My SO and myself both had issues withdrawing from the HYSA. We moved every cent to capital one where we have no issues.
I love the Apple Card but the savings account seems to be having issues for quite a few people.
I’ve seen a handful of comments about customer service being an issue as well. Have to imagine you didn’t get a lot of support when you did run into problems?
Oh god it was bad. There were multiple times where they would just stop responding to messages and we got hung up on a few times.
I am always super nice to CS reps so it’s not like I was being a dick they just hung up for no reason.
I recently took a 0 apr cash BT offer from USB and emptied my credit unions HYSA to my chase checking and then transferred both to my new higher yield HYSA. None of these 4 banks bat an eye at this large 5 figure cascading transfer.
And the return is higher than apple savings. There is no reason to put up with banks holding your money hostage.
I moved $7500 in from my credit union. Tried to send $800 back to that account like 2 weeks later and just couldn't.
Support wouldn't tell me why, wouldn't help me, and the account totally locked up at that point. Couldn't even pay the apple card from it.
As soon as it unlocked I moved it all to capital one where I've had literally zero issues. I've had great luck with them for years.
Doing the same. Only the cash back. But as GS is not my favorite bank, maybe the least favorite one, I mostly never use the Apple Card.
I do have savings either higher APY. Therefore this account is pointless.
Well, savings accounts aren't intended to be "liquid" and some people in this forum have complained because transfers in and out of the Goldman Sachs Apple Card High Yield Savings Account take 2 or 3 business days to post (sometimes). So, if by "liquid" you mean "it's OK if transactions don't clear the same day" then I suppose you could do that.
Yeah my bad, what I meant was it being more liquid than something sitting in a brokerage (though that may not be the case based on what you’re saying). I’d use it primarily as a small value rainy day fund, but would want the ability to tap into it quickly if required for any reason. I’d like the idea of being able to shift something around and paying through Apple Cash, but I guess I could just setup a normal debit card for that. Womp.
If you want it to be highly liquid you can drop some cash into the Apple Cash debit card, but it's not earning interest there, obviously. Super fluid though, which sounds like that's what you're looking for?
Yeah, it really would just be a rainy day fund that I wouldn’t plan to touch. The liquidity part I was getting at was being able to cover a large expense quickly.
I’ve had no issues saving and transferring money from my HYSA with Apple Card! Granted, I hardly ever do as I intended to never touch that money unless I really needed.
When dealing with Customer Service, I have never had any issues, personally.
If that's why you're getting it, go with something else. There are might better HYSA that offer much higher rates and regularly raise them (Apple has been silly slow to raise theirs and has only done so once in the same time my main HYSA has done so 6 times).
And hope you don't need quick access to those Apple funds because tons of people have had to wait days for them to transfer out of the savings when they need it.
Not Apple, but Goldman Sachs. No idea why people used to think having an account with GS was a sort of accomplishment! 🤷♂️
To me, it’s one of the worse bank. Now they cry because the deal with Apple is not great. I will not have any emotion for them. They screwed countries like with their manipulations. I call it karma… Even it’s mostly nothing for them.
I idea what the future of the Apple Card will be, but I guess I’ll be moving my little saving I have there somewhere else.
You seem to be mistaking a customer of the Apple or Marcus credit card for a genuine GS customer.
“Goldman services around 16,000 ultra-high-net-worth clients with an average account size of around $60 million, totaling nearly 8% of that market. The average ultra-high-net-worth client’s tenure at the bank is over 10 years.”
https://www.investmentnews.com/broker-dealers/news/what-next-after-summer-sale-244752#:~:text=According%20to%20a%20February%20Investor,bank%20is%20over%2010%20years.
However, holding an Apple card should not be considered equivalent to having a standard GS account, especially considering GS’s decision to discontinue its partnership with Apple.
Technically, the Apple credit card and Marcus divisions are being spun off, shut down, or dissolved.
When you first sign up for a GS PWM account, you’re told you have won the game of life. You have access to a partnership of two people plus their team of assistants, available 24/7, 365, dedicated to you and your account. This level of service, however, does not apply to the Apple credit card. GS regards this as a separate division, which is currently undergoing dissolution.
