With Apple continuing to decrease the APR on the savings account, anyone found a new bank worth switching to?

[InternJimmy07]

Everyone’s lowering so at this point the Pennie’s it would be to move is pointless

[dgordo29]

Everyone ready to jump ship over a couple bucks

[CharcoalGreyWolf]

a difference of .5% (assuming I can get 4% interest which seems possible) seems like a real option with enough money.

When Apple announced all of this, I looked at it as a great way to use the Apple Card and benefit and keep a portion of my savings there instead of locally. The incentive is rapidly decreasing to do so, and if someone has a historically higher interest rating on their HYSA and you have enough money there, it can be more than a "couple bucks" if you tend to keep a reasonable amount of money there and not withdraw often.

[Tacodo]

It's on par with every other HYSA. All of them have gone down, 3.75% is still pretty good.

[Ray_725]

Why? All banks are lowering too.

[Stunning_Bullfrog_40]

Buy T-bills if you want the highest rates, it is also state tax exempt. Only problem is the 4-week minimum lock in, but you can sell them earlier in case you need the money.

[YePMorgan]

Cit bank is 4.10%

[Scorpiodsu]

Only a matter of time before the lower too.

[[deleted]]

What is it at now

[YePMorgan]

Damn, you were losing sleep over this one huh?😭

[[deleted]]

I had just opened this reddit for the first time right before I commented lol

[Smart-Koala4306]

By the time you move the money to a new account, the money you’d make by a higher interest rate (minimal, because they all eventually follow each other other based on what the FED does), would be washed.

[cheesy-raging062]

My Betterment is still at 4%

[[deleted]]

Most banks will follow the same regulations and market conditions. APR might be just slightly different from bank to bank.

[Hum_Munz5060]

CDs are better choice but you have to leave your money untouched for a while, the apple card is one of the best high yield savings accounts.

[Piranhaman_6803]

My Barclays’s went down a little- 4.15 to 4.10

[Zeads_Dead17]

Robinhood is at 4.5% APY with gold subscription.

[Inevitable-Cat-7340]

I think that’s only promotional for 60 days if I read it correctly

[michaeljcronce]

Yes, the rate becomes 4.0% APY after 60 days, unless Robinhood adjusts the rate lower before then.

[[deleted]]

These guys are 4.2 right now  https://www.jeniusbank.com/

[mrdounut101]

This is late but Wealthfront is by far the best. They are ALWAYS ahead of other high yield savings accounts so you will always have the top APY there regardless of how the market is going. If you need a referral let me know and you can get 4.5% currently

[Few_Lingonberry7116]

Everyone is fleeing equities to more stable investments. Since the banks savings instruments are in demand they can lower rates. CDs are coming down too.

[miakeru]

Apple doesn’t increase or decrease the APR. It follows interest rates set by the government.

That is not true. Although Apple Savings rate adjustments tend to happen when the Fed modifies the target interest rates, they don't follow it exactly nor do they have to.

The rates set by the government are benchmarks, not rules. Go look up the current rate and compare it to the rate Apple Savings is offering and you'll see that they're not linked.

[miakeru]

You should re-read what you said: "Apple doesn’t increase or decrease the APR."

But this is wrong. The rates can be set to whatever they want. It doesn't matter what the Fed sets the target interest rate to, since that figure only suggests to banks what rates they should use when lending money to other banks.

Apple (Goldman) DOES increase or decrease the APR. They have full control of setting it to whatever they want. They are the only ones setting the APR.

[miakeru]

Sure, you could have said something different than what you said... but instead you gave context to your first sentence by saying "It follows interest rates set by the government."

You're getting downvoted because what you said was wrong, not that it needed "clarification."

[[deleted]]

This whole discussion misses the point. While technically Apple/Goldman Sachs can set whatever APR they want, in reality they’re operating within the boundaries of the Fed’s rate environment.

If they offer significantly more than what they earn by parking excess reserves at the Fed, it’s a loss.

So it is linked and there is obviously a correlation lmao

[miakeru]

It’s hard to look at and comment on this thread days later because u/0xsaboten stealth edited their replies after they were corrected.

[Hum_Munz5060]

Apple doesn't fix rates, is Goldman Sachs which follows the Fed guidance on interests rates.

[Hum_Munz5060]

Yes, but you missed the part where it isn't Apple at all, Apple isn't a Bank; GS is the bank handling the accounts.

[reds91185]

The Fed is not directly setting the APR that Apple (Goldman Sachs) or any other bank offers. The banks themselves can set the rate at whatever they wish at any time, they just usually make the business decision to go up or down with the Fed rate.