They report on Friday. I am curious how well this last quarter did.Nah, like most everything they do, they will just own ENOUGH of it to maintain a decent profit.
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Nearly $1 Billion Deposited by Apple Card Owners Four Days After Savings Account Launch
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My comment was just joking. No need to get your feelings hurt 🤣
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.
People are excited about 4%. Remembering when we had 13% and we're bringing in over $1000 mo.
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.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.
Axos Financial - Wikipedia
en.m.wikipedia.org
I put five grand in there.
Couple days later my bank has 11 month CDs for 4.5 so put some in there too
Couple days later my bank has 11 month CDs for 4.5 so put some in there too
Wells Fargo are being snarky. They let me setup the external account for getting to Apple Savings. They, however, won't let me transfer money to that account. "We are unable to process this type of transaction. Please Call...." Uh huh.
Looks like you put the FDIC covered max in there.
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.
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.
Apple can use this free one billion dollars cash to their own liking, duplicating what banks already do.
I’m now up to $4.37 of that billion. I’m rich! Rich I tell ya!
You mean Goldman Sachs. They're the ones operating the bank. They hold the deposits, not Apple. Apple is not a bank.
Holy cats, people.
The savings rate is tied to the Fed rate, and I would think GS dictates what they will offer in relation to that.I'm ready to make some serious money from my Apple Card Savings Account.
Apple better not change its mind on that 4.15% APR rate. More deposits to come in the future! We are locked in now! Let's go!!
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 these banks are paying this much interest what kind of interest are the charging for loans. Yikes.
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’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.
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.
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.