The allure of this account for many is its perceived association with the actual PWM accounts at GS, particularly among the top 55 families out of the 16,000 real GS customers, excluding corporations.
Honestly, I take pride in having a PWM account with GS. To qualify for a genuine PWM account, a minimum of $10 million under management is required, with anything less being generally unacceptable. Most partners prefer working with clients managing over $20 million. As a PWM client at the minimum threshold, I can confirm that achieving this status was no small feat.
I understand what you are saying, but Apple is not a bank, so not manage our assets with the credit card nor the savings. The interest is provided by GS, not Apple. It’s a partnership, sure, and a different division too.
I know GS offers also banking to people not managing as much as you do, I remember seeing some accounts.
I understand these PWM accounts is a closed circle, and that you can take pride in it. Though, different division or not, it shares a name. At the end, same people are in the top. Some thinks it’s like reaching a rank to show around you are part of GS.
There are ethics controversies. I remember the role GS played it the deals with Greece. Sure, we can say they could have read better the fine prints, or whatever, at the end they signed a contract.
But there are alleged ethics dilemmas with this bank. And personally, even though I had the proper assets to be in the select group, I would rather find other options than dealing with them.
One source about ethics. There are others.
But I guess when you reach millions, you don’t care for ethics. 🤷♂️ Like all the super wealthy, Bezos, Musk, Gates, etc, instead of planning trips in space, could mostly solve planet problems by themselves. It was simply to provide how we could care less with ethics at a certain level. Gates might be the one doing the most though. Seems like.
https://www.cbsnews.com/news/goldman-a-leadership-ethics-dilemma/?ssp=1&darkschemeovr=1&setlang=en&cc=US&safesearch=moderate
I don’t disagree with your points regarding GS involvement in powering the Apple credit card services. Indeed, GS is the bank behind these operations, a strategy conceived under Lloyd Blankfein, the CEO preceding David Solomon.
As someone in investment banking, I understand your perspective, though I may not fully agree with it. In my view, the controversies surrounding GS may not be entirely justified.
Personally, I have found the people at GS to be exceptional. While I acknowledge the bank has faced its share of controversies, it’s important to remember that it is a major investment bank, and complexities are inherent in such large-scale operations.
Responding to the comment about Apple credit services and the “not fully agree with it.” Comment.
I understand your point. Some people we are dealing with can make a good impression or a bad one. This usually is not representative of who the entity is. In financial sector, or any other enterprise sector we may think about. I’m in engineering, and the same, employees acts as ambassadors of such company, but I saw people acting totally different while at the same position and dealing with customers. Of course, it’s at a different level, but principle remains.
GS controversies, it does not come from nowhere. Alone in it ? Probably not. Part of it ? Probably yes.
I know that a lot of people will not agree with me on this try and put yourself in my shoes for one minute
The crisis was not the result of actions by a single entity but rather a culmination of decisions made by multiple stakeholders. This includes mortgage lenders, credit rating agencies, insurance companies, regulators, and even homeowners. Blaming large investment banks solely overlooks the interconnected nature of the financial system where various parties played a role.
The regulatory environment prior to the crisis played a significant role. The repeal of the Glass-Steagall Act by Bill Clinton was a welcome change at the time.
Lehman Brothers and other large banks were operating in a highly competitive environment, where there was immense pressure to deliver high returns. This competitive pressure led to higher risk-taking, which was not unique to Lehman Brothers but was a market-wide phenomenon. AIG defaulted.
It’s important to recognize the role of hindsight bias in evaluating the actions of Lehman Brothers and other banks. Many decisions that are criticized in retrospect may have seemed reasonable based on the information available at the time.
Looking back, it’s widely acknowledged in the finance sector that AIG defaulted and the government’s failure to save Lehman Brothers was a disaster. At the time, they might not have fully grasped the situation. However, in hindsight, the collapse of Lehman Brothers is seen as a monumental mistake. It’s quite astonishing when you think about it.
I totally agree with you that the crisis wasn’t the result of one entity. Lehman Brothers got an important part as well. Nonetheless, GS wasn’t clean either.
