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The Apple Card Savings account still pays a higher APY than the average savings account. Apple has dropped the interest rate on its Apple Card Savings account for the first time in 2024. The Apple Card Savings account is available for Apple Card users in the U.S. You can set it up and manage it through the Apple Card in the Wallet app on iPhones. How the Apple Card Savings account worksThe Apple Card Savings account doesn't require a minimum opening deposit. While the interest rate on the Apple Card Savings Account has dropped for the first time in 2024, it still pays a significantly higher rate than a traditional savings account.

Persons: Apple, —, Cash, Jennifer Bailey, Daily Cash, Goldman Sachs Organizations: Apple, Savings, Service, Apple Card Savings, Apple Card, Daily, FDIC, Federal Deposit Insurance Corporation Locations: U.S

The Apple Card Savings account already paid a higher APY than the average savings account. Apple has increased the interest rate on its Apple Card Savings account for the third time since December. The Apple Card Savings account is available for Apple Card users in the U.S. You can set it up and manage it through the Apple Card in the Wallet app on iPhones. How the Apple Card Savings account worksThe Apple Card Savings account doesn't require a minimum opening deposit. Products in this post: Apple Card, Apple Savings Account, Ally Savings Account, Discover® Online Savings Account, BrioDirect High-Yield Savings Account, Customers Bank High Yield Savings Account, UFB Secure Savings, CIT Bank Platinum Savings, Wealthfront Cash Account

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Apple's high-yield savings account passed $10 billion in deposits. The account, which encourages automatic deposits from Apple Card users, offers 4.15% APY. The savings account is the newest part of Apple's suite of products built into Apple Wallet, which allows iPhone users to easily integrate with Apple Card and Apple Savings. Users can choose to put this cash (called Daily Cash) in one of two places: an Apple Cash card, or an Apple Savings account. Like Apple Savings, Marcus is fee-free, FDIC-insured, and supported by the Salt Lake City branch of Goldman Sachs.

Persons: Goldman Sachs, Apple iPhones, Marcus Organizations: Apple Card, Apple, Apple Savings, Savings, Wall Street Journal, Cash, OceanFirst Bank Locations: Salt Lake City

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

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☆ US SEC scraps contentious pricing proposal in final money market fund reforms
▼ + stars: | 2023-07-12 | by ( John Mccrank | ) www.reuters.com time to read: +3 min

Money market funds saw massive outflows in March 2020 at the onset of the COVID-19 pandemic, prompting the U.S. government to intervene to stabilize them. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. Critics have said money market funds, which are a key source of short-term corporate and municipal funding, now enjoy an implicit government guarantee. In December 2021, the SEC proposed new liquidity requirements for money market funds, as well as scrapping redemption fees and restrictions. "I believe that liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens."

Persons: Gary Gensler, John McCrank, Douglas Gillison, Michelle Price, Nick Zieminski, Emelia Organizations: YORK, U.S . Securities, Exchange Commission, SEC, BlackRock, Vanguard, Fidelity, U.S, Securities Industry, Financial Markets Association, Investment Company Institute, U.S . Chamber of Commerce, Thomson

☆ Apple Just Launched a High-Yield Savings Account. Here’s What It Means for You
▼ + stars: | 2023-04-17 | by ( ) www.wsj.com time to read: +4 min

By Nick GuyApple’s newest product launch isn’t the latest iPhone or an updated Mac—it’s a high-yield savings account with a competitive 4.15% APY. Who is eligible to open an Apple high-yield savings account? The Savings account (the capitalization is Apple’s) is only available to Apple Card holders, which means iPhone owners. Is the Apple Savings account worth it for you? If you’re an Apple Card holder who doesn’t have your money in a savings account at all?

Apple has a new high-yield savings account from Goldman Sachs available for Apple Card users. The Apple Card Savings account pays a higher APY than the average savings account. The Apple Card Savings account is available for Apple Card users in the US. How the Apple Card Savings account worksThe Apple Card Savings account doesn't require a minimum opening deposit. Interest on the Apple Card Savings account is compounded daily and deposited into your account monthly.

