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

[segfaultdotorg]

Again, an uninsured investment account is not an apples to apples comparison.

There are other online savings accounts offering higher rates than Apple iSavings.

 

[HMFIC03]

Thank you Apple and Goldman! Love💚🤑💚 the GUI. Our family set it up last night and it’s so seamless with the card. Was a first day adopter for it in Aug 19 and now for this.

 

[mlody]

any idea what to do if the daily cashback didn't transfer upon opening the savings account?

 

[performa_6400]

This is a long thread, but is anyone having trouble transferring their Apple Cash to Savings? I can't find the option anywhere.

 

[monstermash]

This is a long thread, but is anyone having trouble transferring their Apple Cash to Savings? I can't find the option anywhere.

It's trivial.

0). If you have not already "verified your identity" with Apple for some reason, go do that first. Info here:

Verify your identity for Apple Card or Apple Cash - Apple Support

To protect your account, you might be asked to verify your identity when using Apple Cash or applying for Apple Card.

support.apple.com

1). Click on Apple Card in Wallet.

2).Click on the "Savings Account" area where it shows your Savings balance.

3). Click on the "Add Money" button.

4). Enter the amount of money you want to transfer and click "Next". If you want to transfer your whole Apple Cash balance, you can click on that instead.

5). On the next screen it shows the source of funds. Click on that. Select "Apple Cash".

6). Confirm with side button.

 

[hashsi99]

Make sure you verify identity to get these options.

It's trivial.

1). Click on Apple Card in Wallet.

2).Click on the "Savings Account" area where it shows your Savings balance.

3). Click on the "Add Money" button.

4). Enter the amount of money you want to transfer and click "Next". If you want to transfer your whole Apple Cash balance, you can click on that instead.

5). On the next screen it shows the source of funds. Click on that. Select "Apple Cash".

6). Confirm with side button.

 

[Rogifan]

GS must be getting slammed. I’m on hold hell with my bank (Capitol One) waiting for a GS representative to confirm my account so I can do a transfer from one savings to the other.

 

[anshuvorty]

That's messed up if that is what happened. Even if they have caused the problem by mistake it will still probably take two or three months to clear the error with the credit reference agency. What they should be doing is looking at how many "hard" applications you have made within the last 6 or 12 months (whatever their rules are) for other products, not repeats for the same one. If it is like it is in the UK, even little things like mobile phone contracts can count as hard credit applications, but there is a lot of variation between different agencies and what creditors look at when they do a search. It's can be a minefield.

I called Apple Card Support and they told me to call TransUnion to get my credit report fixed (which can take up to 3 months to get resolved). -________-

Looks like I'm not getting a savings account until after the new iPhones are announced. LOL!

 

[BaldiMac]

There are other online savings accounts offering higher rates than Apple iSavings.

Of course there is. But most of the ones I find with higher rates have minimum balances or low max balances for the best rate. The terms Apple is offering are very competitive.

 

[performa_6400]

Make sure you verify identity to get these options.

This is the step I was missing. Thank you!

 

[MisterSavage]

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.

Yep. I feel your pain. Mine have their savings account money in a Bank of America account. *huge sigh*

 

[izzle22]

This is a long thread, but is anyone having trouble transferring their Apple Cash to Savings? I can't find the option anywhere.

There has been a lot of folks that had this issue. Something about verifying your Apple cash account. It was talked about several pages back in the thread. Seem like a widespread issue. Mine when in almost automatically. I think that was the first selection I had when the account was accepted.

 

[izzle22]

It's trivial.

1). Click on Apple Card in Wallet.

2).Click on the "Savings Account" area where it shows your Savings balance.

3). Click on the "Add Money" button.

4). Enter the amount of money you want to transfer and click "Next". If you want to transfer your whole Apple Cash balance, you can click on that instead.

5). On the next screen it shows the source of funds. Click on that. Select "Apple Cash".

6). Confirm with side button.View attachment 2190252

It's not this easy for folks who have not verified their identity. I think you missed all the posts where people didn't have this option.

 

[monstermash]

It's not this easy for folks who have not verified their identity. I think you missed all the posts where people didn't have this option.

So verify your identity.

 

[Ninjasrule]

Of course there is. But most of the ones I find with higher rates have minimum balances or low max balances for the best rate. The terms Apple is offering are very competitive.

What I like is that there is no minimum and also it's FDIC insured. which means that up to 250,000, the money is guaranteed if anything were to happen to Apple or Goldman Sachs.

 

[izzle22]

So verify your identity.

I'm not having any issues with this. I'm just saying there were/is a lot of people that need to go in and verify their identity. Your "trivial" solution is not what they need.

 

[DotCom2]

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.

It's like any other time you lose an iPhone. Just get a new one and log into your Apple ID and poof! It's all there on your new phone.

 

[monstermash]

I'm not having any issues with this. I'm just saying there were/is a lot of people that need to go in and verify their identity. Your "trivial" solution is not what they need.

Ah well. Can't please everybody every time.

 

[burgman]

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.

No Wallet App on IpadOS is odd but the Settings wallet works. On MacOS I use https://card.apple.com/, I don't see a need for an App on Mac. Unless I was this guy😊

 

[Deguello]

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.

It makes a lot of sense if the marginally higher interest isn’t worth my effort and the oversight involved in laddering CDs or whatever else. I have about two years of living expenses spread across savings accounts, which now includes Apple.

All of my bills are auto-paid to various credit cards. The cards are auto-paid from the saving accounts.

All I have to do is check for unauthorized charges and replenish the savings accounts once a year. My finances are on autopilot. I pay zero interest. No payments can ever be late because of a mistake on my part. I rack up miles, points, and interest. The benefit/effort ratio is about as high as I can get it and a little bit of extra interest doesn’t, for me, justify keeping track of “easy CD and Treasury options.” YMMV.

 

[burgman]

Of course there is. But most of the ones I find with higher rates have minimum balances or low max balances for the best rate. The terms Apple is offering are very competitive.

Or time requirements like CD's

 

[tylerhbrown]

I wonder what amount this is insured to?

FDIC $250,000

 

[tylerhbrown]

I went to daily cash but I dont see the savings account sign up, is this being rolled out to card holders over time?

 

[monstermash]

I went to daily cash but I dont see the savings account sign up...

Because that isn't where you sign up.

You sign up from the Apple Card page in Wallet.

• Have an active Apple Card on your iPhone.
• Open the Wallet app and tap on your Apple Card.
• Press the button with three dots on the upper right corner, and select Daily Cash. Or there may be a promotional button to sign up for the savings account on the front page.
• Follow the instructions. It will ask for your Social Security number and for you to sign several agreements.
• By default, Apple will begin putting your Apple Card cash back into your savings account, although it's possible to transfer it back if you want to spend it or send it to a friend.

 

[ticzon]

Missing Feature: Schedule automatic daily, weekly, or monthly deposits from a external account to the new Apple savings account.