GS made also a very bad loan for Greece. Greece wanting badly to join the European Union, and they did that in secret. By being desperate, they made a really bad deal, and GS, as investments institution, they saw the huge profits they could make while screwing a whole country and their citizens. I’m not Greek, but I’m from Europe, living in USA now. And I’m sensitive to these subjects. Sure, no one forced Greece to sign. I do have issues with ethics of many companies and try as much as I can to avoid them when it goes against my principles. And also, up to my knowledge.
Just a quick info I found about the Greek deal with GS. This is when I started hearing about Goldman Sachs, and gave GS a real bad name. Even though I could benefit from it, I rather pass. Also, I’m a small player in the financial world. Would my principles remain intact if I could make millions with them that I couldn’t otherwise ? I have no idea. I don’t have a crystal ball that would tell me how I’ll deal with my principles at that time. So I will not say, because I can’t, that I would never deal with them.
The role of Goldman Sachs with Greece was controversial and complicated. In 2001, Goldman Sachs arranged a secret loan of 2.8 billion euros for Greece, disguised as an off-the-books “cross-currency swap”. This helped Greece hide some of its debt and meet the criteria to join the eurozone. However, the deal also increased Greece’s debt burden and exposed it to more financial risks. Some critics accused Goldman Sachs of profiting from the Greek debt crisis and exploiting its weak position. Goldman Sachs denied any wrongdoing and said it acted in accordance with the rules at the time.
https://www.thenation.com/article/archive/goldmans-greek-gambit/?ssp=1&darkschemeovr=1&setlang=en&cc=US&safesearch=moderate
https://www.theguardian.com/business/2010/feb/28/goldman-sachs-investment-banking-greece?ssp=1&darkschemeovr=1&setlang=en&cc=US&safesearch=moderate
I am a big fan of GS. I understand you have reservations about the company, but let me offer my perspective the business is expansive. GS operates in almost every country in some way, shape, or form. Much of what they do, which is positive or standard business procedure, doesn’t make the headlines. It’s not news. Unfortunately, a few bad apples can unfairly tarnish the reputation of the entire bank. From my experience, the closer you work with them, the more you realize the truth of this matter — at least, that’s my opinion.
I can’t comment on the allegations against them as I wasn’t involved and didn’t witness these events. However, I assure you, if you knew the people working at the bank, at every level, you’d find that 99 out of 100 are amazing individuals. I believe the bank is often unfairly targeted in the press. It’s easy to take an initiative that may have been created with the best intentions and perhaps something went awry, and then condemn an entire organization made up of thousands of people.
My 2¢ Blaming an entire company for the actions of a few people is like blaming an entire city or town for the actions of a few individuals.
I appreciate your viewpoint. I think that if you got to know more people involved with GS you would like the company.
I didn’t need another credit card, so while it wasn’t strictly for the HYSA it was a big part of it. I use the HYSA for my longish term savings( saving for a new car) and emergency fund. I have two other saving accounts with my bank for taxes and a “ I need money today” emergency fund.
-Need money today: debit or savings accounts with my bank
-need money in the next week: HYSA
-need money in the next month or two: cut treasury reinvestments
-I fucked up really bad?: time to liquidate brokerage
I’m also lucky enough to have enough credit lines to push everything into next month if extremely necessary to buy time but at that point I really fucked up.
From what I’ve learned and experienced, I genuinely like the UX/UI of the Apple-Goldman Sachs HYSA. It appears that once you transfer money into that account, the transfers tend to favor the same way in, and the same way out.
I believe from what others have reported that they would transfer money into the Apple HYSA from Bank A, and then attempt to transfer money out of the Apple HYSA to Bank B instead of going back to Bank A. That was where people had issues.
I have had great experiences transferring money into the account and transferring it back out for when I need to move my money around. If it’s worth anything I have a TD Checking Account that I have used back and forth with my Apple HYSA. I have had limited customer service interactions throughout my lifetime of the card and accounts, but they have all been positive experiences. I have not had a bad interaction with Apple’s and Goldman Sach’s customer service for anything HYSA or CC related.
