Not a free for fall, but probably not as regulated as in Canada and some other countries. You know the Dodd-Frank Act has been loosened since inception, particularly in 2018 under the previous administration. This, in part, led to some of the recent banking crisis in the US: https://apnews.com/article/43c62188c6b9445181a8570b4fb9272c
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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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Yeah...because T Bills and CDs serve the same purpose as a savings account...definitely.
Not like this will ever affect me but I'm curious. If the account cap is 250k, and you have 250k in it, what happens to the interest when it's supposed to be added to your account? Does it just vanish? Does it actually get added but you are forced to transfer some of it out?
24 pages. As of now, this has reached 24 pages! Simply amazing!!
Meh. Synchrony Bank already does this and no Apple Card required. Or any other card. My high yield account with Synchrony just went to 4.15% last Friday. Plus I can download transactions with Banktivity. I fail to see the allure of Apple Card. My Chase Freedom cards get my 1.5% plus frequent bonuses with the Chase Offers merchants.
It's not like an Apple Card increases your sexuality or physique. Less accessible, no real better rate, and vague acceptance criteria. What am I missing, again?
It's not like an Apple Card increases your sexuality or physique. Less accessible, no real better rate, and vague acceptance criteria. What am I missing, again?
I see. Well, I guess this situation makes sense. I rather not deal with the hassle and just make once monthly payments as I always do. Thanks for the explanation.
Nah, just a microcosm of general ignorance of the masses who don't realize an equal or better option already existed long before this was available.
Yeah. It's like there is no regulation on US banks, AT ALL! It's just crazy!!! Won't someone think of the children?!?
I don't think this is correct. Used credit is based on whatever is reported in use as of the statement closing date. Any prior amounts paid are just that... paid. I have a $500 limit card that I pay weekly, so I'm constantly reloading on it. My "used credit" each month is whatever is in use on the day the statement closes. Even tho I've used and paid $700 over the prior three weeks, "it never happened" because it was paid.
Thus my "used credit" based in that amount.
I love all the financial and credit professionals that have popped up in macrumors today.😝 Not to mention all the Dave Ramsey disciples. Good times!
Ah yes another valid point I missed. I don't need to have an iPhone or crappy designed iPhone to open this account with Synchrony. Theirs also works on an iPad... no Apple Card or savings on an iPad. So weird of Apple. World's most myopic company...
I've had the Apple Card since 2019. I followed the directions to set up an account and nothing is there. What's up?
Apple today announced that the long-awaited Apple Card Savings feature is available starting today with an initial APY of 4.15%. The savings account has no fees, no minimum deposits, and no minimum balance requirements.
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The feature allows Apple Card users to open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Users can also earn interest on personal funds deposited into the savings account through a linked bank account, or from their Apple Cash balance.
To open a savings account in the Wallet app, users will tap on the Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it and start earning interest. If they prefer, users can choose to have Daily Cash added to their Apple Cash balance instead at any time.
Apple Card Savings allows a maximum balance of $250,000, and balances are fully insured by the FDIC. To access funds stored in the account, users can transfer money to their Apple Cash balance or to a linked external bank account, a process that Apple says can take 1-3 business days to be completed. There are no fees for withdrawals.
Apple Card Savings requires an iPhone with iOS 16.4 or later and is available to U.S. residents who are 18 years of age or older. Apple has published a support document with additional information about the feature.
Article Link: Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
So a MacRumors user with no iPhone on an Apple forum complaining about the Apple Savings Account?
I just continued to click the Next button or Continue button that caused the unavailable message until it succeeds to the next step.I rebooted my iPhone and now I'm back to the "temporarily unavailable" message.
Update: the savings account suddenly appeared. But when I tapped on “Apple Cash” I got the unavailable message. It must be overloaded servers.
Synchrony Bank is at 4.15/4.16 as of last week. These fine lads seem to br very happy with their choice, too.
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why can’t people have their money in multiple places? why can’t people use multiple products?
the real ignorance is thinking that everyone or the majority posting in here don’t know about other savings accounts and ways to invest / accrue money.
let people enjoy things.
Gosh, this reminds me 2008 when GE got into finance. Apple has pure tech background and rushes into banking business, it is not a good sign. Partnering with Goldman Sachs which is bloodiest in wall st (check out how SVB got tricked by GS), Cook is definitely doing something stupid here.