Apple Card Savings Account Receives Yet Another Interest Rate Cut

[Corefile]

I didn't. didn't even know about them before this. just had my standard savings account at the bank with like 2%. had to move money into CDs to get these kinda rates

Rather than chase CDs and HYSA, I settled on using Fidelity as it puts unallocated funds into SPAXX automatically. It means you can pay bills direct from SPAXX which is really nice. That money market yield was around 4.26%.

 

[barkomatic]

Rather than chase CDs and HYSA, I settled on using Fidelity as it puts unallocated funds into SPAXX automatically. It means you can pay bills direct from SPAXX which is really nice. That money market yield was around 4.26%.

No FDIC insurance on SPAXX though right? It's pretty safe regardless, but it's not quite the same as a savings account.

 

[Corefile]

No FDIC insurance on SPAXX though right? It's pretty safe regardless, but it's not quite the same as a savings account.

Right, no FDIC insurance if that matters to you.

 

[svish]

Not surprised with this rate cut. Was expecting it with the Fed reducing the rate. Expecting to see further cuts going into 2025.

 

[thettareddast]

Because they're ****. Where I work isn't your concern.

So you don't know why they're ****, you just like to repeat slogans you may have heard from people you don't know about an industry you don't know?

 

[Haiku_Oezu]

3.9% lmao over here we get 2% tops

 

[SpecFoto]

Not surprised with this rate cut. Was expecting it with the Fed reducing the rate. Expecting to see further cuts going into 2025.

I just opened this week a 10 month CD at B of A that pays 3.7%. Wanted a longer term, but the 13 month CD was paying 2.9% and the 25 month CD was only paying 2%. So clearly they believe interest rates are headed lower.

 

[webkit]

I just opened this week a 10 month CD at B of A that pays 3.7%. Wanted a longer term, but the 13 month CD was paying 2.9% and the 25 month CD was only paying 2%. So clearly they believe interest rates are headed lower.

As far as CDs go, brokered CDs typically have better rates than traditional bank CDs. For example, Charles Schwab currently offers a 1-year CD at 4.5% APY and a 2-year CD at 4.6% APY.

 

[thettareddast]

3.9% lmao over here we get 2% tops

Not necessarily a bad thing. Your *real yield* may be higher.

Savings account rate is a function of central bank rate. Central bank rate is driven (in large part) by inflation rate — their inducing less liquidity/spending to tame it.

Turkish banks offer double-digit yields on their Liras

Your low savings yield may be indicative of a stable currency. (But it could also be a slow economy that the CB is trying to induce growth )

 

[Haiku_Oezu]

Not necessarily a bad thing. Your *real yield* may be higher.

Savings account rate is a function of central bank rate. Central bank rate is driven (in large part) by inflation rate — their inducing less liquidity/spending to tame it.

Turkish banks offer double-digit yields on their Liras

Your low savings yield may be indicative of a stable currency. (But it could also be a slow economy that the CB is trying to induce growth )

Unfortunately it’s 2% BEFORE taxes :/
I’m not sure how it works with the euro and all but when they offer 4% it’s usually a one year only sort of deal to get you to pick their bank and then it goes down to 0,5% so I’m guessing the bank is paying out of pocket to get more customers?