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Apple Card Marcus just raised their savings interest rate to 4.3%…Will Apple Card Savings follow?
- Thread starter GooseInTheCaboose
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Doubt it. Since Apple isn’t a financial institution GS are most likely staying fast with the current rate.
Remember, not a lot of HYSA were at the rate of “Apple’s” HYSA at the time so it did what I think a lot of people thought it would, put other banks/credit unions on notice and forced them to put up or shut up. Some didn’t and some did but the way the economy is right now lending money is reaping insane profits and HYSA accounts entice folks to store money that those banks use to make stupid money. Consumers were already being taken advantage of with low APY’s AND high rates so when Apple made it main stream I truly think people started questioning what their institutions did, I know I did and moved my money instantly as I was making $.01 on a large chunk of savings with a bank I’ve been with for decades.
Lastly, it’s only been maybe 3-4 months since the savings accounts was available so unless GS start’s seeing money leave in droves then the APY is staying the same for at least a yr I expect. Personally I hope it stays at the current rate because once the economy starts coming back down those banks that were quick to increase rates will be faster to decrease them and possibly below Apple’s.
Remember, not a lot of HYSA were at the rate of “Apple’s” HYSA at the time so it did what I think a lot of people thought it would, put other banks/credit unions on notice and forced them to put up or shut up. Some didn’t and some did but the way the economy is right now lending money is reaping insane profits and HYSA accounts entice folks to store money that those banks use to make stupid money. Consumers were already being taken advantage of with low APY’s AND high rates so when Apple made it main stream I truly think people started questioning what their institutions did, I know I did and moved my money instantly as I was making $.01 on a large chunk of savings with a bank I’ve been with for decades.
Lastly, it’s only been maybe 3-4 months since the savings accounts was available so unless GS start’s seeing money leave in droves then the APY is staying the same for at least a yr I expect. Personally I hope it stays at the current rate because once the economy starts coming back down those banks that were quick to increase rates will be faster to decrease them and possibly below Apple’s.
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Yeah looks like I’ll be pulling all my money out of Apple Savings account and moving it back to Discover since they are paying 4.30% as well.
not sure if this is sarcasm but if serious, you don’t have to stop at 4.3 percent: https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts
Lots of better rates.