Forbes - Savings season

Your Weekly Advisor Update

A Note From Natalie:

What would it take to make you switch banks? In a recent Forbes Advisor survey, more than half of respondents said the interest rate was a deciding factor when shopping for a new bank.

Switching banks may sound like a hassle, but in today’s high-inflation environment, leaving easy money on the table can be a mistake. This week, we’re diving into the newest high-yield savings account on the market—and opening this lucrative account can be as simple as just a few taps on your iPhone.

As always, I’d love to hear from you. Please respond to this email with your questions and comments.

Have a beautiful day!

Very best,

Natalie

Natalie Campisi

Senior Staff Writer

Consumer Finance

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Apple Offers 4.15% Annual Percentage Yield On New High-Yield Savings Account

Savings rates tend to move with the federal funds rate–which usually increases during times of high inflation, but this hasn’t been the case in recent years. As inflation peaked at 9.1% in 2022, the national average interest rate on savings accounts was abysmally low at just 0.08%. It’s gotten better since, with the national average currently hovering at 0.37%, according to the FDIC, but this is still well below the inflation rate of 5%.

Big banks continue to dominate the deposit market, even though they offer some of the worst savings interest rates. Online banks and credit unions are where the big returns are happening.

Apple is the latest player to come out with a high-yield savings account in partnership with Goldman Sachs. The tech giant is giving Apple Card users the chance to earn interest at more than 10 times the national average—4.15% APY—without requiring a minimum deposit or charging high fees.

Customers aren’t required to keep a minimum balance in the account, deposit a certain amount of money to enroll or pay any monthly fees. You can set up this FDIC-backed savings account in Apple Wallet using your Apple Card.

If you don’t already have an Apple Card, you would still need to qualify for this credit card in order to take advantage of this high-yield savings account. If you don’t qualify, there are many high-yield savings accounts that don’t require you to apply for a credit card.

Here’s what else you should know
this week:

Experts Predict “Slightly Below Average” 2023 Hurricane Season 

While forecasters expect fewer hurricanes this season, that doesn’t necessarily signal great news. Colorado State University (CSU) reports that we’ll see six hurricanes, two of which will be major hurricanes. For people in vulnerable areas, that means preparing now ahead of hurricane season which starts on June 1.

Will The IRS Audit You? Take Our Quiz To See If You’re At Risk 

The IRS doesn’t audit many people, but that doesn’t mean you should be complacent with your taxes. Audits can be a time-consuming process, so find out if you’re at risk of crossing paths with the IRS in our latest tax quiz.

Are We In A Recession Yet? 

The current economy is a funky patchwork of a strong job market, sticky inflation and prices that are still untenable for most people. But, does that mean we’re in a full-blown recession? Not necessarily. We break down what a recession is and where our economy measures up in our latest recession story. 

Best Travel Credit Cards Of  2023

It’s easier than you think to leverage your credit card rewards to snag award flights and upgrades. Be sure to pay off your balance in full to avoid hefty interest charges that will erase your potential savings.

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