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More Than $10 Billion Deposited in Apple Card Savings Accounts
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There is no comparison. And the Capital One app is horrendous — I dropped my Venture card because of the ridiculous popups in the app. The wallet app simplifies everything — you just see your charges, balance, and upcoming bill. No other app is this focused. I do like the AmEx app, but if I were forced to choose only one card it would be the Apple Card.
If your savings balance is the average in the US ($65k), that amounts to about a $100 difference.
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I think it is hilarious that GS "had trouble dealing with Customer Service issues" when in fact the problem is that they have to perform any customer service at all. They just aren't used to doing it. I gave up on them as an institution years ago because they sucked at listening and treated people like GS was doing a favor my allowing people to put money in their institution. I thought GS and Apple was a strange pairing when this was announced.
But I do indeed have money in this account and I will keep it, even though GS won't allow me to add another account to transfer the money to and will only let me withdraw to the account I funded it with. Weird.
But I do indeed have money in this account and I will keep it, even though GS won't allow me to add another account to transfer the money to and will only let me withdraw to the account I funded it with. Weird.
I don’t know what “gouging punters” means. But you need to realize that 15 bps on $10B amounts to $15M, whereas the increase wouldn’t matter much to the average consumer.
not yet.
But is it "hot cash" (third party savings brokers) or will it look like that down the road?
And? Most of it is in t-bill ladders anyway, I moved out the remaining because Discover kept bumping it up, whereas Goldman is being complacent at 4.15% since launch.
My point is that you’re chasing pennies — 15 bps is not significant on a small savings balance. Anything above monthly expenses would see a better yield in a mm fund.
Speaking of withdrawals, I deposited approx 40k from my PNC checking account when the Apple Savings opened a few months back. I withdrew 20k of that last week back into my PNC account. It took about 12 hrs for my PNC account to show it as pending, and about 24 hours for it to show as cleared. Thus, no withdrawal issues whatsoever for large amounts in my personal experience.
Is the irony of posting this in a thread where many are deriding Apple’s savings account for being ~0.20% lower than other banks appreciated by anyone else?
Right I see people complain on other banks docile media asking when they’re going to match other bank offers. As if the .15-.30 difference is a huge game changer.
I put some money in it when they were introduced, but the other banks I have accounts with are paying more than 4.15%, so this will be first I withdraw from if I need the money.
The reason i and maybe others mention it, is that without having a higher rate what’s the point of using apple savings? Why leave your current bank for any lower rate if it offers nothing really of note?
The WSJ shows that if big banks JMPC BOA WELLS all caught up with this latent interest, their earnings would suffer by over 50 basis points.
That is - they’re holding back so much that if they went market rate on savings, they’d kill their profit.
Analysis | Banks Can’t Shortchange Savers Forever — The Wall Street Journal
Lenders may feel more competitive pressure to pass on the benefit of higher interest rates than investors appear to think
I did a withdrawal today, it was immediate to my Apple Cash and then I deposited it to my bank and that was in like 2 hours. Fastest transfer I’ve ever made that didn’t cost a fee.
Apple Savings has done no wrong so far on my end. Marcus was QUICK to close my account once they realized where I moved the money to and the fact that I moved all of it.
Or a web interface. I can't imagine ever keeping any significant amount of money in a platform-locked account.
4.15 what?
Anyway, I moved much of my savings to this until the bank I had been using announced an increase to 5.00% APY. Wonder if I’m included in that more than $10 billion deposited despite having pulled the bulk of my money back out. Not that it’s anything more than a rounding error at that scale anyway.
Are you implying they were upset by that? If so, why? Marcus and Apple Card savings accounts are both managed by Goldman Sachs.
Huge amount. Waiting for the savings account to be available outside USA
I know I know, but still. it just happened so quickly. like, I have had other bank accounts that I transfer money out of and it’s months/years before they even mention threatening to close my account due to a low balance.
it was just odd.