Our experience across 3 accounts each averaging 2500$/mo in a single withdrawal is a half day down from 1 day. (Not counting weekends or holidays).
I deposit my entire paycheck into savings. Then twice a month transfer what I spent to my checking account to pay off bills.
In Australia I get a bill and hand over cash. No electronics required and it’s instant.
Literally going backwards in the world of finance I see.
Marcus (Goldman Sachs) just increased its interest rate about 14 hours ago (at least that’s how long it’s been since I received the email about it). So the Apple Savings Account increase should be coming soon-ish.
Like Boeingfan (in Australia) I often pay in cash (in Japan) for some bills as well. It’s often the cheapest method for paying bills (no extra processing fees like with the various other payment methods).
The world is going to a cashless society and has been for like two decades now. Covid even sped up the process with the growth of online payments and banks. Paying cash does nothing for the consumer as fees are already baked into the process. Now for a small business owner or a tip based job in the US it could help but it isn’t necessary so unless there’s a cash discount offered there’s no point. Your paycheck, taxes, loans, etc are all just binary.
Do you actually get a cash discount? If not then doesn’t seem worth it.
Marcus has increased their rates at least twice since Apple savings was released. They aren’t using the same model.
I'll guess that's a big fat no. Slow to climb, quick to drop is the usual MO with banks
You still haven’t provided a sound basis for your ‘backwards’ comment. The world still produces and accepts cash, and there are certainly no fees to use cash but at many many retailers to use a card there is a fee, so it makes zero sense to pay those fees when there is a fee free option. Payments and refunds in cash are instant, fee free, use zero electricity, and don’t need the internet. I’m going to keep using it for as long as it’s around and continue to enjoy jumping the queue when the card terminal is down.
What do you means doesn’t seem worth it? You make it sound onerous. Believe me it is expeditious and simple, not onerous.
Capital One savings accounts pay 4.30% APY. I'm not sure I could trust GS with my money, given these recent problems.
Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank. Need I say more?
A Marcus customer here receiving 4.4% as of two days ago - none of the restrictions that you've mentioned apply here.
Would seem unlikely. I’d expect them to haul it back down. Only question is if faster or slower relative to competition.
Lots of extra admin burden on both sides of a transaction for handling cash. Plus greater risks of loss and mistakes.