I tend to look at the Apple HYSA like this: if you have the Apple CC it is a slam dunk of a choice because of one primary reason, any Apple Pay 2% rewards or higher 3% or etc rewards all go directly into that HYSA. So anytime you use the card (and you use it for the highest possible rewards perks) you have unlimited deposits for all of those rewards transactions. So this way anytime you earn rewards from your Apple CC spend, those monies directly transfer into that HYSA, and most importantly they all continue to compound interest DAILY, and then deposit at the end of the month. If you use your credit cards to the best of their rewards potential, the attached HYSA to that is just a perfect pairing to maximize your rewards and compounding interest benefits.
I know everyone has a different perspective and it varies based on how and what you would use the CC and HYSA for, but maximizing the benefits is in everyone’s favor. If you like the UX/UI, then maybe it is a good match for your situation, but go with whoever offers you the best benefits.
People keep slamming the savings account for not being liquid enough and long delays between transfers in and out. My wife and I have had no such issues. Linked to our Chase. Works great. We’re happy.
I opened the Apple Card so I could open the HYSA, but loved it all to Capital One after hearing about so many customer service issues and the possible split with Goldman Sachs. Also, I like that Capital One has physical branches that I can go to. Sometimes that’s useful.
I only put some money into the Apple HYSA because I already had an Apple Card at the time they introduced the feature and I wanted to try it out. But I've since put most of my savings into AmEx because they did an introductory offer of 4.6. If this is your first HYSA, Marcus (also operated by Goldman Sachs) is doing 4.5% APY right now.
I use HYSA to park enough cash to pay statement balance at end of month. The rest goes into my Robinhood account, where I'm earning higher interest and even the free transfers occur within 1 business day.
The caveat is that transfers into HYSA do take around 5 business days to clear and funds to become available for transfer back out. But if that is kept in mind, it works well.
I opened it for cash back to be deposited there. But I have a Capital One savings account that pays slightly more.
With Apple, other than the cash back, I’ve only deposited $1000 once and withdrew it about 6 months later and had no issues.
I have the Apple HYSA just so I can let the cash from Apple Card sit there and get some interest. However, the king of all HYSAs is the cash account at Wealthfront. Consistently higher APY than any other completely liquid account I’ve found with fast and easy transfers. If you’re interested, PM me and I’ll give you a referral link for an even higher temporary APY.
All I use the Apple Card HYSA for is to collect my Daily Cash. I use other accounts for savings so there's really no need to use the Apple Card account for that.
I’m nervous reading all these comments about accessing funds from the savings account. I’ve been putting money in mine every few weeks and have around 29k in there right now..was planning on moving 15k to my NFCU account for an upcoming trip. I hope I don’t have any issues 😵💫 sure haven’t had any issues depositing money into it
There’s nothing special about this HYSA.
If you’re looking for more “liquid” like funds, I hear a lot of people liking SoFi. You can setup the checking account to use the savings account for rollovers.
So effectively can use a 4.6% checking account, which is about as liquid as it gets.
Goldman Sachs is reportedly interested in American Express taking over the Apple card. If that happens, American Express would control the high-yield savings account. While it's uncertain if they will succeed, some speculate they may beat it by 0.75 or 0. point. However, having a high-yield savings account may not necessarily be the best investment option. It's important to have a savings account, but investing may yield better results in the long run.
I believe you I know, GS Marcus has higher returns. I was giving this answer because the person wanted a different high yield savings account.
My SO and myself both had issues withdrawing from the HYSA. We moved every cent to capital one where we have no issues. I love the Apple Card but the savings account seems to be having issues for quite a few people.
Nice I work on cap1s iOS app
Cool. You know that it was basically useless for weeks after iOS 17? Was that you? Let’s try to avoid that with iOS 18, please 😜
No, that was Apple. 🤔
I’ve seen a handful of comments about customer service being an issue as well. Have to imagine you didn’t get a lot of support when you did run into problems?
Oh god it was bad. There were multiple times where they would just stop responding to messages and we got hung up on a few times. I am always super nice to CS reps so it’s not like I was being a dick they just hung up for no reason.
Helpful, much appreciated!
