Anyone taking a look at this? I do not currently use an Apple Card but am intrigued.

https://www.apple.com/newsroom/2023/04/apple-cards-new-high-yield-savings-account-is-now-available-offering-a-4-point-15-percent-apy/

Quote:

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Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent a rate that's more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.

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It's definitely on the high end of HYSA's, though....

As you said, not enough for me to switch, but if I were setting one up today I'd go with it in a heartbeat.....

I just opened a Bask bank account (part of Texas capital bank) and getting 4.55%. Looks like CIT bank, whatever that is, are offering 4.75%.

Edit: just checked to make sure and CIT rate is 4.75 APY so it prob 4.65% rate. Bask is 4.55 rate / 4.65%APY

I just set up a Merrill Lynch savings account (part of Bank of America checking)

you can buy your own Goldman Sachs corporate bonds at 4.8% today for 9 months

Citi is offering 3.75%, not bad for a big 4 bank.

Nothing wrong with this rate, point is to get your cash out of checking/savings and into something somewhat resembling the current Treasury rates. The easier it is to transact with the better, which Apple is good at.

Red Pear Jack said:

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Citi is offering 3.75%, not bad for a big 4 bank.

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I recently got some junk mail from American Express offering the same 3.75% rate.

I'm sticking with my vanguard government money marker paying 4.8% as of May2, but I'm happy to see this from Apple. Like others have stated, it is educational for everyone to learn how easy and convenient it is to get a fair yield on their excess cash. Too many people are still getting fleeced by their banks.

Saw an article that they had b/w $900M and $1B deposited within the first 4 days. Opened mine on Sunday and moved over the measly $320 dollars in Apple cashback that I had.

Rustys-Beef-o-Reeno said:

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I think the point is apple making the process super simple

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The Apple Wallet software integrated with their credit card is honestly pretty amazing and pretty idiot proof. I know a lot of people mess it up still but it feels like the first credit card that is not going out of its way to hide things and instead are extremely transparent. Plus the app is cool as hell and so simple and convenient. Definitely one of the strengths of Apple. Simple and functional. People mess up, that's on them. No more claiming ignorance.

I am a convert.

I get 4.55 at wealthfront, they upped it on Friday.

Problem is currently if a couple are both using one Apple Card as owners/participants they cannot jointly send the saved daily Apple Cash to the same Apple savings account. Apple does not offer a joint savings account (yet).

I suppose as a work around - one spouse could open the Apple savings account, and the other other spouse could send the Apple Cash to the savings account holder for deposit. That part is not convenient.

JuanDurfel said:

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Marcus by Goldman savings is now 4.15%, too.

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5.15 if you get referred (for 3 months) and then 3 more months for each additional referral. DM me if anyone needs referral to get the 1%.

It's a hell of a rate

Whats the latest on this?

Any issues?

Red Pear Jack said:

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Why not just buy VUSXX which is all government paper with an equivalent yield?

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Thanks- are you implying that it would be a safe investment with the same yield?

I am new to the fixed income markets so don't even know VUSXX

it was the Merrill Lynch advisor who showed me in my new savings account to pick the different bonds with best yields.

What would be the benefit of this over just getting a CD? While the rate looks good for s Savings account, how long will the rate last? Sure it may follow the fed rates, but it also seems like they could change their mind and just lower the rate whenever they want. I would not put it past Apple to do something like that...

Right now, you can get CDs at 5.3% for 3-9 months. I see 5.45% for a 1 year. 5.35% up to 5 years, if that is your thing. If you're just doing this to park money, is there much advantage to the Apple savings, other than liquidity?

yocod said:

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What would be the benefit of this over just getting a CD? While the rate looks good for s Savings account, how long will the rate last? Sure it may follow the fed rates, but it also seems like they could change their mind and just lower the rate whenever they want. I would not put it past Apple to do something like that...

Right now, you can get CDs at 5.3% for 3-9 months. I see 5.45% for a 1 year. 5.35% up to 5 years, if that is your thing. If you're just doing this to park money, is there much advantage to the Apple savings, other than liquidity?

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I'd say liquidity is the main reason. We're actively house hunting so that's important to us.

As for Apple just changing their mind and lowering the rate, the market will prevent that. It's not like they're the only HYSA out there. In fact, all they've done is put more eyes on HYSAs and grow the supply base, so I've seen my HYSA (AMEX) rates go up as a result.

Goldman/Marcus is doing 4.15% at the moment

Ghost of Bisbee said:

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Goldman/Marcus is doing 4.15% at the moment

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https://www.marcus.com/share/CAI-ZIZ-7M53

5.15 with referral

It's a hell of a deal and no brainer

Trying to get out of the credit card business.

So they are going to ruin Apple Card by going to AMEX?

That sounds par for the course.

I wouldn't surprised to see that happen.

Goldman retains the savings account part of it that has generated more deposits than they know what to do with.

Then they peel off the card part of it and sell it to AMEX.

Just a heads up Ally online savings is now up to 4%

Stat Monitor Repairman said:

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So they are going to ruin Apple Card by going to AMEX?

That sounds par for the course.

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Why would this ruin it?

Not a fan of it for travel outside the US. Have found it to be hit or miss.

Stat Monitor Repairman said:

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Not a fan of it for travel outside the US. Have found it to be hit or miss.

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That's fair...I was thinking more solely in terms of the HYSA because of this thread.

But I'd say AMEX is getting more accepted intentionally. And I'd say this is probably a key point of discussion/focus seeing as iPhones are international. Doubt they do something different for each geography.

Also, I'd wager 99% of people in the US who care for this reason have multiple credit cards.....

htxag09 said:

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Stat Monitor Repairman said:

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Not a fan of it for travel outside the US. Have found it to be hit or miss.

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That's fair...I was thinking more solely in terms of the HYSA because of this thread.

But I'd say AMEX is getting more accepted intentionally. And I'd say this is probably a key point of discussion/focus seeing as iPhones are international. Doubt they do something different for each geography.

Also, I'd wager 99% of people in the US who care for this reason have multiple credit cards.....

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Yea I've used my AMEX in Mexico, South America, Europe etc and the majority of places have accepted AMEX. If a place doesnt accept AMEX, then I use a backup Visa or Mastercard, but its very rare.

So I only had the Apple card for the 5% interest. I have an Amex HYSA for the past 6 months or so. Not sure its worth opening the new savings account for the $50 or so I have in apple cash.

One thing I learned yesterday and saved me is that you can change the credit card number on the fly. I was trying to pay $2k for group transportation for a wedding in Mexico. All 3 of my chase cards declined, and even though I got them unblocked, the merchant's site wouldn't take them again.

My apple card declined, I then was able to unlock it. It wouldn't work. I changed the # on the fly and then it worked (so it was a vendor issue not to take a card once declined).

I saw this morning on Tik Tok that a lady would change her card # every time she purchased chairs/umbrellas for the beach so that she couldn't be hacked. Pretty neat concept.