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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate

hashsi99 said:
Anybody move over 250k? I’m about to. But have to update iOS first I guess.
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Apple Cash Transfers
You may deposit or withdraw funds from your Account into or from Apple Cash. Transfers must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. We may place additional limits on the amount and frequency of transfers for the security of your Account.
 
Jeweller said:
Synchrony bumped their HYS APY up to 4.15% from 4 last week, I assume anticipating this move by Apple. Really didn't expect Apple to offer more than Marcus so that's a pleasant surprise. That said, think I'll stick with Synchrony as they also have excellent rates on CDs and are not limited to the Wallet app for all transactions. Call me old school but it's a much nicer experience dealing with large money transfers on a bigger screen haha.
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Hopefully Goldman will also move up the rate for Marcus. They just moved it from 3.75% to 3.90% a few days ago. I don't think it's cool for Goldman to stab older customers in the back while giving Apple this better rate. Good for the new customers on the Apple side though!
 
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hashsi99 said:
I might do 50k see how it goes. If smooth, I’ll do 250k under my account and 250k under wifey. A cool 21k annually pre tax!
Click to expand...
Apple Cash Transfers
You may deposit or withdraw funds from your Account into or from Apple Cash. Transfers must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. We may place additional limits on the amount and frequency of transfers for the security of your Account.
 
battlescarred1 said:
Apple Cash Transfers
You may deposit or withdraw funds from your Account into or from Apple Cash. Transfers must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. We may place additional limits on the amount and frequency of transfers for the security of your Account.
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Apple Cash is different than Apple savings.
 
DotCom2 said:
Better check on that. I think they said no limits. But I need to verify that.
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My bad. Looks like the 6 transactions a month limit was lifted late last year.

www.forbes.com

What Is Regulation D In Banking? And What’s Changed For Your Savings Account?

You may now have more freedom to make withdrawals from your savings or money market account thanks to a pandemic-era rule change that the federal government has left intact. Regulation D affects how banks and credit unions classify certain types of accounts. In April 2020, during the first wave o
www.forbes.com www.forbes.com
 
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battlescarred1 said:
Apple Cash Transfers
You may deposit or withdraw funds from your Account into or from Apple Cash. Transfers must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. We may place additional limits on the amount and frequency of transfers for the security of your Account.
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I just transferred $30k into my Apple savings from my bank's savings account today. I think the above is just for Apple Cash.
 
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How do you secure someone from tapping on the Wallet app and seeing your savings balance? If I tap on Apple Card, it shows the savings balance immediately.
 
LOL

I tried to apply for an Apple Card today on my iPhone and I got this error - looks like their servers are getting hammered! makes sense. That interest rate is great!

1681759231197.jpeg
 
Is there a way to add cash to Apple Cash from PayPal? I have a balance in PayPal I would like to put into savings
 
coltina72 said:
Is there a way to add cash to Apple Cash from PayPal? I have a balance in PayPal I would like to put into savings
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You can add the Apple Savings as a bank account with the routing and account number. You should then be able to transfer the funds over, though it will take a few days.
 
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Didn‘t
anshuvorty said:
LOL

I tried to apply for an Apple Card today on my iPhone and I got this error - looks like their servers are getting hammered! makes sense. That interest rate is great!
Click to expand...
Upgraded to 16.4.1 and either that or the restart got me the option, then got the same message.
 
GoldenChild said:
Upgrade.com has 4.56% APY. Going to use Apple’s savings instead for convenience since it’s built in the wallet app.
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Exactly. I just today read a short article about keeping emergency funds in high yield savings accounts instead of “leaving money on the table” in regular savings accounts. Apple made it so easy, I did the entire thing in a minute, since I already have an Apple Card that gets paid from the bank account where I kept my funds. Otherwise, I would have never researched and done the steps to move my funds.

I’ll earn enough interest to pay for the Smart Cover and local sales tax on the OLED iPad next year, lol.
 
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TheYayAreaLiving 🎗️ said:
Excellent! I want to transfer $10,000 right now but I'm also scared. It is Tim Cook who is going to be overseeing our money. Perhaps, later tonight I will be transferring a bunch of money to Apple Savings.
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Apple/TimmyC won't oversee your money at all. They are not a bank (yet). They have simply branded an account with Goldman Sachs. Same message to whoever it was wondering how Apple would be investing the money.
 
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And if your Apple ID is stolen or hacked, do you lose all your savings? I think there is a high risk there, especially for those who use a PIN number to unlock their iPhone, a known method for stealing someone's ID. I hope Apple improves their security.
 
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