AMEX and Discover are banks as well as payment networks, whereas Visa and Mastercard are only payment networks that serve cards issued by banks. That's why AMEX and Discover can offer a deposit account, while Visa and Mastercard cannot.Didn't know AMEX and Discover had savings products. Must be an American thing
I'm gonna say it's probably not the best idea to have a quarter million dollars in this type of account, but that's just me.Reading the agreement in the fine print of the release. They have a max deposit of 250,000$ per account.
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.
Technically you're both right. However banks are betting on your inability to treat it exactly like a debit card, and so far it has been one of the most lucrative bets in history. The vast majority of people simply don't have the psychological and behavioral fortitude it takes to actually spend on credit as if it were cash. There's a reason the credit card is one of the most successful products ever.There's better consumer protections with a credit card versus cash, check, or debit. It's also easier to shut down a credit card if there's fraud, versus shutting down a checking account. As long as you pay on time, you can get interest in your money in savings, and not pay any fees or interest in your credit account.
I'm wondering if it's a short term boost to get people using it, then maybe it will settle down to match Marcus' rate later on. On the other hand, they may have negotiated a higher rate with GS because of the immense numbers of people they could potentially draw who would otherwise never use GS.I'm really surprised that they are offering a higher rate than Marcus. You'd think they would have offered a slightly lower rate to account for the Apple layer on top of the savings account.
DeleteI 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'm really surprised that they are offering a higher rate than Marcus. You'd think they would have offered a slightly lower rate to account for the Apple layer on top of the savings account.
Why not? It's a legit bank, legit savings account and FDIC insured, just like all other banks. So there's no difference.I'm gonna say it's probably not the best idea to have a quarter million dollars in this type of account, but that's just me.
I do exactly the same thing. I hate paying interest on debt.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.
Both operate as banks only in the US. They are completely unheard of outside the US, hence the confusion.AMEX and Discover are banks as well as payment networks, whereas Visa and Mastercard are only payment networks that serve cards issued by banks. That's why AMEX and Discover can offer a deposit account, while Visa and Mastercard cannot.
not seeing eitherNot seeing it yet.
This alone might cause the banks and financial system to collapse!
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 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. 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
Perhaps, but if you ask someone who lost their shirt on a bitcoin type deposit, in hindsight they would have loved a safe and guaranteed return of over 4%.I'm gonna say it's probably not the best idea to have a quarter million dollars in this type of account, but that's just me.
It is most definitely not locked and will fluctuate. Thats how savings rates work at banks.Setting it up right now too. I really hope the rate is locked in and does not fluctuate.
Yeah, I'm eagerly trying to add this Savings account option, but am not seeing it yet. Maybe will try again a little later today. The Savings rate along with the no minimum required and no fees is a really attractive option!Not available for me yet. Must be rolling it out a little at a time.
I think it launches at 1PM ESTYeah, I'm eagerly trying to add this Savings account option, but am not seeing it yet. Maybe will try again a little later today. The Savings rate along with the no minimum required and no fees is a really attractive option!