The large banks all seem to be around 4% or lowerGiven the current market condition, anything lower than 4.8% APY is a flop. (tons of 5%+ high yield saving offers out there)
It's UK, Royal Bank of Scotland.Where in the world is this? That barely keeps up with inflation but its way better than I am getting.
I use it all the time. I pay my rent in apple cash.BTW, do many people use Apple Cash? I don't see it mentioned anymore.
This hurts in so many levels 🤣🤣We've finally reached a point where we have minimum OS requirements to open a bank account... never thought I'd see the day.
I used Venmo today since Starbucks partnered with them recently as a payment method in their app.I use it all the time. I pay my rent in apple cash.
The real question is does anyone use Venmo anymore?
You say tons, I can't find 1. Please share 1 large bank offering that.Given the current market condition, anything lower than 4.8% APY is a flop. (tons of 5%+ high yield saving offers out there)
Nothing large (unless the original poster knows of one that I am not aware of) but there are a handful of small regional banks offering slightly over 5% and many others that are just under (but getting very close to) 5%.You say tons, I can't find 1. Please share 1 large bank offering that.
Where in the world is this? That barely keeps up with inflation but its way better than I am getting.
Goldman Sachs, whose primary business is investment banking and providing advice to the ultra-rich, has a retail bank, Goldman Sachs Bank USA, that it launched a few years ago to expand its client base to mainstream banking customers. The brand name on the bank’s offerings, as Apple Card users know, is Marcus. Goldman Sachs Bank USA, which is a wholly owned subsidiary of GS, is fully regulated (its main regulator is the Federal Reserve, which isn't the case for every bank) and insured (through the FDIC) by agencies of the federal government. These are the same agencies that oversee the systemically important banks in the US, including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo.
Marcus has been an Apple partner for a few years because it wanted to acquire customers quickly. Currently, though, Marcus has not been performing as planned. As a result, GS has said during recent earnings announcements that it has been ramping down the amount of attention Marcus gets relative to GS’s other activities.
The last time I looked, the 3.75% APY on savings is also available at other online-only banks, including American Express Savings Bank. So the rate is competitive at the moment…but could change at any time.
If no money moves in or out except interest it depends how often it compounds:So if I have let's say $10,000 in my Apple Savings Account. How much interest will I earn after like 1 year? I'm wondering if it's worth it for me to transfer all my money over from bank of america savings or chase savings account to the new Apple Savings. I believe bank of america has only like a 0.03% APY which is extremely bad compared to Apple's 4.15%.
I thought the more you have in your savings, the more interest you will earn? Does anyone know how often it compounds?If no money moves in or out except interest it depends how often it compounds:
Yearly would be $415. Monthly would be $422.99
You’re right, and with the Apple Savings account, interest is compounded daily and credited to the Savings account monthly.I thought the more you have in your savings, the more interest you will earn? Does anyone know how often it compounds?
The interest rate likely won’t be 4.15% for the entire year and will decrease whenever the Fed decides to cut rate (this is expected to happen at some point later this year).So if I have let's say $10,000 in my Apple Savings Account. How much interest will I earn after like 1 year? I'm wondering if it's worth it for me to transfer all my money over from bank of america savings or chase savings account to the new Apple Savings. I believe bank of america has only like a 0.03% APY which is extremely bad compared to Apple's 4.15%.
All other banks will probably lower their rates as well though, so same diff.The interest rate likely won’t be 4.15% for the entire year and will decrease whenever the Fed decides to cut rate (this is expected to happen at some point later this year).
Apple was smart to release this product at the peak of high rates to more effectively capture customer deposits. When rates decline, people likely won’t move their money, but new customers will be less incentivized to put their money there.
Which is why I said people likely won’t move their money. Just giving people a heads up to not expect a fixed 4.15% throughout the year.All other banks will probably lower their rates as well though, so same diff.
Won’t new customers have the same incentive as now? That being, when everyone’s rates drop, Apple’s will still be higher than most banks?new customers will be less incentivized to put their money there.
And the chat is so worthless too. I tried to ask something on break at work. Still hadn't answered by the time it was over. Then next break it has been closed. Why can't they just save it until I come back and answer again??? And they never fix anything anyhow. They still can't figure out why some merchants still want our old ZIP Code when we moved FIFTEEN months ago. And is it only some? Someone said they had a similar issue with money going to their Apple Savings. Random merchants the money will never show up.Just an FYI but I am trying to link an external bank checking acct. and I received the email notice that it has been linked but needs to be verified and to call Goldman Sachs. So far, on hold 54 minutes. HHHHHHHH
>4% is a pretty compelling rate. Tell someone it’s ~2%, they will be more indifferent to just keeping it in their checking account or would rather invest it in the stock market. As a whole, Apple and other higher yielding saving opportunities would see lower inflows from consumer in a lower rate environment (the pie gets smaller). However, you’d assume that Apple would still capture a larger share of those inflows if they’re paying the most competitive rate.Won’t new customers have the same incentive as now? That being, when everyone’s rates drop, Apple’s will still be higher than most banks?
3% is a compelling rate if someone has their savings in a bank that offers 0.04%, though. Which is what some other banks are offering currently. If Apple goes down to 3% those others could drop to 0.01%… and the 3% would STILL be a better investment than that.>4% is a pretty compelling rate. Tell someone it’s ~2%, they will be more indifferent to just keeping it in their checking account or would rather invest it in the stock market. As a whole, Apple and other higher yielding saving opportunities would see lower inflows from consumer in a lower rate environment (the pie gets smaller). However, you’d assume that Apple would still capture a larger share of those inflows if they’re paying the most competitive rate.