Apple Card users can now 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. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
Claire Ballentine and Charlie Wells for Bloomberg News:
At the same time, Goldman’s popular Marcus account — the posterchild for high-yield savings products — upped its rate to a record of 3.9%.
It’s all part of the growing allure of cash investments, which are offering solid returns after years of near-zero rates, and provide investors with a degree of safety as recession fears continue to percolate.
It’s easy to get lured in by the high rates on savings products, but even the 4.15% yield from Apple is still less than inflation, which rose 5% in March from a year earlier.
Jarrod Sandra, owner of Chisholm Wealth Management in Texas, recommends thinking about your purchasing power. Even though your total savings account balance will continue to increase, the rate of growth isn’t currently keeping up with the higher prices of everyday goods.
Investing in the stock market is still one of the best ways to beat long-term inflation, according to Karen Ogden, partner at Envest Asset Management in Connecticut.
“The key is to know your time horizon and know your ability to stomach the risk,” she said.
MacDailyNews Take: As Warren Buffett so wisely said, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
On December 20, 1996, when Apple announced the acquisition of NeXT and the return of Steve Jobs, an Apple share sold for 18-cents.*
As recently as April 2003, Apple shares sold for 20-cents each.*
*Prices adjusted for splits and dividend distributions.
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Gotta thank this website for the story, first I’d heard of it. We discovered US Bank was paying us .004% interest on our savings. Moving to Apple, we expect hundreds of dollars in growth vs the sixteen cents we got last year.
Way to go Apple! (And MacDailyNews!)
I’m transferring most of my savings in my credit union account to my Apple Card savings account. It’s not going to be life-changing, but I’ll take a few hundred dollars a year over a pathetic $9.84 (just did my taxes). Since I was periodically transferring my Apple Cash to my checking account from which I paid off my Apple Card balance, I may as well do it all from my Apple Wallet.