{"id":39090,"date":"2023-04-19T16:02:54","date_gmt":"2023-04-19T20:02:54","guid":{"rendered":"https:\/\/mjtsai.com\/blog\/?p=39090"},"modified":"2023-08-09T15:51:48","modified_gmt":"2023-08-09T19:51:48","slug":"apple-card-savings-account-launches","status":"publish","type":"post","link":"https:\/\/mjtsai.com\/blog\/2023\/04\/19\/apple-card-savings-account-launches\/","title":{"rendered":"Apple Card Savings Account Launches"},"content":{"rendered":"

Apple<\/a> (Hacker News<\/a>, MacRumors<\/a>):<\/p>\n

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Starting today, Apple Card users can 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.<\/p>\n

[…]<\/p>\n

Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.<\/p>\n<\/blockquote>\n

The 10x is compared with most physical banks. There are a dozen or more online banks that offer similar rates. Ally<\/a> and Amex<\/a> are currently at 3.75%. Goldman Sachs’s own Marcus<\/a> product is at 3.9%, slightly lower than its Apple product. Synchrony<\/a> offers the same 4.15%. CIT<\/a> offers 4.5%, or 4.75%<\/a> on a $5,000 balance. VIO<\/a> is at 4.77%. So Apple’s offering is not amazing, but it’s very good. There are probably lots of people who have been getting terrible<\/em> rates because they never shopped around, and now Apple is making it really easy<\/a> for them to get something much better.<\/p>\n

It’s still unclear whether this is a fully featured<\/a> bank account. Can you use it to pay your Apple Card bill? There does not<\/a> seem to be a Web site.<\/p>\n\n

Dave Mark<\/a>:<\/p>\n

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Unless you reject the arbitration provision, you automatically:<\/p>\n