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Apple Card Savings Account's Interest Rate Lowered

I only keep the card for buying big ticket Apple items on their one year payment plan. Not needed to do that for quite ...some ...time.

If you are still reading, the Walmart credit card is actually full of amazing cashback and discounts stuff. Things you actually use in your daily life. I was shocked and surprised at all the awesome. Not something I normally ever would've looked at. You can set it up all on your phone to use too. Much like Apple Pay and Apple Cash.
 
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CarAnalogy said:
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.
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Just curious to hear some ideas versus savings. Long term S&P or something else?
 
parameter said:
Just curious to hear some ideas versus savings. Long term S&P or something else?
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Roth IRA with very safe mix of bonds and index funds and treasuries. Winds up being pretty safe, you can withdraw your initial deposit, and generally higher yield than any specific savings account.

Savings accounts tend to also have restrictive rules about withdrawing from them and what you're allowed to do with them. Even if you just park your money in the base FDIC insured investment account you can usually do better than a savings account.
 
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NJRonbo said:
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%?
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A savings account is never a “great investment” even with a HY account you’re always behind the inflation 8-ball
 
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jayducharme said:
Pretty soon we'll be paying them to hold our money....
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Technically, that's what banking has always been. The bank always offers less than the return they can make with your money, and often less than inflation, so you're effectively paying them the lost potential earnings to hold your money and maintain the same value (plus interest).
 
sw1tcher said:
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?
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I suggest under you mattress or in a coffee can buried in the back yard.
 
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CarAnalogy said:
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.
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The problem with this strategy is, money put into investments is "tied up" to an extent. If you need cash out of it for something, you're stuck going through a process like selling your stocks or mutual funds, followed by a second step moving the resulting cash into a bank account where you can spend it.

With most regular checking accounts paying nothing at all in interest, you may as well have both a checking and a savings, keeping just enough in savings to cover emergencies. Then, put any extra you can afford into investments. Checking can be the place your payroll deposits go, to get spent again in days on the monthly bills.
 
DocMultimedia said:
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.
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Exactly... and if your experiences are like mine have been over the years? There are opportunities that pop up occasionally where you can make a purchase of something useful and valuable at a big discount, but having immediate access to cash is the only way it'll happen. (EG. Winning bids at auction houses on consumables, furniture, tools or ?? that let you pay pennies on the dollar for them.)

Honestly, it's possible to earn more income buying the right things at the right prices (and reselling for profit) than trying to find places to park the money as an investment.
 
No justification for this other than greed. Even more so if you understand how banks make money on deposits.
 
At best a HYSA is just a place to park money that sits in place holds its value against inflation. If you want your money working and growing for you then it needs to be invested.
 
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CarAnalogy said:
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.
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When it was 5% I kept it in there...since then I have been to lazy to pull it out. I just did so this morning and will be handing that money over to Schwab next week.
 
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fenderbass146 said:
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.
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Exactly! Yeah, it's disappointing to see the interest rate drop all the time, but my purpose for opening a savings account was to have an emergency fund. It's something everyone should have. I don't see it as an investment.
 
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Joe Rossignol said:
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.
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I noticed that immediately and I like this new shorter format for certain articles! Keep up the great work! 🙂
 
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CarAnalogy said:
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.
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I assume you mean stocks or similar? Most people don’t have money to invest in real-estate and startups. And treasuries have been rising because the world is divesting of US debt and moving away from the petro-dollar. Means they have less faith we can pay in the future, and I tend to agree.

That AI bubble gonna pop…

People like you are the ones documented exiting their upper level windows in 1929.
 
Joe Rossignol said:
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.
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I really like it. Reminds me of when I first started reading this website around 2004. arn was never one for much exposition back then.
 
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