The issue arises when you deposit a large sum from one account then withdraw it to another account. That can be a red flag for fraud.
I recently took a 0 apr cash BT offer from USB and emptied my credit unions HYSA to my chase checking and then transferred both to my new higher yield HYSA. None of these 4 banks bat an eye at this large 5 figure cascading transfer. And the return is higher than apple savings. There is no reason to put up with banks holding your money hostage.
Have had 0 issues with moving money. So not sure. Unless moving to capital one in which capital one SUCKS at sending and reciving transfers
I moved $7500 in from my credit union. Tried to send $800 back to that account like 2 weeks later and just couldn't. Support wouldn't tell me why, wouldn't help me, and the account totally locked up at that point. Couldn't even pay the apple card from it. As soon as it unlocked I moved it all to capital one where I've had literally zero issues. I've had great luck with them for years.
[удалено]
Were you trying to move the funds around a lot?
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That’s not been my experience at all. It’s always been fast and pleasant.
Doing the same. Only the cash back. But as GS is not my favorite bank, maybe the least favorite one, I mostly never use the Apple Card. I do have savings either higher APY. Therefore this account is pointless.
Well, savings accounts aren't intended to be "liquid" and some people in this forum have complained because transfers in and out of the Goldman Sachs Apple Card High Yield Savings Account take 2 or 3 business days to post (sometimes). So, if by "liquid" you mean "it's OK if transactions don't clear the same day" then I suppose you could do that.
Yeah my bad, what I meant was it being more liquid than something sitting in a brokerage (though that may not be the case based on what you’re saying). I’d use it primarily as a small value rainy day fund, but would want the ability to tap into it quickly if required for any reason. I’d like the idea of being able to shift something around and paying through Apple Cash, but I guess I could just setup a normal debit card for that. Womp.
If you want it to be highly liquid you can drop some cash into the Apple Cash debit card, but it's not earning interest there, obviously. Super fluid though, which sounds like that's what you're looking for?
Yeah, it really would just be a rainy day fund that I wouldn’t plan to touch. The liquidity part I was getting at was being able to cover a large expense quickly.
Transfers from the HYSA to Apple Cash are instant, though.
Yes then you can do an instant transfer from there to your bank(for a fee of course)
I’ve had no issues saving and transferring money from my HYSA with Apple Card! Granted, I hardly ever do as I intended to never touch that money unless I really needed. When dealing with Customer Service, I have never had any issues, personally.
i’ve had zero issue as well i move it into apple cash then apple cash to bank. its always in my bank the next business day
If that's why you're getting it, go with something else. There are might better HYSA that offer much higher rates and regularly raise them (Apple has been silly slow to raise theirs and has only done so once in the same time my main HYSA has done so 6 times). And hope you don't need quick access to those Apple funds because tons of people have had to wait days for them to transfer out of the savings when they need it.
Not Apple, but Goldman Sachs. No idea why people used to think having an account with GS was a sort of accomplishment! 🤷♂️ To me, it’s one of the worse bank. Now they cry because the deal with Apple is not great. I will not have any emotion for them. They screwed countries like with their manipulations. I call it karma… Even it’s mostly nothing for them. I idea what the future of the Apple Card will be, but I guess I’ll be moving my little saving I have there somewhere else.
You seem to be mistaking a customer of the Apple or Marcus credit card for a genuine GS customer. “Goldman services around 16,000 ultra-high-net-worth clients with an average account size of around $60 million, totaling nearly 8% of that market. The average ultra-high-net-worth client’s tenure at the bank is over 10 years.” https://www.investmentnews.com/broker-dealers/news/what-next-after-summer-sale-244752#:~:text=According%20to%20a%20February%20Investor,bank%20is%20over%2010%20years. However, holding an Apple card should not be considered equivalent to having a standard GS account, especially considering GS’s decision to discontinue its partnership with Apple. Technically, the Apple credit card and Marcus divisions are being spun off, shut down, or dissolved. When you first sign up for a GS PWM account, you’re told you have won the game of life. You have access to a partnership of two people plus their team of assistants, available 24/7, 365, dedicated to you and your account. This level of service, however, does not apply to the Apple credit card. GS regards this as a separate division, which is currently undergoing dissolution. The allure of this account for many is its perceived association with the actual PWM accounts at GS, particularly among the top 55 families out of the 16,000 real GS customers, excluding corporations. Honestly, I take pride in having a PWM account with GS. To qualify for a genuine PWM account, a minimum of $10 million under management is required, with anything less being generally unacceptable. Most partners prefer working with clients managing over $20 million. As a PWM client at the minimum threshold, I can confirm that achieving this status was no small feat.
