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

[MacAndMic]

The comments about getting a better rate here, there, a bond, etc. are short-sighted. While you are correct, Apple just gave millions of people who are not as knowledgable, motivated, have minimal or no savings, etc. the EASY ability to start earning interest using the device they already have in their hands.

Their execution is truly innovative and this will change banking going forward.

 

[urnotl33t]

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!

Wow... I envy you. I just hit a certain pleasant level in cash savings myself. Dang. You sell drugs? (I'm sure you don't, it was obligatory) Government secrets? (I certainly hope not) Real estate? Or just good honest hard work?

 

[Dan in VA]

I signed up, set it as my default for Apple Card rewards, and moved my $286 of Apple Cash into it. It's fine for what it is, but functionally, I get more value from my Ally accounts as I get all the banking options and support I want. Transfers, a decent website and app, etc. I'll take .4% less for that.

Good move, but don't blow it up to be something incredible. It's not.

 

[burgman]

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?

Having someone link sexuality to making savings account choices wasn’t on my McRumors daily bingo card. 😂

 

[urnotl33t]

Mine is still showing 4.15%. I just moved $10k into it.

Still a bit leary, so I'm going to stick with that for a month before moving more.

APY is 4.07. APYE is 4.15. The E means "earned", which takes into account the compound interest. STFW.

What’s the difference between interest/dividend rates, APY, and APYE?

A quick primer on the differences between interest/dividend rates, APY, and APYE, and APR.

blog.safecu.org

 

[j2dad53899]

Someone please correct me if I’m wrong or if missing a major point but in with chase savings and it’s 0.01%.. and apples is 4.15%?! How is this possible and how are they not losing money lol
Am I missing something here?!

 

[DouglasCarroll]

Done and done!

😃

 

[itsboi]

Someone please correct me if I’m wrong or if missing a major point but in with chase savings and it’s 0.01%.. and apples is 4.15%?! How is this possible and how are they not losing money lol
Am I missing something here?!

It's amazing how many people are unaware of High Yield Saving Accounts. Even my parents think it's too good to be true. 4.15% is great, but it shouldn't be seen a "wow!" when inflation rates are beyond that.

Brick and mortar banks have been scamming for too long. I'll take the Apple Savings Account as a positive for public awareness.

 

[urnotl33t]

So a MacRumors user with no iPhone on an Apple forum complaining about the Apple Savings Account?

I have an iPhone and iPad. And MacBook Air. Just pointing out that I can't get an Apple Card on an iPad. Thus can't use their savings account on my iPad. I can, however, do all the above with any other bank. Apple may want to consider their approach to financial services more carefully.

 

[ElBerserko]

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?

It is in the terms and conditions. They can reject and return deposits exceeding the limit via check. But interestingly it seems Daily Cash deposits and interest earned is not counted toward that limit. So you can still earn interest and get Daily Cash deposited but won’t be able to move funds in from a transfer.

“MAXIMUM DEPOSIT LIMITS
The maximum balance for your Account is $250,000. We will include any funds deposited into your Account but not interest or Daily Cash you’ve earned when determining the maximum balance limit. We may reject and return any funds transfer if your Account exceeds the maximum deposit limit. You authorize us to return any funds that exceed the maximum balance limit by check.”

 

[Sciomar]

Someone please correct me if I’m wrong or if missing a major point but in with chase savings and it’s 0.01%.. and apples is 4.15%?! How is this possible and how are they not losing money lol
Am I missing something here?!

That is how Chase's earnings stay as high as they do, they use your own money to invest and make more money while giving you less than pennies.

 

[urnotl33t]

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.

Contrast with all the posts here about "well crap, my bank is only 0.X%! I'm moving my money NAWWW!!" Ummm these opportunities aren't new... they've been here. For a while.

As I told my daughter just yesterday, "just because you're suddenly aware of something doesn't mean it didn't already exist."

 

[urnotl33t]

Someone please correct me if I’m wrong or if missing a major point but in with chase savings and it’s 0.01%.. and apples is 4.15%?! How is this possible and how are they not losing money lol
Am I missing something here?!

They take your money and buy the 2yr US treasury note at (checking todays rate..) 4.18%, give you 0.01% (or whatever) and they pocket the difference. They are making a killing. At your expense.

 

[itsboi]

I have an iPhone and iPad. And MacBook Air. Just pointing out that I can't get an Apple Card on an iPad. Thus can't use their savings account on my iPad. I can, however, do all the above with any other bank. Apple may want to consider their approach to financial services more carefully.

Oh yeah, wallet on iPadOS and macOS have always been lackluster. The Mac doesn't even have an app to begin with which is a need now after this savings feature.

 

[urnotl33t]

Yeah. It's like there is no regulation on US banks, AT ALL! It's just crazy!!! Won't someone think of the children?!?

My daughter and I just watched an episode of The Simpsons with the church lady screaming that every 3 seconds... 😆

 

[Javabird]

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?

The interest is added, but only 250k is insured. You can always transfer any amounts over 250k to another account.

 

[orangeadrenaline]

Heard there’s no joint account ownership. Beneficiaries?

 

[monstermash]

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...

Uh....ok.

 

[monstermash]

Heard there’s no joint account ownership. Beneficiaries?

I was able to name my wife as a beneficiary. They said you can have up to 10.

 

[tobybrut]

Like many others, I tried setting up the savings account a few hours ago with a success email, but no appearance of the Savings section in the Apple Card. Several reboots did nothing. But I decided to select Setup again for the account and got the obligatory “Service is unavailable“ message others are seeing. But immediately after I dismissed the error, the Savings account section appeared and I transferred all my Apple Cash over.

 

[paultopia]

sigh. hours later, still can't get the stupid POS wallet app to acknowledge that I've signed up for the stupid ****ing savings account. still getting "savings unavailable" when I try to set up after having already set it up once. **** this complete waste of time.

 

[bryanhalpin]

I was able to name my wife as a beneficiary. They said you can have up to 10.

on hold for 4 hours now trying to add beneficiaries. ridiculous

 

[monstermash]

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.

You have an interesting definition of "rush".

 

[gregmancuso]

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.

You have me questioning my comment. I just checked Experian against the last statement balance for a couple of my cards - The numbers do not match. I have had situations where I made a couple of large transactions (car downpayment on credit cards for example) and then paid the cards off within a couple of days and the the balance sent to Experian included the charges even though I never had the balance on the period end date and they were never in a statement.

I pay my cards off multiple times during the month - mostly when I open quicken for some reason and I am a tad OCD in that I like seeing $0 balances on my credit cards. So - for Experian at least - the banks seem to report current balance as of whatever reporting date.

 

[monstermash]

sigh. hours later, still can't get the stupid POS wallet app to acknowledge that I've signed up for the stupid ****ing savings account. still getting "savings unavailable" when I try to set up after having already set it up once. **** this complete waste of time.

Take a chill pill and try tomorrow.