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Apple Card Savings Account's Interest Rate Lowered to 4.4% Today

noannualfee said:
Not sure if many agree about the Synchrony part. I remember Synchrony being terrible when I poorly made the youthful choice of getting credit lines with them. I love Amex but the co-branded Amex cards don’t get the same love as their own cards, but I’d welcome Amex all day.
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No matter who takes over, the Apple is almost certain to remain a Mastercard or VISA affiliated credit card. Going to AMEX system card would dramatically shrink the card's footprint and result in significant reductions in potential customers and the number of places the card is accepted with a pretty stark concurrent reduction in profit potential. AMEX would likely have to agree to it remaining in the VISA/MC family.
 
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orangeadrenaline said:
Like instantly transferring money from savings to checking at Ally, Capital One, and Discover?
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there is a fee to transfer from Apple Savings to your external bank account INSTANTLY, but I have never done that. I only transferred out of my Apple Savings account once and putting it into Apple Cash and then from Apple Cash to Chase for example happened pretty quickly.

getting money into Apple Savings is even faster if you load funds to Apple Cash from debit card and then transfer to Savings from there.
 
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DocMultimedia said:
Time for Apple to become a banking institution when the agreement ends.
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Outside of the US the largest non-finance conglomerates in each country eventually enters the finance sector like savings account, insurance and others.

In JP Sony has a bank https://moneykit.net/en/

Them becoming a bank is a low cost way of getting cash with less onerous ToS than a formal bank loan from JP Morgan or WaMo.
 
Chazak said:
There are much better alternatives if you can meet minimum required investment levels. Apple is a good alternative if that is not in your wheelhouse
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For example, if you have a brokerage account or any business with Vanguard, VUSXX which strictly invests in gov't securities is paying 5.3%. It as good it gets for security, yield and liquidity. However, VUSXX requires $3k increments going in or out. 24 hours cash returns going in or out. There are other similar funds besides VUSXX. All money market funds will move in concert with 90-day T-Bills.
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Is VUSXX still closed to new investors?
 
If someone has $5,000 (which some of these banks require), aren’t there ways, generally, to get a better return than a high yield account?
 
JordanCautious said:
Difference being that I can literally get my money from Apple Savings instantly. If you withdraw to Apple Cash instead of your bank, you can do instant transfer to your bank from Apple Cash. I just did it today actually. The whole process literally took less than 2 minutes, based on my time logs.
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Looks like Apple Cash to a bank account number takes 1-3 days, but it’s free. The other option is Apple Cash to your bank via a debit card, which is instant and has a fee of what appears to be 1.5%.
 
marcobalto said:
Looks like Apple Cash to a bank account number takes 1-3 days, but it’s free. The other option is Apple Cash to your bank via a debit card, which is instant and has a fee of what appears to be 1.5%.
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yeah they say 1-3 days, but for me it’s always been hours to one day.

of course it depends on the time of day, maybe the amount and the bank it’s going to, but I don’t recall it ever being more than a business day.
 
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Given that government bond yields have risen over .25% in the last two weeks, this is an interesting move. Put that money in a money market fund. Fidelity is offering 5.02% right now, and has free checking, electronic deposit of checks, and picks up all ATM fees (from an ATM with Visa and/or Mastercard logos), no matter where you are, if you want a debit card. Is Apple Savings doing all that for you?
 
Can someone do math for me on what the difference is between 4.5 and 4.4% on a savings account of $9 dollars? Asking for a friend… a friend that is married… a friend that is married with six kids… a friend that is married with six kids with a youth pastor income and also in graduate school.
 
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Shasterball said:
4.5% is not terrible. But I recall people having issues withdrawing or transferring money. Which is a problem for a, you know, bank account product.
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I had an issue withdrawing money just this past week. Turns out when I updated the iOS software it turned off the toggle under Apple Pay and wallet in the Face ID and passcode in general. I toggled that back on and all is good. Not sure why the update turned that off because I did have it on and working before


James
 
its still about 400 percent more than the interest rate I get at chase bank. shameful. they did not even make your list but they are by far the most popular bank used because of so many locations around the USA and the world.
 
My cat will be furious... it has 800k in an Apple savings account. Im sure it will be looking elsewhere in the future.

Really difficult to keep it happy... bought it AVP but it said it was meh. Does AirTags tho... playing with them all the time.
 
tonywalker23 said:
Can someone do math for me on what the difference is between 4.5 and 4.4% on a savings account of $9 dollars? Asking for a friend… a friend that is married… a friend that is married with six kids… a friend that is married with six kids with a youth pastor income and also in graduate school.
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It's like $4.7M, so you should livid with the rate drop!
 
Darren.h said:
its still about 400 percent more than the interest rate I get at chase bank. shameful. they did not even make your list but they are by far the most popular bank used because of so many locations around the USA and the world.
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Same for Bank of America - their premium checking + savings account package has a rate of ... 0.01%

Their top rate for million-dollar customers is 0.04%.
 
Funny wonder what this is based on feds have not changed rates...... it's all good i just keep moving money around to where it does best.... Apple saving balance now just enough to keep it open
 
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