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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 fsctor.

The only other ones that come close are SoFi. Arguably a decent app but I disagree with their philosophy and imo the app is bloated and has too much junk.

This account is the “it” account right now IMO, unless theres a credit union you like or you want to fool around with money market funds. But afaik schwab’s funds are not significantly better returns and I think there are risks for withdrawing too soon.
I’ve got multiple accounts at UFB Direct for quite awhile and their customer service and app are top notch. Never an issuel
 
A lot of comments on this thread so here’s my 2 cents (bad joke I know). The Apple savings interest rate is high now due to the fiscal environment and maybe some promo kicker from Goldman Sachs to get new customers. That rate will definitely go down when the Fed inevitably lowers its key funds rate (could be a few months or 6+, it just depends on the not so transitory battle with our sticky inflation). This savings account is fantastic for Apple users. A highly competitive interest rate combined with ease of use. This is one of the biggest pro consumer moves they have made in YEARS. Full stop.
 
Going with a bank that has the highest rate isn't always good advice though. For example, a month ago I tried to setup an account with UFB Direct. At the time it was a highly rated bank on most of the websites that review high yield savings accounts. First I filled out the application. They responded 2-3 days later asking for additional information. I sent them the additional info, and my account was created several days later (about a week overall to create the account.) Then I wasn't able to transfer money from my other account to fund the UFB account. I contacted customer service, and 3-4 days later they responded with information that didn't help. After a few weeks I finally gave up, and asked them to close my empty account. I won't put my money into a bank where customer supports takes several days to respond.

Then the Apple's savings account came along. I decided to try it while I figured out what to do with my money. It literally took me 3 minutes to create the account, and transfer all of my idle cash into it. So yeah, maybe I'll move my money later into an even high rate account. However, the Apple savings account is so easy to use that I may keep my money there.
It seems your experience was quite different than mine. Went online to UFB Direct, set up an account, verified some info, bam. 4.81% verified account, made a free wire deposit from my bank and I’m in business. They pay interest on time and it’s FDIC insured.
 
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.
UFB Direct is perfectly fine. I’ve been with them for quite awhile and have had zero issues with them. They’re part of Axos bank. Another good online bank is First Republic Bank of Chicago. Not the other First Republic. Great app, local Chicago business bank. They pay 4.65% on money market and u get a personal banker who picks up the phone on the first ring.
I believe there is a $5000 minimum deposit to start it.
 
In Europe we can’t use Apple Card. I have not even heard of saving accounts with any big interests. If you lock your money for 3-12 months I heard of 2-3%.
Any tips of good deals? I’m in Spain, but have accounts in ES, UK, DK and DE.
 
UFB Direct is perfectly fine. I’ve been with them for quite awhile and have had zero issues with them. They’re part of Axos bank. Another good online bank is First Republic Bank of Chicago. Not the other First Republic. Great app, local Chicago business bank. They pay 4.65% on money market and u get a personal banker who picks up the phone on the first ring.
I believe there is a $5000 minimum deposit to start it.
On the first 5000 dollars you get only 0.25% I think, so you only earn more than Apples account for the money above 40K or something like that. Apples solution is simple, clean and honest.
 
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This is great but remember, the interest rate is tied to the fed so if the federal funds rate goes down, so too will the apple/Goldman sachs interest rate.
 
You all are cute flexing your earned interest muscles. Love the ease of the account setup and let’s hope the rate remains competitive
 
Why is taking so long to have Apple Card in UK?
My guess is that outside of the US, there are not many companies willing to work with Apple because it would mean having to cede a lot of power to them. Apple has a lot of bargaining power in the US where the iPhone reportedly has over 50% market share, but this market share drops rapidly once you leave the US, even in the more developed countries like EU and Japan. There are just not many other countries with a high enough iPhone user base to make such a financial product worth their while (it's basically dead in most asian countries).

