Apple has not raised its interest rate on its high-yield Savings account offering in six months, while the top rate for high-yield savings accounts has continued to climb during that time. It’s unknown if the Federal Reserve will be raising rates again, but it’s certainly possible. And if they do, the best high-yield savings account rate will continue to climb higher.
Sabrina Karl for Investopedia:
Apple launched its own savings account product back in April, offering Apple Card holders the chance to easily sock away cash savings and earn a respectable interest rate. Apple Card Savings charges no monthly fees and has no minimum required balance, and it pays an interest rate of 4.15% APY…
[W]e track the best high-yield savings accounts every business day, and our daily ranking currently includes more than a dozen options that pay 5.15% APY or more. That’s at least one percentage point higher than Apple’s rate. And you can outperform Apple Card Savings even more by choosing the highest nationwide rate of 5.40% APY.
But of course math is only one consideration. Since our lives are busy, convenience is also valuable. If you already hold an Apple credit card and find Apple Card Savings to be immensely easy and seamless, then perhaps it’s worth the loss of a percentage point or more in interest every month. It also depends on how much you hold in savings. Someone with just a $1,000 balance may only be missing out on $10 a year in lost interest by sticking with Apple. But if you have $25,000 in savings, the amount you’re leaving on the table is $250 or more.
MacDailyNews Take: Since Goldman Sachs seems unhappy with the relationship, that could be putting a damper on Apple Savings keeping up with rates: “We should have never done this f–king thing,” an unnamed Goldman partner told colleagues, per The Wall Street Journal.
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When interest rates at my regular bank went over 4.15%, I just moved all of my savings except for $5 out of my Apple Savings account. It was very easy to do easy.
Who is the “unamed” Goldman schmuck that said “We should have never done this f–king thing”?!
Gold Sachs did not have retail banking but launched it through Apple, who popularized Goldman’s initial attempt at banking. Goldman should be more grateful, but not only kicks out the Apple project, it insults it on top.
GS is arrogant, entitled, unthankful, a spoilt brat, does not deserve success.
As Benjamin Franklin reminds us 1759! “Those who would give up essential LIBERTY to purchase a little temporary safety
DESERVE neither liberty nor safety.”
We must all DESERVE success.