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

[TheYayAreaLiving 🎗️]

exactly. how do the sayings go?

“don’t put all of your eggs into one basket.”

and something about diversifying your portfolio lol.

I have like 6 Active Saving Accounts open with automatic monthly transfers straight into the savings. I hope I'm not crazy to be doing that. My favorite account? My personal savings in which I save everything in liquid cash 💵. Nothing beats that feeling. Not even a 4.15% Interest Rate!

 

[tobybrut]

I made it through setup an hour and 30 minutes ago, got the email from Apple but it still shows "set up" for me as well.

For me, as well. I got the confirmation email from Apple/Chase that the account is set up, but there's no indication anywhere in either Apple Card or Daily Cash that there is an account. The Setup option is still there. Since others are seeing the same issue, I'm guessing it'll be resolved shortly and that we'll be able to see any interest accrued.

 

[cawgijoe]

Getting the same Savings Unavailable message as others. Guess the system is swamped.

 

[ProfessionalFan]

Only high interest savings accounts from smaller banks do this in the US. The major banks still have interest rates of 0.01%.

That isn't true, I have my savings at Capital One which is a major bank and its 3.5 percent.

 

[NorCalZman]

Make sure you read the terms and apply to opt-out of the Arbitration Provision within 90 days. This will allow you to sue Goldman Sachs in the event they mistreat your savings, especially with high deposits.


EDIT: Upon reading the agreement further, this also applies to Apple. Meaning, you also reinstate your rights to sue Apple for the Savings account, mistreatment for failure to comply with provisions on the Agreement.

According to the operator, if we opt out they will close the account after 90 days.

 

[cawgijoe]

Ok…got through. Says Account Created. Now what? I don’t see where you access the account.

 

[newyorksole]

I have like 6 Active Saving Accounts open with automatic monthly transfers straight into the savings. I hope I'm not crazy to be doing that. My favorite account? My personal savings in which I save everything in liquid cash 💵. Nothing beats that feeling. Not even a 4.15% Interest Rate!

love it! too many accounts for me 😂, but you’re not crazy! whatever works. 💯

 

[newyorksole]

Interestingly the withdrawal from my checking account to the Apple Savings account has already occurred. Be interested to see when it is available for withdrawal from Apple Savings.

did you add the funds from checking to your Apple Cash card first? usually that’s instant. or did you go straight from checking to Apple Savings?

 

[CharlesShaw]

Ok…got through. Says Account Created. Now what? I don’t see where you access the account.

How to apply for a Savings account - Apple Support

When you open a Savings account, your future Daily Cash is automatically deposited to your account. You can manage your Savings account in the Wallet app, where you can easily track your account balance and interest earned over time.

support.apple.com

I can also access it from my iPad’s wallet.

 

[Aves]

Ok…got through. Says Account Created. Now what? I don’t see where you access the account.

Do you have a shortcut on you Apple Card main page? just under the Card Balance?

I have it, from there you can access the submenus by clicking on "3 dots" at the right top corner. Account Details, Documents, Notifications.

 

[VTECaddict]

Silly question: let’s say I setup the savings on my iPhone but switch to an Android phone a month later (get rid of iPhone), will I still be able to manage my Apple Savings account online? Or do I have to have an iPhone? I haven’t read much up on this.

EDIT: Looks like you CAN access savings account through iPad settings app under the “Wallet & Apple Pay” section after you set it up initially with iPhone.

But no way to access it via website or even in Mac settings. So at minimum you need an iPad or keep a backup iPhone even if you switch your main phone to android.

You need an iPhone because it’s only managed through the Wallet app (iPads don’t have the Wallet app FYI). They won’t close your account but the only other way to access it would be by phone apparently.

https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf

 

[Glideslope]

Do you have any evidence to support your claim? I've seen my credit report, as well as descriptions of credit report factors. I've never seen a mention of anything related to paying off your credit card in full more than once a month.

Making all your payments on time is the most important factor in credit scores. Second, by making multiple payments, you are likely paying more than the minimum due, which means your balances will decrease faster. Keeping your credit card balances low will result in a low utilization rate, which is good for your score.

My initial point was to simply offer a compliment to a member I felt was implementing a strategy most do not. This has gone too far off the thread topic now.

Simply type your question into a search engine and you will find numerous links.

Have a great day.

 

[CarboysDesire]

I went thru the clicks to open a Savings account. I got the email saying it's open. When I try to look for it in the Wallet app it's not there. When I try to repeat the steps to open a Savings account I get a message saying:

Savings Unavalable
Apply Pay services are
currently unavailable.
Please try again later.

OK

So I just sit and wait? Are they inundated with requests right now?

 

[neuropsychguy]

Y’all need Jesus

This doesn't mean we can't have money in savings accounts.

