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I wonder if we can open more then one saving account or create like "buckets" so you have separate ones so one can be like for like main savings, vacation, emergency fund, etc like I have with Discover.
 
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.

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.
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.

I use credit cards and have never spent a dime in interest either, but I'd be stupid to say these banks haven't made money off my credit card usage. They absolutely have.

Also, nowadays, debit has basically all of the same protections as credit (maybe not the same "benefits" of course) in terms of fraud, theft, etc. That used to be an advantage to credit, but the playing field has been mostly leveled.
 
Just opened a card and its not there for me. AMEX is loosing a lot of money once i do its almost .58 percent more . Anyone know if its compounded daily?
 
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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.
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.
 
What a great interest rate! It beats the current rate that I’m getting with Ally Bank - 3.75% so I’m definitely going to put my savings in this account after I get it set up

If this works as easily as transferring money between Apple Cash and my bank account currently work (less than a day to transfer) then it will be super convenient to store my savings here and have the ability to quickly transfer it to my main checking account if I need the money

I never like to sign up for anything on the day that it launches because so many people are going to be signing up today as well as throughout this week so I’m going to wait at least 2-3 weeks before I sign up for this and read the reviews online to make sure that there isn’t any glitches or bugs reported from other people
 
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.
Both operate as banks only in the US. They are completely unheard of outside the US, hence the confusion.
 
Savings? What savings? I can see it now.

IMG_5666.png
 


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.

apple-card-savings-account-16x9.jpg

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
This alone might cause the banks and financial system to collapse!
 
Not available for me yet. Must be rolling it out a little at a time.
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!
 
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!
I think it launches at 1PM EST
 
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