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This is the best savings account out there, imo 1. The rate is 0.25 percentage points higher than Goldman’s own Marcus account. Apple extracted 0.25% in rent f

This is the best savings account out there, imo 1. The rate is 0.25 percentage points higher than Goldman’s own Marcus account. Apple extracted 0.25% in rent from Goldman and gave it to their customers. 2. FDIC insured through Goldman, and the max deposit is the FDIC limit, $250k. 3. Easily usable in Apple Pay, so almost like a high interest debit account. I’m moving a bunch of cash over once I set it up edit: unclear whether deposits are allowed, or just Daily Cash from Apple Card. edit 2: super easy to set up on my iPhone and yes, you can transfer from any linked bank account via ACH

dgrin91 3y ago
I would recommend https://www.ufbdirect.com/ https://www.ufbdirect.com/. Even higher rates. Still FDIC insured like normal. Doesn't plug into Apple, but has plaid-like integration so you can just log into your other account from UFB and do a transfer easily.
- TradingPlaces 3y ago
  Money market account, which is different regulatory structure, but still insured.
chrisjc 3y ago
> I’m moving a bunch of cash over once I set it up Perhaps I'm misreading the article, but isn't this just for Apple earned rewards, not as a general savings account?
- TradingPlaces 3y ago
  Maybe you’re right on rereading. Unclear at a minimum.
  - aheckler 3y ago
    One of the screenshots shows an "Add Money" button, so at first glance it seems like you can add funds. Also from the linked page: > 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.
- repler 3y ago
  No, you can add money directly to it from another bank account - such as the one you pay your apple card bill with. You can also transfer your current rewards balance to the savings account.
koolba 3y ago
> I’m moving a bunch of cash over once I set it up US 3-month Treasuries are paying 5.125% and are State tax free so if you're not planning on touching the money in the near term that's an even better position. They're about as liquid as securities get so if you do need to sell them for cash there's not going to be any meaningful hit to their valuation. At most it'll be a couple bucks of transaction fees (if that) which would easily be made up by the additional interest and tax savings.
- plagiarist 3y ago
  This is a dumb question, but how does an individual buy those? Through any regular brokerage?
  - xnx 3y ago
    You can buy direct from treasurydirect.gov . The process is a little clumsy, but still something an individual can figure out.
  - sroussey 3y ago
    Super easy, you buy direct: https://www.treasurydirect.gov/ https://www.treasurydirect.gov/
  - balderdash 3y ago
    yep - just pop over to fidelity/schwab/etc. and you can buy treasuries, you can also buy directly with treasury direct (but its pretty clunky), you just need to do a little management (e.g. buy treasuries, reinvest when they mature) example: https://fixedincome.fidelity.com/ftgw/fi/FILanding#tbindividual-bonds|treasury https://fixedincome.fidelity.com/ftgw/fi/FILanding#tbindivid...
    - tombert 3y ago
      TreasuryDirect's website is pretty horrible, but for what it's worth they actually have the option for automatic reinvestment of T-Bills built in. You can even set the number of reinvestments you want to do, or just have it automatically re-deposit into your bank account when the T-Bill is mature.
scubbo 3y ago
I'm getting 4.25% from Vanguard's "Cash Plus" account[0], which is also FDIC-insured (up to $1.25M). I don't use Apple Pay so can't comment on 3, but I'll happily take an extra 0.10% interest at the cost of only being able to use it as a savings account - though I do recognize that others might disagree! [0] https://investor.vanguard.com/investment-products/cash-investments https://investor.vanguard.com/investment-products/cash-inves...
- latchkey 3y ago
  Compared with inflation, you're still losing money holding dollars.
  - scubbo 3y ago
    This is a factual but unhelpful comment. I (and many many other people) have a need for an emergency fund that is liquid at short notice. Storing _all_ my wealth in investment vehicles (and possibly needing to liquidate it at an inopportune time) would be foolish. The devaluation due to inflation can be considered the "convenience cost" of such a fund. (There's also the consideration - and, to be clear, I'm not supporting this myself, particularly since "timing the market" is often a fool's errand; but it's worth considering to recognize how your first-order reaction misses many nuances - that if you have a strong conviction that a stock market crash is imminent, then holding dollars that devalue due to inflation to then be able to buy in after the crash is still profitable)
    - latchkey 3y ago
      It is a helpful comment because a lot of people don't think about things in the terms that I'm outlying. In the same way that people don't think about how getting paid a salary in USD is the same as buying dollars. Your response suggests that the only way to protect yourself is by holding cash and taking the loss as some sort of convenience cost. I'd say that there are other ways to hold liquid funds that try to combat inflation beyond just gambling in the stock market. To preempt a request for an example, gold is a popular method. And I know HN hates this, but the current bull market in crypto, is another. For that, I'd suggest more than just buy/hold and really delve into the lending/borrowing markets in DeFi.
lowkey 3y ago
I completely agree. As soon as the option appears in my app I will be signing up. Also, external deposits are allowed from a linked bank account.
tootie 3y ago
And Marcus is dying as a brand. Seems like Apple is holding GS over a barrel but it's not clear how. https://www.nytimes.com/2023/04/18/business/goldman-sachs-1q-2023-earnings.html https://www.nytimes.com/2023/04/18/business/goldman-sachs-1q...

dgrin91 3y ago

I would recommend https://www.ufbdirect.com/ https://www.ufbdirect.com/. Even higher rates. Still FDIC insured like normal. Doesn't plug into Apple, but has plaid-like integration so you can just log into your other account from UFB and do a transfer easily.

