42 basis points in fees, so your real return is more like 4.58%
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Apple Savings Account Interest Rate Increased to 4.25% APY
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That $1 increase is what I figured, which is why I'm surprised this whole thing made heading news and has everyone dancing in the streets
I trust the security of my Apple ID more than that of my banks.
Everyone keeps pointing out who has a higher rate, but no one is pointing out who has a lower rate.
Your math is right, but a little point on your last sentence. It assumes you keep the $1000 plus the monthly interest in your account the whole year.
With a CD you are locked in for a specific amount of time — you don't get your rate if you withdraw, so not sure why you're comparing them.
Although, I’m now in my mid 30’s, Apple made me discover that my bank for the last 20 years (Wells Fargo) has been giving me 0.15% this entire time!
I immediately withdrew all of my savings out and spread them across different HYSA’s. Thank you Apple, for bringing awareness to me and others!
And thanks to heavy media coverage of everything Apple, more people are aware of high yield savings accounts than before.
Which account from Fidelity is offering this? I am only seeing 2% for their Cash Spending account and 4.99 for their Bloom account.
I just moved all my money back to Capital One as that’s where my checking account is and I have a credit card with them. Their HYSA is 4.3%. I like it because it’s a liquid savings account that I have easy access to. And Capital One has a savings program where it will take a percentage of your direct deposit and put it in the HYSA each month.
Yea, I don't get it. Maybe, because it's actually a pretty good percentage? I mean I remember when CD's were close to 10% and also when they were close to 1%
I don't think any of my accounts have exactly the same rate, but each one is only insured to $250,000, so you have to spread your money around. I wouldn't put everything in an Apple Savings Account (I'm not even sure you can; I think there is a limit to what they accept) but it's really easy to set up and gives you another option.
Hehe, when I said “modest” savings I meant a few thousand dollars. The extra interest I‘ve earned this past year made me happy.
The number of Americans who don’t even have $1,000 saved for an emergency is both alarming and heartbreaking. I feel extremely fortunate that circumstances have allowed me to have zero debt, a little money in savings, and the ability to live frugally while also saving for retirement.
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Tell me you skipped economics without telling me...
It's not just about security. It's about having legal recourse. Apple ID may have better theoretical security, but if your account does get pwned you are well and truly F#*@cked with no recourse. Apple will not help you. You can lose all your years of family photos. I can mitigate that by having several backups. But I can't back up the cash in an Apple savings account and I am not going to depend on Apple's murky mythical unresponsive support to help me recover the financial side. I would much rather deal directly with the bank.
Y
You appear to know nothing about how this account works. Oh well.