Apple launches its savings account with 4.15% interest rate

CNBC ^ | 17 April 2023 | Ashley Capoot

[Cats1]

Link to Bask bank on Deposit Accounts website for more info. :)

https://www.depositaccounts.com/banks/bask-bank.html

[Neanderthal]

"The dounside of T-bills, unlike regular two year, ten year and longer Treasury notes, is the interest (gain at maturity) is taxable at the federal level."

*******************************************************

All treasury note and treasury bond interest is taxable at the federal level.

[Wuli]

My bad. I thought it was at the federal level the Treasury notes gain/interest was not taxable, but apparently it is taxable the federal level and not taxable with state income tax (in most??? cases??).

[steve86]

Be very wary of those online banks. Yes, FDIC insured, but expect to be driven to wits end by poor customer service (India), or essentially no customer service when they put your account in “difficult customer” status. Horror stories abound of locked funds, funds “lost” in transit that take months to recover, accounts that in actuality pay less than the advertised rate (they “accidentally” out your deposit in wrong account type), and so on. Read customer comments before moving and funds in!

Not just Bask, they’re all bad.

https://www.depositaccounts.com/banks/reviews/bask-bank.html

[steve86]

However, I do use Marcus Goldman Sachs savings online and so far, it’s been trouble-free. Just got a text seconds ago saying they raised my interest rate to 3.90%. I will forego a little higher interest to keep my sanity (and my money).

[Neanderthal]

" . . and not taxable with state income tax (in most??? cases??)"

******************************************************************

T bill, note, and bond interest is not taxable at state and local level. Only at federal level.

[Albion Wilde]

It looks like you’re talking about CD rates. The article is about savings accounts with a card attached for purchases with rebates.

[Vigilanteman]

Correct. Coupled with steve86, I thought it might be a good idea to get a Green Dot Bank account just because the rebate for using your debit card sounded good and they advertised no service fees if had direct deposits of at least $1000 per month.

So, before my first direct deposit goes through, they take out a $9.95 fee. I call to explain, get a sorry and they refund the fee. All is good, except the next month, they change their rules to $1000 per month in spending, so another $9.95 fee. Rerun of the previous month, they refunded the fee but next month, same damn thing happens.

This time, their excuse makes no sense and they won't refund the fee because they've already done so twice.

Even after I threaten to take them to small claims court, they don't refund. I probably should've done just that, but it isn't worth filing the paperwork for $9.95 plus fees.

Some months later, I get an invitation to reopen my account because they have eliminated all fees. No thanks!

I want nothing to do with Green Dot Bank now and forever.