 

[mdriftmeyer]

Capital One accumulates 75% of its revenues from Credit Cards, 14% from consumer banking (loans, checking and savings) and 11% from commercial banking.

It’s definitely not in the same vicinity as normal consumer banking.

Such dependence on credit card transactions makes it very vulnerable.

Capital One - Wikipedia

en.m.wikipedia.org

 

[CharlesShaw]

You need an iPhone because it’s only managed through the Wallet app (iPads don’t have the Wallet app FYI). They won’t close your account but the only other way to access it would be by phone apparently.

https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf

my iPad’s wallet app gives me the same access to the savings account as my iPhone wallet app does.

edit: There was no option to set up the Savings account on my iPad, so I set it up on my iPhone as the Apple Support article explains. But once it was set up I can access it from my iPad’s Wallet app.

 

[Phone Junky]

I tried to move money from my checking (same account I use to pay Apple Card bill) to the new Apple Savings and it wouldn't let me do it because the Apple Card account is missing my middle initial on the account. I got a message saying the name on both accounts have to be the same to do a transfer.

Let us know how this turns out. My Apple Card account vs my checking account faces the exact same scenario. No middle initial on my Apple Card account. I’ll wait to see how this turns out before opening an Apple savings account.

 

[monstermash]

I went thru the clicks to open a Savings account. I got the email saying it's open. When I try to look for it in the Wallet app it's not there. When I try to repeat the steps to open a Savings account I get a message saying:

Savings Unavalable
Apply Pay services are
currently unavailable.
Please try again later.

OK

So I just sit and wait? Are they inundated with requests right now?

When you go into wallet and click on the Apple Card, you don't see a thing about savings, like shown here?

 

[Apple_Robert]

Let us know how this turns out. My Apple Card account vs my checking account faces the exact same scenario. No middle initial on my Apple Card account. I’ll wait to see how this turns out before opening an Apple savings account.

Will do. I am waiting a call back or text reply. As a temporary work around, I sent $100 (as a test) from checking to Apple Cash and then transferred to Apple Savings. It was instant, from what I can see.

 

[cawgijoe]

Do you have a shortcut on you Apple Card main page? just under the Card Balance?

I have it, from there you can access the submenus by clicking on "3 dots" at the right top corner. Account Details, Documents, Notifications.

I’ll take a look now. Thanks.

 

[macduke]

4.15% is actually surprisingly competitive. I was thinking it wouldn't be any more than 3% at best. I'm currently getting 4.3% so no need to open an account, but it does seem convenient for a lot of people. Especially people who are getting the usual crap rates from their banks like 0.25%. Seems easy to set up and convenient so I see it becoming popular.

I currently have four credit cards and haven't paid a dime in interest in over a decade, but I get all the rewards. I pay them off twice per month.

Treat them exactly like a debit card and you wont have an issue.

I've said this before on the forums and got buried for it. I've had a credit card since 2004 and only paid a little interest for a few months in college when the economy collapsed in the Great Recession and I couldn't find a job because people in their 30s were bagging groceries to make ends meet.

Meanwhile I have an 835/850 credit score and a mortgage with a 1.75% rate and no car loans. But people still think I'm the idiot for getting the 0% financing on the iPhone Upgrade Program or the 0% financing Apple used to have through Barclays, even though I paid them all off with no interest during the interest-free period. You pay off the Apple Card each month, no interest. It's that simple. And I collect a lot of rewards on things like my Apple One subscription, T-Mobile, anything I buy from Apple, and from using Apple Pay at places where my other credit card benefits are less than 2%.

In reality what I'm an idiot for is investing in crypto when I did, but that's a completely different story. And I'm still holding. Refuse to sell at a loss. Probably an idiot for that too.

 

[Premium1]

I got rid of my account. Tying a savings card to a credit card is counter-intuitive and using a credit card is folly, I started to fall for it and realized the error of my ways. I don't fool with debt. Pay off your cards and cancel account, it is freeing!!!

Eh you can have credit cards for the rewards and not have debt/earn the rewards. Why not get the extra benefits for no extra cost? You can have a credit card and not carry debt...

 

[cawgijoe]

I’ll take a look now. Thanks.

Nothing.

 

[monstermash]

You need an iPhone because it’s only managed through the Wallet app (iPads don’t have the Wallet app FYI). They won’t close your account but the only other way to access it would be by phone apparently.

https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf

Well that's totally not true.

iPad Settings, Wallet and Apple Pay. You can manage Savings from there.

 

[NeonNights]

How to apply for a Savings account - Apple Support

When you open a Savings account, your future Daily Cash is automatically deposited to your account. You can manage your Savings account in the Wallet app, where you can easily track your account balance and interest earned over time.

support.apple.com

I can also access it from my iPad’s wallet.

How so please?

I no longer have an iPhone and don't see the savings account option in Walllet/Apple Card on my iPad.