to do it

 

[svish]

Not surprised. Think with all the rate cuts, it will reduce further in the near future.

 

[xcel360]

Apple should be embarrassed that a much smaller company like Varo pays out 5% APR on their savings account. And yes, Varo is FDIC-insured.

From Varo website:

Qualify to earn 5.00% Annual Percentage Yield (APY) on up to $5,000 and 2.50% APY on the rest.¹ Whether you’re saving for a rainy day or that dream vacay, get there faster with our high-yield savings account.

Apple beats 2.5%

 

[Rafagon]

From Varo website:

Qualify to earn 5.00% Annual Percentage Yield (APY) on up to $5,000 and 2.50% APY on the rest.¹ Whether you’re saving for a rainy day or that dream vacay, get there faster with our high-yield savings account.

Apple beats 2.5%

Okay, good point.

 

[switz]

At this point, I do not trust most banks. I keep the smallest amount possible in the various special purpose funds we have and only move money there when necessary. And yes, if the bank fails, they can take your money, all of it in all of your accounts at that institution.

I have never gotten a note. of thanks for leaving thousands of dollars in a checking account. either. They use that money as a basis for ten times the amount of usury finance e charges loans at close to 30% interest.

One bank we use as it is everywhere we go has a $500 minimum balance for free checking. With their 30% interest loans, that means at least $150 interest they earn using my $500 as the basis for their loans, so hell yes! And I want mailed statements on their paper as proof of what is there every month. If the internet goes down, how would one get to the proof they even had an account with that bank?

Just saying paper copies beat digital every time if evidence of the digital records go POOF!