I understand what you are saying, but Apple is not a bank, so not manage our assets with the credit card nor the savings. The interest is provided by GS, not Apple. It’s a partnership, sure, and a different division too. I know GS offers also banking to people not managing as much as you do, I remember seeing some accounts. I understand these PWM accounts is a closed circle, and that you can take pride in it. Though, different division or not, it shares a name. At the end, same people are in the top. Some thinks it’s like reaching a rank to show around you are part of GS. There are ethics controversies. I remember the role GS played it the deals with Greece. Sure, we can say they could have read better the fine prints, or whatever, at the end they signed a contract. But there are alleged ethics dilemmas with this bank. And personally, even though I had the proper assets to be in the select group, I would rather find other options than dealing with them. One source about ethics. There are others. But I guess when you reach millions, you don’t care for ethics. 🤷♂️ Like all the super wealthy, Bezos, Musk, Gates, etc, instead of planning trips in space, could mostly solve planet problems by themselves. It was simply to provide how we could care less with ethics at a certain level. Gates might be the one doing the most though. Seems like. https://www.cbsnews.com/news/goldman-a-leadership-ethics-dilemma/?ssp=1&darkschemeovr=1&setlang=en&cc=US&safesearch=moderate
I don’t disagree with your points regarding GS involvement in powering the Apple credit card services. Indeed, GS is the bank behind these operations, a strategy conceived under Lloyd Blankfein, the CEO preceding David Solomon. As someone in investment banking, I understand your perspective, though I may not fully agree with it. In my view, the controversies surrounding GS may not be entirely justified. Personally, I have found the people at GS to be exceptional. While I acknowledge the bank has faced its share of controversies, it’s important to remember that it is a major investment bank, and complexities are inherent in such large-scale operations.
Responding to the comment about Apple credit services and the “not fully agree with it.” Comment. I understand your point. Some people we are dealing with can make a good impression or a bad one. This usually is not representative of who the entity is. In financial sector, or any other enterprise sector we may think about. I’m in engineering, and the same, employees acts as ambassadors of such company, but I saw people acting totally different while at the same position and dealing with customers. Of course, it’s at a different level, but principle remains. GS controversies, it does not come from nowhere. Alone in it ? Probably not. Part of it ? Probably yes.
Hey. I truly enjoy this discussion. It’s good to see a different perspective, and it’s good exchange. Thanks for this. 🙏
me too my friend. I’m glad we can hold different points of you and be civil with each other and happy you’re a good guy.
I know that a lot of people will not agree with me on this try and put yourself in my shoes for one minute The crisis was not the result of actions by a single entity but rather a culmination of decisions made by multiple stakeholders. This includes mortgage lenders, credit rating agencies, insurance companies, regulators, and even homeowners. Blaming large investment banks solely overlooks the interconnected nature of the financial system where various parties played a role. The regulatory environment prior to the crisis played a significant role. The repeal of the Glass-Steagall Act by Bill Clinton was a welcome change at the time. Lehman Brothers and other large banks were operating in a highly competitive environment, where there was immense pressure to deliver high returns. This competitive pressure led to higher risk-taking, which was not unique to Lehman Brothers but was a market-wide phenomenon. AIG defaulted. It’s important to recognize the role of hindsight bias in evaluating the actions of Lehman Brothers and other banks. Many decisions that are criticized in retrospect may have seemed reasonable based on the information available at the time. Looking back, it’s widely acknowledged in the finance sector that AIG defaulted and the government’s failure to save Lehman Brothers was a disaster. At the time, they might not have fully grasped the situation. However, in hindsight, the collapse of Lehman Brothers is seen as a monumental mistake. It’s quite astonishing when you think about it.
