I’ve got multiple accounts at UFB Direct for quite awhile and their customer service and app are top notch. Never an issuel
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Nearly $1 Billion Deposited by Apple Card Owners Four Days After Savings Account Launch
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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.
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.
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.
I’ve already received $300 in interest…it was super easy to set up too. Love it!
So you have approx. $173,500.00 in there? I'd do the same if Apple would just bring this to the UK.
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
That amount of money there are better places to earn more. Your loosing it with inflation atm just saying. Then again you probably don’t need to care.
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.
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.
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.
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.
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.
High Yield Savings Account | 3.85% Annual Percentage Yield APY
A high yield savings account to help reach financial goals with a 3.85% Annual Percentage Yield & no minimum balance or service fees. Apply online today!www.pnc.com
View attachment 2196321
Should read the crappy reviews of CIT before recommending them.
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.
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.
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.
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!