Think of what concessions Goldman Sachs had to make in order to work with Apple. The UI promotes good financial behaviour by making it easy to pay down balances and periodically reminding users of their unpaid balances, which runs counter to how most banks make money on credit cards (ballooning interest rates on unpaid balances). Nor are they allowed to sell customer data (another source of revenue by conventional banks). It's telling when GS has reportedly lost money by being "too successful" in this area.

Even in a more developed country like Singapore where a reasonable number of people own iPhones, I really cannot think of any bank who would agree to partner with Apple under these terms. They are all pretty established and don't really need Apple's brand power to gain a stronger foothold in the market.
 
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If anyone is reading these forums and thinking to yourself, man what kind of financial failure am I, I only got $10 interest. Don’t worry, you're not a failure—I got $1.38.
 
Love free money :)

IMG_3385.jpg
 
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.
Reading comprehension is a lost skill. It’s not even taught in grade school anymore. These days you read into a sentence whatever you want. It doesn’t matter what the sentence actually means.
 
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4.75% APY on balances of $5,000 or more…

There's also PNC, but the rate is lower at 4.3%. They've been around for over 150 years.
And, if a person that’s starting an account and putting in $50 a week, Apple beats both. Now, in roughly two years they can get that rate, so they can move their money then!
 
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And, if a person that’s starting an account and putting in $50 a week, Apple beats both. Now, in roughly two years they can get that rate, so they can move their money then!
For CIT Bank's 4.75% APY, that's true. But not for PNC's 4.30% APY that only requires $1.00. So PNC beats Apple.

pnc.png
 
In Europe we can’t use Apple Card. I have not even heard of saving accounts with any big interests. If you lock your money for 3-12 months I heard of 2-3%.
Any tips of good deals? I’m in Spain, but have accounts in ES, UK, DK and DE.
Euro zone has lower interest rate than US so it’s natural that you can’t have that high savings account. You can switch your currency to different one if you would like higher interests but there is a risk that this currency can be weaker in time compering to €.
 
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CIT Bank

They've been around for over 100 years, and the holding company that owns them (First Citizens BancShares) have themselves been around for over 100 years as well.

4.75% APY on balances of $5,000 or more.

View attachment 2196319


There's also PNC, but the rate is lower at 4.3%. They've been around for over 150 years.


View attachment 2196321


Should read the crappy reviews of CIT before recommending them.
 
It's not perhaps as liquid as you might believe - the account agreement has significant limitations on withdrawals:
  1. No more than $10,000 per withdrawal. No wire transfers allowed at all (presume this means only ACH transfers).
  2. No more than $20,000 withdrawals per week.
which is to say: if you put $100,000 in this account, it will take 5 weeks to completely drain. If you need more than $20,000 in one go, you'll have to plan ahead.
This is not true. These limits only apply to transfers to Apple Cash.
 
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?
My Verizon bill is automatically charged to a credit card every month. It could be my Apple Card, but it is my Verizon Visa because it gets a 2% discount.
 
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This is a very smart move by Apple's part and its partner. For the longest time the savings interest rate in the US is the most laughable joke in the whole World. Most Asian countries offer rates 3-9% depending on the term of savings. Short term low rate, long term better rate in general. While the US banks enjoy massive returns on their car/home/business loans, they leak 0.5% interest on savings, which gives them the most stable cash influx so that they can offer the loans to begin with.

Apple gives Goldman Sachs the tool to acquire a massive influx of cash. The bank can in turn offer loans to car/home buyers at the beginning, then move on to offering SBA, corporate loans at higher rate compared to the savings rate and make a nice profit. With an automated approval system for auto and conforming loans, they can eliminate most head count costs and become a very profitable bank. I want them to lead the world of banking for making the right move.
 
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My Verizon bill is automatically charged to a credit card every month. It could be my Apple Card, but it is my Verizon Visa because it gets a 2% discount.

Love my Verizon visa. I used for a year and a half since it had all those great perks. Works for me since I have Verizon Wireless and Fios. All the discounts! :)
 
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