Apple Savings Account Interest Rate Increased to 4.25% APY

[hoodafoo]

If I had a $1000 in my apple savings, what does 4.15 to 4.25% translate to?

 

[iAppleOrchard]

Ya lets steal more of Goldman Sacks money :troll:

 

[svish]

Increase in interest rates is good. Still waiting for Apple Card/Apple Savings account to be available in my region

 

[drenline]

Wished the long awaited increase was a tad bit higher, but I’ll take it. Lol

I just locked in a CD for 10 months @ 5.30%

 

[Lucky736]

I'm seeing 6-7% from Fidelity.

Link? Curious what this is.

 

[xxFoxtail]

If I had a $1000 in my apple savings, what does 4.15 to 4.25% translate to?

If I'm doing my math right - which I'm probably not because I'm half awake. Your $1000 was giving you $41.50/year before, now it'll be giving you $42.50. That $42.50 is spread across 12 months though. So about $3.54/month assuming you keep just $1000 in the savings account for the whole year.

 

[Darren.h]

THIS WILL CHANGE DOWN NEXT YEAR.

THE FED ALREADY ANNOUNCED 3 RATE CUTS NEXT YEAR.


MAYBE THEY KNOW A RECESSION IS COMING?

 

[page3]

The is the most American thing ever. 🤪

 

[Sheepish-Lord]

Regardless of rates, it felt like by advertising their HYSA Apple raised a lot of awareness to a new generation and conveniently other banks started following suit. Hope they figure it all out because being able to have your Apple cash automatically go straight into your HYSA is still something no other company offers.

 

[unregbaron]

Bitcoin may be worth it now.

 

[SkydiveGuy]

While there may be better interest rates out there, this account took a mere seconds to setup on the phone.
Convenience has a cost I guess.

 

[newyorksole]

they randomly raised my Apple Card credit limit by $4k and now the Savings % is higher. I’ll take both!

and for all of the finance super experts and rich folks out there… it’s ok to have money in Apple’s savings account as I’m sure all of you keep money in multiple places too… 🙂

 

[ninetyCent]

I'm seeing 6-7% from Fidelity.

I'm seeing 289% - 299% on Citi

 

[hans1972]

If I had a $1000 in my apple savings, what does 4.15 to 4.25% translate to?

$1 per year.

The difference is 4.25% - 4.15% = 0.1%

The increased interest is $1000 * 0.1% = $1


Let's say you could get 5.15%, an increase of 1 percentage point:

$1000 * 1% = $10

 

[FaustsHausUK]

I got the banner to invoke by opening the Settings app on my iPad and tapping into my wallet.

My SoFi account has an APY of 4.6% so that’s where I funnel anything I can from pay cheques, but having my Apple cash back automagically pushed to a savings account that’s slightly less liquid is a great additional way to save. 4.25% is better than a kick in the pants.

 

[CalMin]

It won't change my life, but I'll take it.

 

[3xBoom]

I moved to Popular Direct with 5.4% APY despite them not being on the bleeding edge of technology. Also, how this new rate fits with the upcoming divorce of Apple and GS?

 

[Sorinut]

THIS WILL CHANGE DOWN NEXT YEAR.

THE FED ALREADY ANNOUNCED 3 RATE CUTS NEXT YEAR.


MAYBE THEY KNOW A RECESSION IS COMING?

No they didn't. The fed doesn't pre-announce rate cuts, nor do they pre-announce rate increases.

 

[zilchfox]

So Goldman Sachs is giving Apple Savings account holders 4.25% while their Marcus account holders get 4.5%.

🤣


View attachment 2327291

Synchrony is at 4.75%

 

[elvisimprsntr]

+1 Fidelity

5% on SPAXX core positions.
VISA 2% cash back deposited monthly.
World wide ATM fee reimbursement and no foreign transaction fee.
Individual HSA you can transfer funds from an employer HSA and invest in anything without any fees.

 

[bigjnyc]

I have a REIT stock that pays a nice generous dividend... Currently getting 18% return.... in addition with Fed lowering rates next year the stock price will go up so I could see total returns in the 30% range. These savings accounts are rubbish and folks should try to keep as little money as possible in these things... Just enough for emergencies should you need it.... The rest should be invested in something with much better returns.

 

[CharlesShaw]

Yes, there are better deals, but like I said back when this account was first offered, I wouldn’t have bothered to move my modest emergency savings out of a regular savings account if Apple hadn’t made it so fast and easy [for an existing Apple Card holder].

 

[elvisimprsntr]

Link? Curious what this is.

SPAXX - Fidelity ® Government Money Market Fund | Fidelity Investments

Analyze the Fund Fidelity ® Government Money Market Fund having Symbol SPAXX for type mutual-funds and perform research on other mutual funds. Learn more about mutual funds at fidelity.com.

fundresearch.fidelity.com

 

[Born Again]

I just got a notification on my iPhone a few minutes ago that my rate was going to be increased to 4.25% so I’m glad that this has finally happened

I use my Apple savings account all the time because I use my Apple Card on an almost daily basis and all of my cash rewards are automatically deposited into my Apple savings account

The interest rate is also very very good considering what I currently get from my Bank of America checking account and Apple also makes it very easy to transfer the money from my Apple savings to my Bank of America checking account for when I need quick access to the funds

You know Tim Cooke doesn’t even have an Apple savings account.

You think the execs at Apple even use an Apple credit card?

😂

 

[velcrovan]

Even if they were offering 7%, I don’t want any part of my financial life tied to my Apple ID. I use Apple Pay, but if someone compromised my Apple ID I would still have access to those accounts and could manage/block them independently.