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I like using Wealthfront. It has a little bit better rate at 4.3% and they provide $5M in FDIC insurance, which means that my money is spread out over a lot more banks so I don't have to worry about some banks going down blocking access to most of my funds right away.
 
sorry, had to post this again:

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IMO if you’re going with a bank such as UFB Direct (via Axos) that was established in 1999 then you’re already doing it wrong. National banks with decade long reputations are the only places I would even look at as they are typically too big to fail. Even Axos who owns UFB Direct looks shady as hell.
Where should we be putting our money then? What's a great savings account, with a bank we can trust, that has a higher rate than Apple's savings account? I'm genuinely interested.
 
They are going to, because the rates will follow whatever the fed does.

4.15% isn't even the highest paying savings account out there. Amazing that people will put their money into this without doing one minute of research to see there are better options.
It's not that people aren't doing research. I think it's more about the 2% cash back on purchases fed straight into a savings account that pays 4.15% with zero effort. Check it once or twice a year to decide if you want to invest your "free" money on top of free money in something more lucrative, like I-bonds for 6.89% or AAPL for even more.
 
If you think it is not Apple then you are kind of being naïve. Sure Apple does not have regulatory authority to officially be a bank but they found a loophole to act as are a bank! It has Apple branded all over it and and I am sure the terms with Goldman Sachs are very much in Apple's favor and the I'm sure the features of the Saving Account were specifically dictated by Apple. Goldman Sachs has their own high interest Savings Account that I would never touch with a 10 foot pole!

Let me make sure I've got this straight.

You would not put your money in a Goldman Sachs savings product with their in-house consumer banking brand ("Marcus"), but you would put money in a Goldman Sachs savings product that happens to have Apple's branding on it.

Right. I'm naive.
 
The savings rate is tied to the Fed rate, and I would think GS dictates what they will offer in relation to that.

Correct. Banks are not required to track the fed rate, but sometimes do. Banks that offer a higher rate of interest do so to attract deposits to shore up their cash position against their loan commitments (or, to create a larger pool of cash from which to issue more debt).

This is why you generally don't see mega banks (Chase, etc.) offering high yield savings accounts. They don't need the deposits and are, in general, less focused on the consumer banking churn.
 
If I opted to use Apple Savings and their credit card, is there a way to use the funds to a). Pay bills that don't take credit cards - like with checks or bill pay or something (handyman, gardener, etc. that don't take Zelle, etc.), and b). have companies be able to auto-debit funds (think Verizon) every month?

Start getting rid of them and hire ones that do. Even my independent massage therapist takes Zelle. I also started doing my own lawn care, helped me drop a few pounds…
 
I was not expecting that much to be deposited so soon lmao damn.

I hope they remain competitive even when the market shifts. I don’t wanna keep shifting money from savings to savings.

their app/process is so easy and smooth though. I’ll definitely always keep at least some funds in Apple despite where their APY goes.
I’m guessing the events of the last 2 months have customers seeking safety. This account has the benefit of getting online bank-like rates from a “too-big-to-fail” bank. Of course, it’s capped at the $250,000 FDIC limit, so for the depositor it doesn’t really matter who the bank is.
 
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Earned $27.25 already. They must update interest monthly as I transferred two $10,000 deposits into account on first and second day.

Probably will move over the same again as it was sitting in account getting 2.5% so made sense to move it.

The lack of fees and the FDIC Insured makes it a no brainer. We had a decent sized amount rolling over in CD/savings but still not at 4.15.

Then again the novelty will wear off and the 1-3 day transfer out time may sour some over time.
 
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