Apple has announced that Apple Card users will soon be able to deposit Daily Cash (card rewards) into a high yield savings account. The account will be from Goldman Sachs (who also issue the Apple card). Unfortunately neither Apple or Goldman Sachs have released what the APY will be on this account but it won’t have any monthly fees or minimums. Account holders will be able to add additional funds from other sources (e.g other bank accounts) as well.
It would actually be nice to earn interest on the daily cash b/c right now, it earns nothing, so probably most just transfer it out as soon as they can.
yet google killed this project lol
Had nothing but horrid experience with Goldman marcus
I opened my account. I put in money. I withdrew some.
Marcus is easy and simple . Not sure how you managed to screw Marcus up, but congrats.
no special no need to open apple card.
What’s the benefit of putting it in Apple Savings instead of cashing out and put it in a different bank with better APR?
I imagine they’ll bill it as a convenient way to save. Like money taken out of paychecks, rounding up savings accounts… easier to save it if you don’t see it type of thinking.
Apple magic
Can you unload itunes gcs into it?
“Nice try.”
-Apple
A reminder for anyone tempted by this. This has been possible to do, with a couple added steps, at Fidelity for like a decade and Fidelity gives you 2% on everything and you can use a real money market fund which was paying around 2.85% last time I checked.
I just got that fidelity card 😅
So users will redeem their cash into the hysa while carrying a balance paying 30%? Double win for Goldman Sachs
Meanwhile, treasury bills are at 4%…
And I bonds are at 9.62%
Apples to oranges. I-bonds have a hard min time and a soft min time w/ penalty, along with an annual max contrib. They’re not liquid until yr2 on. I’m talking about ST liquid cash reserve–mid term even.
I thought it was 1 year not 2
CL
“until yr2 on” meaning from 2nd year and onwards, meaning after the 1st year / yr 1.
And inflation is at 8.3%
And TerraUSD is at 19.5%. Been collecting that sweet APY for 1.5 years now.
As shown by the recent liquidity crises, that’s not a safe investment, not at all comparable.
Uhhhh? TerraUSD based on LUNA that is pegged algorithmically and not actually collateralized by the dollar is dead.
Have you not paid any attention to what’s happening in crypto the last six months? TerraUSD lost its peg months ago and is worth $0.03 at best, but effectively $0, because no one will want to buy any: https://coin360.com/coin/terrausd-ust Whatever you had in it is gone.
trash