No feelings hurt😂
Not even half of that
? I don't know when the deposit was made, but...
$250k * .0415 = $10375 per year.
/ 365 = $28.43 per day
* 4 days = $113.70
I'm pretty bad at math, but I think it checks out.
No feelings hurt😂
Not even half of that
Yes there are better rates, but at crappy banks like CIT or UFB banks. Those banks have poor service and lousy apps. With Apple you get an amazing UI and ease of use and…let’s face it, cool factor.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.
Depends. That could be their emergency fund.Show off! 🤣
Wouldn't it make more sense to invest with that much money instead of putting it in the savings account?
Agreed. It's T Bills for me. Your point about no state tax on them is an excellent one.It’s a nice rate but I’m goings to stick with money market funds and treasury bills which are paying 4.50% and higher. Also interest from treasury bills is state tax free which helps if you live in a state that has an income tax.
It’s a nice rate but I’m goings to stick with money market funds and treasury bills which are paying 4.50% and higher. Also interest from treasury bills is state tax free which helps if you live in a state that has an income tax.
It's not perhaps as liquid as you might believe - the account agreement has significant limitations on withdrawals:I'm using it for my emergency fund - something very liquid that I can get to immediately. Not something I would put into a CD.
That’s the issue. Outside of Goldman Sachs/Apple big banks don’t need to to offer high APY so the smaller one’s offer it to gain customers money and then who knows. Look up high interest savings accounts and you’ll see a lot of younger banks while more established ones are like 1% or are variable and based on how much you have in the account.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.
Similar here but with Betterment (4.35%, $2M insurance because I think they spread between 8 banks). Can’t deny Apple is a seamless experience though. I moved 20k over when it first opened to try it out. I’m only using Betterment because I already had accounts with them and the rate is slightly higher. If I were starting from scratch, I’d probably just stick with Apple.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.
You lost me at "Wells Fargo".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.
Probably. Everything scales up so the more money you have means the more money you were going to have in savings and checking.Depends. That could be their emergency fund.
8, 13, 17, and 26 week US Treasury Bills are currently paying more than 5%. With no state income tax.
Personally not sure it's worth chasing another .75%-1% to tie up money in T-Bills right now, especially with a looming battle over the debt ceiling and a "not exactly zero" chance of a default. Having highly liquid emergency funds paying 4.15% right now is fine for me.
In more "normal" times I'd be inclined to agree with you.
I would hope not, considering it wouldn't be FDIC insured beyond $250,000 and the fact that you can easily split the other $750,000 among at least 3 other high yield savings accounts netting you 3.75%+ the risk-reward isn't there.Does anybody have 1 million deposited yet?
I'm thinking about it! Should be about $1000 a month in interest!
Does anybody have 1 million deposited yet?
I'm thinking about it! Should be about $1000 a month in interest!
CIT BankWhere 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.
Depends on who holds the account and the named beneficiaries. I have an account at WF for me, my wife and my daughter as all named beneficiaries and it’s FDIC insured for 250k for each named account holder up to 750k on the one account,I would hope not, considering it wouldn't be FDIC insured beyond $250,000 and the fact that you can easily split the other $750,000 among at least 3 other high yield savings accounts netting you 3.75%+ the risk-reward isn't there.
It would also net you considerably more than $1,000/month in interest with $1,000,000 at current rates.