Apple Card Savings Account's Interest Rate Lowered to 4.4% Today

[FaustsHausUK]

I have my Apple Card cash back go into a savings account to accrue interest. I'm not relying on that money for anything and I likely won't touch it unless I have a dire emergency. My main savings are with SoFi, so the rate drop is only mildly disappointing and non-impactful.

 

[ghanwani]

They’re just proactively testing the infrastructure to see if it works for rate reductions.

 

[ghanwani]

Funny wonder what this is based on feds have not changed rates...... it's all good i just keep moving money around to where it does best.... Apple saving balance now just enough to keep it open

Buy a 3-6 month t-bill yielding approximately 5.2-5.3% and free from state income tax. High yield savings account is an obsolete product.

 

[imtoretto]

man... this Goldman x Apple thing is a complete fiasco.

 

[newyorksole]

man... this Goldman x Apple thing is a complete fiasco.

can’t wait to see what happens at the end of the year.

also we should be expecting further cuts considering the Fed is going to lower rates.

 

[newyorksole]

I finally got the Apple Card (and Savings) in February. One thing I wish I could do is pay my Apple Card statement directly from my Savings account.

you technically can by just adding your Savings account and routing numbers to your external payments accounts.

I haven’t tried that yet. I know what you mean though like going to pay Apple Card and it just lists Apple Savings without needing to add it as an external account.

 

[ifxf]

Goldman wants out of the consumer business; Apple needs continuity for Apple Card...why not purchase Goldman's consumer infrastructure and own the whole stack?

A consumer friendly and world wide solution is for Apple to provide a standard for any financial institution to integrate with the Apple wallet.

 

[Gummiwise]

Poppy Bank is FDIC insured and is offering a 5.50% high yield savings rate guaranteed for the first 90 days after which the rate can fluctuate (just like most if not all of these types of accounts the rate is going to fluctuate). At least a $1,000.00 balance is required to earn the rate. Paperless statements must be selected to avoid a monthly $5.00 fee. I am not affiliated with them in any way nor do I earn any consideration/compensation from them. https://www.poppy.bank/

 

[xmarcuswildx]

Time for Apple to become a banking institution when the agreement ends.

I’d honestly be completely down with a checking account as long it’s a joint account in the apple wallet.

 

[gsmornot]

I finally got the Apple Card (and Savings) in February. One thing I wish I could do is pay my Apple Card statement directly from my Savings account.

I didn’t see if you had a response here. You can do this and I do this. I have my kids tuition in savings earning interest and use the card to pay the bill which I then pay at the end of the month with the savings account. You simply add it in card details-bank accounts-add another bank and the bank will be Goldman Sachs using your account data from your savings account. That information is in the savings account, top right account details and then in the routing and account number fields. You will then have the option to pay from another checking or from Apple savings.

 

[k1121j]

Buy a 3-6 month t-bill yielding approximately 5.2-5.3% and free from state income tax. High yield savings account is an obsolete product.

I don’t have state income tax. And 5% for somthing that can go up and down isn’t enough to lock my money anywhere a CD would be fine for my case. I use my HYS for my monthly moneys I move it in an out

 

[joshwithachance]

Buy a 3-6 month t-bill yielding approximately 5.2-5.3% and free from state income tax. High yield savings account is an obsolete product.

My money is earning 5.2% with Primis, and it's not only liquid but also a checking account. I much prefer that to t-bills or locking it away in a CD.

 

[macdisciple]

I find it hilarious that the balance they show in the savings account is $152 . At any of the usual interest rates with that balance it would be better to walk around town an pick up pennies.

You don't need to be remotely rich to save. I'm trying to get my good-earning but high-spending adult kids to start putting some money aside. Any money would be a good start for them, even $20 a month just to start a habit they can build upon.

 

[Harry Haller]

Time for Apple to become a banking institution when the agreement ends.

Apple has as much business being in the banking business as they do in the car business, imo.

 

[icwhatudidthere]

Hope the rumors that Synchrony will take over are true. As better rates and they seem better equipped to handle the Credit Card and Savings. Amex that was also rumored seems so unlikely, since you'd instantly have to start wondering everywhere you go "do you accept Amex?" since no matter what numbers Amex says, in day to day life, countless places you will run into that don't accept Amex. That would be the one thing that would cause me to drop Apple Card. Sachs for Apple Card has consistently been the worst customer experience right up there with Comcast. So imagine Synchrony couldn't be any worse.

Ugh I hate Synchrony. They have so many integration issues with various stores.

 

[ronno]

From what I remember, the ones having problems were dealing with 10’s of thousands of dollars, so, yah, any brand new bank account moving that kind of money around would get flagged anywhere

It’s not new anymore. And even today if you try to transfer say $50,000 from Chase, it takes five or more business days for it to show up and start earning interest. That is pathetic. It disappears from Chase and then Goldman Sachs dicks around with it for day after day.
Transferring the other way, from GS to Chase takes only an hour or two. That’s the way it should be done.
And all the delays are on GS’s end. Aside from that it’s nice to be able to manage things from the wallet.

 

[Misterioso]

I finally got the Apple Card (and Savings) in February. One thing I wish I could do is pay my Apple Card statement directly from my Savings account.

you can, you just need to use the routing and account numbers

 

[ghanwani]

I don’t have state income tax. And 5% for somthing that can go up and down isn’t enough to lock my money anywhere a CD would be fine for my case. I use my HYS for my monthly moneys I move it in an out

You can get longer term treasuries which will yield more than most CDs.

 

[Shasterball]

I'm a little confused. I did not comment on this article. I commented on an article on a similar topic published on Monday. I'm a little concerned that my comments are on an article that is edited to address a different topic and then reposted. Is anyone else seeing the same thing or am I going crazy?

 

[uptownnyc]

It’s not new anymore. And even today if you try to transfer say $50,000 from Chase, it takes five or more business days for it to show up and start earning interest. That is pathetic. It disappears from Chase and then Goldman Sachs dicks around with it for day after day.
Transferring the other way, from GS to Chase takes only an hour or two. That’s the way it should be done.
And all the delays are on GS’s end. Aside from that it’s nice to be able to manage things from the wallet.

Use wires. It’s instant.

 

[ronno]

Use wires. It’s instant.

And what is the fee?

 

[svish]

Will not be the only rate cut of the year. Expecting it to drop more in the coming months.

 

[Dougntosh]

Following the Apple Card savings account's rate cut to a 4.4% APY, we have updated our high-yield savings accounts (HYSAs) comparison chart for U.S. residents.

4.4% is still a competitive APY compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.

Provider	Maximum APY*
Ally	4.25%
Discover	4.25%
American Express	4.35%
Barclays	4.35%
Capital One	4.35%
Apple (Goldman Sachs)	4.4%
Marcus (Goldman Sachs)	4.4%
Citizens Bank	4.5%
SoFi	4.6%
PNC Bank	4.65%
Synchrony	4.75%
Betterment	5%
Wealthfront	5%
CIT Bank	5.05%
UFB Direct	5.25%

* Advertised APYs as of April 3, 2024, excluding promotional and affiliate rates. APYs are subject to change at any time. This list is not comprehensive.

Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.

The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.

When the account first became available, Apple and Goldman Sachs offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% is the first time the rate has gone down.

To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.

Goldman Sachs reportedly plans to end its consumer lending partnership with Apple, but it is unclear if this will have any impact on Apple Card holders.

Article Link: Apple Card Savings Account's Interest Rate Lowered to 4.4% Today

So if I put a million dollars in to Goldman Sachs savings it's only insured up to two hundred fifty thousand? I should open a bank haha!