How much do you have in your Apple Savings Account?

[212rikanmofo]

I'm thinking about moving most of my money from my other banks to my Apple's Savings account due to the much higher interest rate. Do you guys think its a good idea? I'm not sure how much the interest rate on Bank of America account is, but I receive very little each month from it. I think I'd make more money if I were to have that money in my Apple's Savings instead. But is there any risks?

Also do you guys know how much they would tax me when I go to file my income taxes at the beginning of the year? Let's say I make around $50-$100 a year annually from interests. How much will they take/tax me?

 

[SierraVista]

Interest earned from an Apple Savings account, or any savings account, of more than $10 is taxable to you as income. Goldman Sachs will send you a form 1099-INT at the end of the year showing the interest earned, which you’ll need to report on your tax return.

The actual amount of tax you’ll owe necessarily depends on your overall income and your marginal tax rate. GS won’t “take” (withhold) anything for taxes during the year so you will be responsible for paying any tax due. Having said that, I’m not an accountant, nor do I play one on TV, and you should run specific tax questions by a tax professional.

As far as risk, GS is FDIC insured so you are protected up to $250k in deposits.

 

[Sheepish-Lord]

I'm thinking about moving most of my money from my other banks to my Apple's Savings account due to the much higher interest rate. Do you guys think its a good idea? I'm not sure how much the interest rate on Bank of America account is, but I receive very little each month from it. I think I'd make more money if I were to have that money in my Apple's Savings instead. But is there any risks?

Also do you guys know how much they would tax me when I go to file my income taxes at the beginning of the year? Let's say I make around $50-$100 a year annually from interests. How much will they take/tax me?

If you’re only forecasting $50-100 annually then it’s not worth it unless you are an avid user of the Apple Card and have the cash back deposit directly into your savings. Other than that I’m a fan of consolidated banking so not worth it for you IMO.

 

[SierraVista]

Other than that I’m a fan of consolidated banking so not worth it for you IMO.

Yeah, agreed. Amex and Capital One HYSAs could be other options for OP.

 

[212rikanmofo]

Yes, my primary card is Apple card and my cash back is directly deposited into my Apple Savings. I'm thinking about moving over more money from my other savings account into the Apple one since it has much higher APY.

What is 'consolidated banking' and HYSA?

 

[monstermash]

I'm thinking about moving most of my money from my other banks to my Apple's Savings account due to the much higher interest rate. Do you guys think its a good idea? I'm not sure how much the interest rate on Bank of America account is, but I receive very little each month from it. I think I'd make more money if I were to have that money in my Apple's Savings instead. But is there any risks?

Also do you guys know how much they would tax me when I go to file my income taxes at the beginning of the year? Let's say I make around $50-$100 a year annually from interests. How much will they take/tax me?

Only about $22K, but I'm hoping to do better. I'd like to get it up to $30K by the end of the year.

 

[Velin]

I have a question. Assume iPhone is stolen. Aren't you worried they'll start transferring from the GS savings account to Apple Cash, and then transfer from Apple Cash to multiple foreign accounts? Even if you think this is unlikely, aren't you worried about savings account theft in general?