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Chase, the largest bank in the US, offers 0.01% APY for their savings account. BOA offers similar rates. Goldman Sachs, the institution behind Apple's financia

Chase, the largest bank in the US, offers 0.01% APY for their savings account. BOA offers similar rates. Goldman Sachs, the institution behind Apple's financial products, offers 3.90% APY to their Marcus clients, which is lower than Apples APY %. Apple is providing APY bump to pump the market response to their product and the media coverage ("marketing expense"), which will then pump the stock at earnings, making everyone (execs) happy.

khuey 3y ago
If you're already deeply in the Apple financial ecosystem perhaps it makes sense but if you're just chasing yield there are better options out there. SoFi will pay you 4.2%, and there are lesser known banks above that. Treasury money market funds (e.g. VUSXX) will pay you in the high 4% range (VUSXX is at 4.68%) and are exempt from state and local taxes too.
- propogandist 3y ago
  I have a checking account that pays 5.9% APY, I wouldn’t trust sofi with my money.
  - ram_rar 3y ago
    Which bank is offering 5.9% APY? Just curious, whats wrong with Sofi?
usernew 3y ago
if you purposely pick savings account that are not meant to be high yield, and compare them to a high yield offer, of course you get that. these savings accounts aren't meant to hold large sums or accrue interest. they're meant to save up a couple of paychecks and move the money into something else. because believe it or not, people don't use savings accounts to earn interest. it's a temporary place to park a small liquid amount of money. here in the real world, interest rates were increased, so all the high yield savings interest went up. mine is 3.5% w/ sally mae - like capital1's rate. citibank is at 3.85 while discover is 3.75. less known ones like citbank are 4.75 and bask is 4.65. apple is providing APY in response to the current interest rate, just like everyone else, and less than many others. it has nothing to with market response and media coverage, it has to do with Sachs being able to lend your savings back out as mortgages and loans an an increased rate. when the fed rate goes back down, so will all the rates offered by all the banks. this is literally how it does and always has worked. the only thing apple is doing is inserting themselves between you and your savings account at sachs, for some god unknown reason.

khuey 3y ago

If you're already deeply in the Apple financial ecosystem perhaps it makes sense but if you're just chasing yield there are better options out there. SoFi will pay you 4.2%, and there are lesser known banks above that. Treasury money market funds (e.g. VUSXX) will pay you in the high 4% range (VUSXX is at 4.68%) and are exempt from state and local taxes too.

propogandist 3y ago
I have a checking account that pays 5.9% APY, I wouldn’t trust sofi with my money.
- ram_rar 3y ago
  Which bank is offering 5.9% APY? Just curious, whats wrong with Sofi?

usernew 3y ago

if you purposely pick savings account that are not meant to be high yield, and compare them to a high yield offer, of course you get that. these savings accounts aren't meant to hold large sums or accrue interest. they're meant to save up a couple of paychecks and move the money into something else. because believe it or not, people don't use savings accounts to earn interest. it's a temporary place to park a small liquid amount of money. here in the real world, interest rates were increased, so all the high yield savings interest went up. mine is 3.5% w/ sally mae - like capital1's rate. citibank is at 3.85 while discover is 3.75. less known ones like citbank are 4.75 and bask is 4.65. apple is providing APY in response to the current interest rate, just like everyone else, and less than many others. it has nothing to with market response and media coverage, it has to do with Sachs being able to lend your savings back out as mortgages and loans an an increased rate. when the fed rate goes back down, so will all the rates offered by all the banks. this is literally how it does and always has worked. the only thing apple is doing is inserting themselves between you and your savings account at sachs, for some god unknown reason.