Apple Savings - 4.15% APY

[ua_guy]

https://www.apple.com/newsroom/2023/04/apple-cards-new-high-yield-savings-account-is-now-available-offering-a-4-point-15-percent-apy/

Curious if anyone has tried opening a new Apple savings account in conjunction with the Apple credit card. The economy is ever-evolving and my card issuer of 17 years isn't doing much to keep up with the market and our other savings account isn't keeping up with the market.

4.15% plus the credit card at up to 3% cash back (certain retailers and Apple) 2% using Apple Pay and 1% everything else). What am I missing? The savings even looks FDIC insured. What's the catch?

[disneysteve]

I'm not getting another credit card just to get another savings account. My Vanguard money market pays more than that without the hoops to jump through (though it's not FDIC-insured).

[Jluke]

Vanguard introduced a savings account or something in The last week or two that is paying 4.5%. Didn’t look into it

[disneysteve]

Vanguard introduced a savings account or something in The last week or two that is paying 4.5%. Didn’t look into it

I didn't either since the 30-day SEC yield on the settlement fund is 5.02%.

[bjl584]

I'm happy with my current savings account, and I have a credit card that I never use.
No need for another card, plus I'm getting a better rate with my money market account.

[Petunia 100]

https://www.apple.com/newsroom/2023/...5-percent-apy/

Curious if anyone has tried opening a new Apple savings account in conjunction with the Apple credit card. The economy is ever-evolving and my card issuer of 17 years isn't doing much to keep up with the market and our other savings account isn't keeping up with the market.

4.15% plus the credit card at up to 3% cash back (certain retailers and Apple) 2% using Apple Pay and 1% everything else). What am I missing? The savings even looks FDIC insured. What's the catch?

Marcus is paying 4.15% on savings right now and there are other rewards cards with similar offers. I don't think there is a catch. If it suits your needs, then take advantage.

[srblanco7]

Not interested in another credit card and the difference in interest rates between the Apple introductory offer and my HYSA and money market accounts is not meaningful.