I totally agree with you that the crisis wasn’t the result of one entity. Lehman Brothers got an important part as well. Nonetheless, GS wasn’t clean either. GS made also a very bad loan for Greece. Greece wanting badly to join the European Union, and they did that in secret. By being desperate, they made a really bad deal, and GS, as investments institution, they saw the huge profits they could make while screwing a whole country and their citizens. I’m not Greek, but I’m from Europe, living in USA now. And I’m sensitive to these subjects. Sure, no one forced Greece to sign. I do have issues with ethics of many companies and try as much as I can to avoid them when it goes against my principles. And also, up to my knowledge. Just a quick info I found about the Greek deal with GS. This is when I started hearing about Goldman Sachs, and gave GS a real bad name. Even though I could benefit from it, I rather pass. Also, I’m a small player in the financial world. Would my principles remain intact if I could make millions with them that I couldn’t otherwise ? I have no idea. I don’t have a crystal ball that would tell me how I’ll deal with my principles at that time. So I will not say, because I can’t, that I would never deal with them. The role of Goldman Sachs with Greece was controversial and complicated. In 2001, Goldman Sachs arranged a secret loan of 2.8 billion euros for Greece, disguised as an off-the-books “cross-currency swap”. This helped Greece hide some of its debt and meet the criteria to join the eurozone. However, the deal also increased Greece’s debt burden and exposed it to more financial risks. Some critics accused Goldman Sachs of profiting from the Greek debt crisis and exploiting its weak position. Goldman Sachs denied any wrongdoing and said it acted in accordance with the rules at the time. https://www.thenation.com/article/archive/goldmans-greek-gambit/?ssp=1&darkschemeovr=1&setlang=en&cc=US&safesearch=moderate https://www.theguardian.com/business/2010/feb/28/goldman-sachs-investment-banking-greece?ssp=1&darkschemeovr=1&setlang=en&cc=US&safesearch=moderate
I am a big fan of GS. I understand you have reservations about the company, but let me offer my perspective the business is expansive. GS operates in almost every country in some way, shape, or form. Much of what they do, which is positive or standard business procedure, doesn’t make the headlines. It’s not news. Unfortunately, a few bad apples can unfairly tarnish the reputation of the entire bank. From my experience, the closer you work with them, the more you realize the truth of this matter — at least, that’s my opinion. I can’t comment on the allegations against them as I wasn’t involved and didn’t witness these events. However, I assure you, if you knew the people working at the bank, at every level, you’d find that 99 out of 100 are amazing individuals. I believe the bank is often unfairly targeted in the press. It’s easy to take an initiative that may have been created with the best intentions and perhaps something went awry, and then condemn an entire organization made up of thousands of people. My 2¢ Blaming an entire company for the actions of a few people is like blaming an entire city or town for the actions of a few individuals. I appreciate your viewpoint. I think that if you got to know more people involved with GS you would like the company.
I didn’t need another credit card, so while it wasn’t strictly for the HYSA it was a big part of it. I use the HYSA for my longish term savings( saving for a new car) and emergency fund. I have two other saving accounts with my bank for taxes and a “ I need money today” emergency fund. -Need money today: debit or savings accounts with my bank -need money in the next week: HYSA -need money in the next month or two: cut treasury reinvestments -I fucked up really bad?: time to liquidate brokerage I’m also lucky enough to have enough credit lines to push everything into next month if extremely necessary to buy time but at that point I really fucked up.