TradingPlaces 3y ago
Money market account, which is different regulatory structure, but still insured.

chrisjc 3y ago

> I’m moving a bunch of cash over once I set it up Perhaps I'm misreading the article, but isn't this just for Apple earned rewards, not as a general savings account?

TradingPlaces 3y ago
Maybe you’re right on rereading. Unclear at a minimum.
- aheckler 3y ago
  One of the screenshots shows an "Add Money" button, so at first glance it seems like you can add funds. Also from the linked page: > 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.
repler 3y ago
No, you can add money directly to it from another bank account - such as the one you pay your apple card bill with. You can also transfer your current rewards balance to the savings account.

koolba 3y ago

> I’m moving a bunch of cash over once I set it up US 3-month Treasuries are paying 5.125% and are State tax free so if you're not planning on touching the money in the near term that's an even better position. They're about as liquid as securities get so if you do need to sell them for cash there's not going to be any meaningful hit to their valuation. At most it'll be a couple bucks of transaction fees (if that) which would easily be made up by the additional interest and tax savings.

plagiarist 3y ago
This is a dumb question, but how does an individual buy those? Through any regular brokerage?
- xnx 3y ago
  You can buy direct from treasurydirect.gov . The process is a little clumsy, but still something an individual can figure out.
- sroussey 3y ago
  Super easy, you buy direct: https://www.treasurydirect.gov/ https://www.treasurydirect.gov/
- balderdash 3y ago
  yep - just pop over to fidelity/schwab/etc. and you can buy treasuries, you can also buy directly with treasury direct (but its pretty clunky), you just need to do a little management (e.g. buy treasuries, reinvest when they mature) example: https://fixedincome.fidelity.com/ftgw/fi/FILanding#tbindividual-bonds|treasury https://fixedincome.fidelity.com/ftgw/fi/FILanding#tbindivid...
  - tombert 3y ago
    TreasuryDirect's website is pretty horrible, but for what it's worth they actually have the option for automatic reinvestment of T-Bills built in. You can even set the number of reinvestments you want to do, or just have it automatically re-deposit into your bank account when the T-Bill is mature.

scubbo 3y ago

I'm getting 4.25% from Vanguard's "Cash Plus" account[0], which is also FDIC-insured (up to $1.25M). I don't use Apple Pay so can't comment on 3, but I'll happily take an extra 0.10% interest at the cost of only being able to use it as a savings account - though I do recognize that others might disagree! [0] https://investor.vanguard.com/investment-products/cash-investments https://investor.vanguard.com/investment-products/cash-inves...

latchkey 3y ago
Compared with inflation, you're still losing money holding dollars.
- scubbo 3y ago
  This is a factual but unhelpful comment. I (and many many other people) have a need for an emergency fund that is liquid at short notice. Storing _all_ my wealth in investment vehicles (and possibly needing to liquidate it at an inopportune time) would be foolish. The devaluation due to inflation can be considered the "convenience cost" of such a fund. (There's also the consideration - and, to be clear, I'm not supporting this myself, particularly since "timing the market" is often a fool's errand; but it's worth considering to recognize how your first-order reaction misses many nuances - that if you have a strong conviction that a stock market crash is imminent, then holding dollars that devalue due to inflation to then be able to buy in after the crash is still profitable)
  - latchkey 3y ago
    It is a helpful comment because a lot of people don't think about things in the terms that I'm outlying. In the same way that people don't think about how getting paid a salary in USD is the same as buying dollars. Your response suggests that the only way to protect yourself is by holding cash and taking the loss as some sort of convenience cost. I'd say that there are other ways to hold liquid funds that try to combat inflation beyond just gambling in the stock market. To preempt a request for an example, gold is a popular method. And I know HN hates this, but the current bull market in crypto, is another. For that, I'd suggest more than just buy/hold and really delve into the lending/borrowing markets in DeFi.

lowkey 3y ago

I completely agree. As soon as the option appears in my app I will be signing up. Also, external deposits are allowed from a linked bank account.

tootie 3y ago

And Marcus is dying as a brand. Seems like Apple is holding GS over a barrel but it's not clear how. https://www.nytimes.com/2023/04/18/business/goldman-sachs-1q-2023-earnings.html https://www.nytimes.com/2023/04/18/business/goldman-sachs-1q...