Why are you on hold? Let alone for 4 hours.
Good god. Hang up and try another time.
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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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Good god. Hang up and try another time.
bizarre, same thing finally happened to me right after posting a swearey message here.
No way in hell am I transferring any money over from a real bank to this janky unreliable thing. I'll let it pay me interest on the pittance of apple cash I get a month from card purchases, because, why not, it's small enough to gamble with. but the fact that they can't even reliably roll out the thing and get it to work means it's never touching money I actually need.
There is an argument to be made for keeping a few thousand dollars in a savings account, but any more than that does not make a lot of sense when there are so many easy CD and Treasury options that pay out great locked in rates and, again, they can be laddered over as many timeframes as you want. Setting up an investment account with Fidelity or Schwab for example can be done in minutes, and then those other options are open to you. Transfers from/to investment accounts and personal checking/savings can usually be done overnight.
Not everyone cares about squeezing every penny out of a nickel.
Consider $5000. At 4% (for example), that's $200. I mean, who cares? I could make that much by not eating out for a couple of weeks. It just isn't a material amount of money for a lot of people, considering the time required to get it.
Most people would be better served by cutting expenses rather than worrying about getting $50 worth of interest here and there.
Drop cable and all but one streaming service, switch your phones over to a discounter service like US Mobile, sell any vehicle you have that requires a monthly payment and get a reliable beater, stop buying alcohol and coffee and don't spent a penny eating out and see how much you save. Then get back to me on optimizing the rate of return on your $3K or whatever you may have sitting around "doing nothing".
Big help! I think im close lol I did verify, just not seeing the next step now where to transfer it over
There’s a negative to locking in savings rates, especially when rates are climbing. There’s also the issue that you can’t liquidate that money if you need it.
That said if you are putting $250,000 in a Savings Account you must have at least a 9 figure net worth, so it probably doesn’t matter.
Or... do all of that AND use the Apple Savings Account
The important thing is to go and post online about it to impress a bunch of randos on the internet with my wealth.
Hey look at meeeeeee!!!
Or just be fiscally responsible and don't spend beyond your means?
I find money market funds and no-penalty CDs appealing because the rates tend to beat savings account rates and the money is accessible.There’s a negative to locking in savings rates, especially when rates are climbing. There’s also the issue that you can’t liquidate that money if you need it.
That said if you are putting $250,000 in a Savings Account you must have at least a 9 figure net worth, so it probably doesn’t matter.
My Amex savings account is paying 4.30%. Has been for a while.
My account finally showed up. I kinda forgot and stopped checking so I’m not exactly sure how long it took, but likely 2 to 3 hours, 4 at the most. If you’re still waiting just wait a little longer.
Oh come on—they are busy because everyone is trying to do it at the same time.
I apologize if this has already been addressed, but what happens if your phone is stolen, lost, or damaged? There doesn’t yet seem to be an online website where you can access your account and it seems the only way to access the Apple Savings Account is through the Wallet App in an iPhone 8 or newer. I do have a backup phone, but it is an older device. If Apple can make an online portal, I would put most or all of my savings into this account.
The Euro has gained 10% with respect to USD over the past 6 months, so you made much more ;-) Of course, it lost 10% over the 6 months before that... My point is that interest rates alone are irrelevant, they only make sense in combination with inflation and currency exchange rates.