Apple offers whopping 4.15% interest for its savings account

[stinkynuts]

Apple launches its savings account with 4.15% interest rate

Apple on Monday said its Apple Card savings account is now available to users with a 4.15% annual percentage yield.

www.cnbc.com

Probably just while interest rates are high and as a promo, will probably drop down to 1% or 2% in a few years.

 

[curr3n_c1000]

So instead of borrowing from the Bank at a higher rate, Apple will just take money from us to finance operations? Some smart people over there.

 

[stinkynuts]

So instead of borrowing from the Bank at a higher rate, Apple will just take money from us to finance operations? Some smart people over there.

If they can keep the rate at 4.15% it's a win-win for everyone, I guess.

 

[Steve_Stevens]

Is this available to people outside the USA?

 

[stinkynuts]

Is this available to people outside the USA?

Unfortunately, it is only for US residents.

https://www.cbc.ca/news/business/apple-savings-account-1.6813076

 

[Jenesis]

Unfortunately, it is only for US residents.

https://www.cbc.ca/news/business/apple-savings-account-1.6813076

I would have jumped on that. May have to have a couple of US friends make a small deposit for me for a year.

 

[johnd5050]

So instead of borrowing from the Bank at a higher rate, Apple will just take money from us to finance operations? Some smart people over there.

Smart marketing folks at Apple. Maybe Apple can be consultants to our government and educate them on generating revenue and not spending more than they make.

 

[johnd5050]

Unfortunately, it is only for US residents.

https://www.cbc.ca/news/business/apple-savings-account-1.6813076

You can open a non resident bank account in the US and take advantage of this promotion.

 

[LickingG2]

The Royal Bank offers a 4.45% rate GIC if you willing to leave it there for a year.

 

[danmand]

TD Waterhouse pays 4.2% on its savings account.

 

[The LoLRus]

You can get just as high, if not higher in Canada

Best High-Interest Savings Accounts in Canada for 2024 - NerdWallet

The best high-interest savings accounts (HISAs) in Canada will grow your money faster than standard accounts. Compare top HISA interest rates.

www.nerdwallet.com

 

[jeff2]

The big bank owned brokers in Canada will not allow you to buy high interest ETF's such as CASH, https://horizonsetfs.com/ETF/cash/, but ZST currently pays out around 4.70 % and can be bought.

BMO Ultra Short-Term Bond ETF ZST | BMO Global Asset Management

BMO Ultra Short-Term Bond ETF ZST has been designed to provide exposure to a diversified mix of short-term fixed income asset classes with a term to maturity of less than one year or reset dates within one year.

www.bmogam.com

 

[hungry]

Apple launches its savings account with 4.15% interest rate

Apple on Monday said its Apple Card savings account is now available to users with a 4.15% annual percentage yield.

www.cnbc.com

Probably just while interest rates are high and as a promo, will probably drop down to 1% or 2% in a few years.

Last I checked TANGERINE is paying 5 percent on new deposits.

 

[RichardG2020]

Savvy move by Apple, which is looking to diversify and expand its operations and reach.

Apple Pay processes over $6 Trillion in transactions annually, so this move makes sense.

The higher than average interest rate will attract more clients and strengthen existing users’ bond to the Apple platform and its products.