☆ Apple offers 4.15% high-yield savings to its Apple Card holders
▼ + stars: | 2023-04-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —Apple on Monday announced that it is now offering its Apple Card holders a 4.15% high-yield savings account with Goldman Sachs. They may park both the 3% cash back they receive from using the Apple Card on select purchases plus other savings they may wish to deposit. For instance, you can only get an Apple Card if you use an Apple phone. Bankrate gives the Apple Card high marks as a no-fee rewards credit card, and the convenience of having a high-yield savings account for a cardholder’s cash rewards may be appealing. A high-yield savings account rate, by contrast — including Apple’s new offering — can move up or down without notice at any time.

☆ Apple launches its savings account with 4.15% interest rate
▼ + stars: | 2023-04-17 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Apple on Monday launched its Apple Card savings account with a 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones. The company said in a press release that all Daily Cash rewards earned through the Apple Card will automatically be deposited to the savings account. CIT Bank offers a savings account with a 4.75% APY when customers deposit a minimum balance of $5,000. Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds.

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☆ Some CFOs Are Boosting Their Credit Lines as Insurance Against Recession
▼ + stars: | 2022-11-16 | by ( Kristin Broughton | Nina Trentmann | ) www.wsj.com time to read: +7 min

In addition to recession-planning, some companies are expanding their credit lines in response to higher input and inventory costs, corporate bankers said. Term loans are also funded at the outset, unlike credit lines. Photo: Xcel EnergyThe company increased its revolving credit lines primarily because it is expanding and also confronting higher commodity costs, Mr. Johnson said. Xcel doesn’t typically allow its commercial-paper balances to exceed 40% of its total borrowing capacity under its revolving credit lines, Mr. Johnson said. Bombardier in the third quarter closed on a new $300 million, five-year revolving credit facility.

☆ Read the 9-page pitch deck that music-marketing startup Unlimited Playlist used to raise $2 million
▼ + stars: | 2022-11-04 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

New startup Ultimate Playlist offers daily cash prizes to users who listen to and rate new songs. Ultimate Playlist, which launches on Monday, is a way for artists to know that they will reach listeners. "One key component of Ultimate Playlist is that it isn't anchored by superstars." "As a songwriter, I like the idea of a listener listening to more than 15 seconds of a song," Smith said. Here's the nine-page pitch deck that the Ultimate Playlist used to raise its first funds.

☆ Apple is even more of a bank now — if you have an Apple Card
▼ + stars: | 2022-10-13 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

The company announced Apple Card users could automatically deposit cash-back rewards into a high-yield savings account. On Thursday, Apple announced it would start allowing Apple Card users to automatically deposit Daily Cash, which is what Apple calls its cash-back rewards program, into a high-yield savings account from Goldman Sachs. "Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," said Apple executive Jennifer Bailey in a statement announcing the savings product. The big tech company first announced its credit card with Goldman Sachs in March 2019, advertising it as "created by Apple, not a bank," despite Goldman Sachs, a bank, reportedly spending about $300 million on the card's development. As of the latest estimates from 2021, 6.4 million people use Apple's card, a significantly smaller number than credit card giants Mastercard and Visa.

☆ China central bank cuts 14-day reverse repo rate, steps up cash injections
▼ + stars: | 2022-09-19 | by ( ) www.cnbc.com time to read: +1 min

A woman looks at his smartphone as she walks past the People's Bank of China (PBOC) building on June 14, 2022 in Beijing, China. China's central bank lowered the borrowing cost of 14-day reverse repos on Monday and stepped up cash injections to counteract higher demand towards the quarter-end. The People's Bank of China (PBOC) injected 2 billion yuan ($286.54 million) through 7-day reverse repos and another 10 billion yuan through the 14-day tenor, it said in a statement. The reduction was a catch-up move to the central bank's decision in August by cutting some key interest rates, including the 7-day reverse repo rate, to revive credit demand and prop up the sputtering economy. With no reverse repo maturing on Monday, the PBOC injected a net 12 billion yuan via the short-term liquidity instruments.

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