I use the IRS free fillable forms and file electronically on their website and if memory serves correctly I’d have to create a 1099 so I’d want to know the other detail… and I‘m off-topic.Not to question your process, but it's easy enough to add up the interest on 12 monthly statements.
According to Investopedia, "a high-yield savings account is a type of savings account that typically pays 20 to 25 times the national average of a standard savings account". how much that actually turns out to be will vary. And I think they compare those interest rates to what you'd get at a traditional bank.
I know that the typical go-to response is "money", and while that's right because there is a lot of money to be made in having a credit card, it's an excellent perk for people who are in Apple's system.
They have a lot of money, sure, but the savings account is through GS, not apple.
I think the hatred is toward GS being a big bank, thus tying it to greed, the 2008 housing market crash, etc. But it's not like other banks are innocent. If you really want to avoid utilizing the money from a larger bank, then get a credit account through your local credit union.
Prolly not gonna match those, but it might be a LOT more convenient. I mean, imagine having your Brilliant Bank or Cit Bank high yield savings right in the Apple Wallet app. Because of ease of use, i anticipate a LOT of money flowing into these savings accounts very very quickly.
I am at slightly over $2,500 cash back since Apple Card inception. I am very aware that there are several higher rewards cards out there, but, most you get "their" rewards...not actual cash. Theirs cannot be texted to friends. It is difficult to pay other cards off daily like I do my Apple Card.
I regret to tell you I am the opposite of this assumption. EVERY bill is on Apple Card, geetting plenty of Apple Cash back...pay off my card every evening. $0 in interest paid with over $200,000 spent since August 2019.
Ew, U.S. Bank. It's going to be riddled with fees, charges, and ambiguously written terms that you think you're abiding by but, in fact, turns out you're not. Which, of course, will result in fees. You'll then try to find information on their website, only to find that logging in always gives an error no matter which browser you use. There's a handy 'report this error' feature, so you click that, only to be taken to a page not found page. You try the helpful chat, only to find that the representative disconnects 5 minutes after you ask your question. So you call. And you wait. And wait. And wait. And wait. Finally, after your will to live has almost dissipated, somebody answers. You explain the situation. They tell you, in very unfriendly terms, that them's the haps and hang up immediately. In a fit of unadulterated fury (or mild irritation), you go to your local branch to withdraw all of your money and close all of your money draining fee collectors (er, accounts). They bounce you from desk to desk until you finally end up speaking to a very unpleasant woman who disappears mid-conversation for 20 minutes, returns, and grills you like a detective in a bad police drama about why you'd dare try to close an account.
I typically use the cashback to pay part of my monthly credit card bill. I imagine that makes use of the cashback to the fullest extent possibly (financially, that is)...?
Traditional banks won’t offer high yield.
I just had over 1k sitting in Apple Cash waiting for the new iPhone to come out. If I had this at least it would have been gaining a little interest. I will surely get this when it's available.
The article is about a SAVINGS ACCOUNT.
Not sure how Apple hordes cash this way. If anything, it's Goldman Sachs that does.
