If you deposited $1,000 and made no withdrawals for one year, you would earn $34 in interest at the current APY.
Article Link: Apple Card Savings Account's Interest Rate Lowered
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Apple Card Savings Account's Interest Rate Lowered
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If you deposited $1,000 and made no withdrawals for one year, you would earn $34 in interest at the current APY.
Article Link: Apple Card Savings Account's Interest Rate Lowered
iMac The Knife
macrumors 65816
That's it, I'm canceling my Apple Card. I had some big dreams for that extra 27 cents a year I will no longer be getting!
Looks like I get to be the first one to jump on this thread and say that savings accounts are not a good place to keep your money. If you've got enough to save you've got enough to invest.
They have their place, like shorter term holding.
fenderbass146
macrumors 68000
As long as it stays similar to inflation I'm happy...anyone who thinks of this as an investment source isn't doing it right.
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We've covered the majority if not all of the APY changes since Apple Card Savings launched. At the very least, I hope you appreciate the shorter format now for such a story. All of our previous articles on this topic had the same 3-5 paragraphs rehashing what Apple Card Savings is. We are experimenting with brief stories for certain topics in order to get to the point and save time for both us and readers.
Why is everything all or nothing? Everyone needs savings and investments.
They say the best way to get answers on the internet is to confidently post your own answer and wait for people to correct you.
I personally have found I don't have a use for them. Always interested to hear what other people are doing.
bowens
macrumors 6502a
fenderbass146
macrumors 68000
And inflation was probably at that or higher too. These High Yield savings accounts are essentially just good for holding your money for easy access (not invested) and not letting it lose money just sitting there. It keeps up with inflation and thats about all it's good for ideally.
Yes, yes, yes!!! THANK YOU!!!
dynamojoe
macrumors 6502
Still better than some bank's CD rates and a lot more flexible. It's not the best, it's definitely not the worst (my bank offers 0.1%), and it's convenient to me. I'm sticking with it for my emergency cash stockpile.
This rate mirrors what Goldman Sachs offers on their online savings accounts through Marcus.
Imagine what these will earn once Chase takes over. .01%?
Imagine what these will earn once Chase takes over. .01%?
DocMultimedia
macrumors 68030
I'm guessing my eTrade will take a dip in the near future as well. I'm old enough to remember when even checking accounts had 5% rates. Of course mortgage rates were above 15% at the time.
The best return on cash would be to sign up for bank account bonuses. Search for DoctorOfCredit best bank account bonuses.
Set it and forget it option are money market funds like Vanguard’s. VUSXX is preferred if you have state income tax.
Set it and forget it option are money market funds like Vanguard’s. VUSXX is preferred if you have state income tax.
DocMultimedia
macrumors 68030
You always need cash on hand for many things that pop up. Medical, household repair/maintenance, spontaneous trips, family, etc. If everything goes in stocks you'll lose money on taxes, and most other investments are longer term in one way or another.
No matter who you are, you need quick cash on hand. Keep cash, and invest in a smart way.
BaldiMac
macrumors G3
That’s not really accurate math-wise. You’d have to allow interest to accrue to make $34, not maintain a $1,000 balance. You’re describing APR instead of APY.
sw1tcher
macrumors 604
If someone has money saved (e.g. to pay next month's rent), instead of keeping it parked in a savings account until then, you're suggesting they invest it and expose themselves to the risk of that investment declining in value?
Salt City Ute
macrumors regular
Live Oak Bank’s interest rate is 3.8% and I think they had a $200 bonus.
They are a smaller bank, but are the largest SBA lender.
They are a smaller bank, but are the largest SBA lender.
This was initially a great investment when the APY was over 4%
Anyone have a recommendation for a reliable high-yield savings account at or above 4%?
Anyone have a recommendation for a reliable high-yield savings account at or above 4%?
I updated it.
"If you deposited $1,000 and made no withdrawals for one year, you would earn $34 in interest at the current APY."