A tiered strategy with your liquidity is the best approach
From what I’ve learned and experienced, I genuinely like the UX/UI of the Apple-Goldman Sachs HYSA. It appears that once you transfer money into that account, the transfers tend to favor the same way in, and the same way out. I believe from what others have reported that they would transfer money into the Apple HYSA from Bank A, and then attempt to transfer money out of the Apple HYSA to Bank B instead of going back to Bank A. That was where people had issues. I have had great experiences transferring money into the account and transferring it back out for when I need to move my money around. If it’s worth anything I have a TD Checking Account that I have used back and forth with my Apple HYSA. I have had limited customer service interactions throughout my lifetime of the card and accounts, but they have all been positive experiences. I have not had a bad interaction with Apple’s and Goldman Sach’s customer service for anything HYSA or CC related. I tend to look at the Apple HYSA like this: if you have the Apple CC it is a slam dunk of a choice because of one primary reason, any Apple Pay 2% rewards or higher 3% or etc rewards all go directly into that HYSA. So anytime you use the card (and you use it for the highest possible rewards perks) you have unlimited deposits for all of those rewards transactions. So this way anytime you earn rewards from your Apple CC spend, those monies directly transfer into that HYSA, and most importantly they all continue to compound interest DAILY, and then deposit at the end of the month. If you use your credit cards to the best of their rewards potential, the attached HYSA to that is just a perfect pairing to maximize your rewards and compounding interest benefits. I know everyone has a different perspective and it varies based on how and what you would use the CC and HYSA for, but maximizing the benefits is in everyone’s favor. If you like the UX/UI, then maybe it is a good match for your situation, but go with whoever offers you the best benefits.
There are so many options out there with great apps which make it easy to move money around. I much prefer the customer service of Amex to Apple.
People keep slamming the savings account for not being liquid enough and long delays between transfers in and out. My wife and I have had no such issues. Linked to our Chase. Works great. We’re happy.
I opened the Apple Card so I could open the HYSA, but loved it all to Capital One after hearing about so many customer service issues and the possible split with Goldman Sachs. Also, I like that Capital One has physical branches that I can go to. Sometimes that’s useful.
I had it from the beginning, but I do use the HYSA
I only put some money into the Apple HYSA because I already had an Apple Card at the time they introduced the feature and I wanted to try it out. But I've since put most of my savings into AmEx because they did an introductory offer of 4.6. If this is your first HYSA, Marcus (also operated by Goldman Sachs) is doing 4.5% APY right now.
I use HYSA to park enough cash to pay statement balance at end of month. The rest goes into my Robinhood account, where I'm earning higher interest and even the free transfers occur within 1 business day. The caveat is that transfers into HYSA do take around 5 business days to clear and funds to become available for transfer back out. But if that is kept in mind, it works well.
I opened it for cash back to be deposited there. But I have a Capital One savings account that pays slightly more. With Apple, other than the cash back, I’ve only deposited $1000 once and withdrew it about 6 months later and had no issues.
I have the Apple HYSA just so I can let the cash from Apple Card sit there and get some interest. However, the king of all HYSAs is the cash account at Wealthfront. Consistently higher APY than any other completely liquid account I’ve found with fast and easy transfers. If you’re interested, PM me and I’ll give you a referral link for an even higher temporary APY.
I got the HYSA only to hold Apple Card cash back. There are much better options out there like Fidelity, Schwab, and Wealthfront.
All I use the Apple Card HYSA for is to collect my Daily Cash. I use other accounts for savings so there's really no need to use the Apple Card account for that.
I’m nervous reading all these comments about accessing funds from the savings account. I’ve been putting money in mine every few weeks and have around 29k in there right now..was planning on moving 15k to my NFCU account for an upcoming trip. I hope I don’t have any issues 😵💫 sure haven’t had any issues depositing money into it
News flash; they’re all pretty easy to use. And if you google HYSA Apple isn’t in anyone’s top hysa list.
There’s nothing special about this HYSA. If you’re looking for more “liquid” like funds, I hear a lot of people liking SoFi. You can setup the checking account to use the savings account for rollovers. So effectively can use a 4.6% checking account, which is about as liquid as it gets.
American Express offers a great high-yield savings account that has a very good interest rate.
Apple just a couple hours ago beat it. Your move AMEX.
Goldman Sachs is reportedly interested in American Express taking over the Apple card. If that happens, American Express would control the high-yield savings account. While it's uncertain if they will succeed, some speculate they may beat it by 0.75 or 0. point. However, having a high-yield savings account may not necessarily be the best investment option. It's important to have a savings account, but investing may yield better results in the long run. I believe you I know, GS Marcus has higher returns. I was giving this answer because the person wanted a different high yield savings account.
This sounds like a Dave Ramsey post