Same inertia here. Years ago I needed a minimum amount of savings at my bank to qualify for free checking, but I have a small IRA that now replaces that need.
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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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“There’s also a limit of $20,000 that can be made in transfers per 7-day period”. Saw this on bankrate
“Apple Cash Transfers
You may deposit or withdraw funds from your Account into or from Apple Cash. Transfers must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period.”
That’s why I bolded and italicized “Apple Cash Transfers.”
Perhaps I should have been more obvious in pointing out that the transfer issue isn’t really an issue. It seems to have been ineffective for some people.
Even as such, that would simply emphasize that the language he was citing refers to Apple Cash rather than other withdrawals.
I’ve had the Apple Card since launch 2019. It’s never been my daily driver, only use it for apple related purchases and installments, but now with savings, I may just use the card as my go to option to rack up Daily Cash back. Heck, I’ll even use the titanium card if Apple Pay isn’t available. This has got my attention. So , I also signed up and it’s all good to go on apple savings.
I decided to give it a try. I just set up my account and did a $50 test transfer from my Chase account that I use with my Apple Card. It worked fine with no problems. 👍🏻
Apple Savings support told me in text last night that they would need to verify my account with Chase, in order to use the app itself to transfer back and forth. They then said the bank may not talk with us, which they wouldn't. They suggested the same thing you and I did here so, I will use that route.
Better than nothing. Every little bit helps.
When prices of recent MacBooks are dropped by $200, everyone agrees that $200 matters. So, if in a year someone earns $200 in interest (from their $5k) they wouldn’t have earned otherwise, it’s a waste of time?
I looked everywhere and can’t find a definitive answer. Can this account receive direct deposits from your payroll and can auto withdrawal be used on this account to deduct funds. I.e my mortgage.
The account has the routing/account numbers so you could setup an ACH deposit or withdrawals.
I used to but it is a bother and too far in arrears. So I just enter adjustment to the balance I am paying. Then import the statements into a hidden account so the transactions get applied to budgets.
Still cannot fathom a good reason to not allow direct access. To either card or savings.
Thank you. I will review. My biggest need is having direct deposit and withdrawals directly from account. I appreciate you answering.
@NorCalZman Interesting, I decided to call them. After being on hold a considerable amount of time as well as reach out to them via Twitter to check.
They both said that one has 90 days to opt out and didn’t mention anything about closing the account. Perhaps the operator you spoke to wasn’t informed as this service is so new.
Hooe this helps.
Attached is the conversation from Twitter where I asked them a few questions.
Any word on the savings account being conveniently accessed outside of iPhone? On Mac or PC? The "10k-per" max contributions also make me wonder what's going on here. Is that bs? Pretty sure I'll stick with Synchrony for now but I WANT to love what Apple's doing here because, duh, I'm posting here.
I keep seeing this misinformation repeated everywhere… There is no restrictions on the deposit or withdraw amount unless you are transferring from your Apple Cash account (the Apple Cash card in the wallet). This is likely a money laundering protection. If you are doing normal bank transfers this is nothing to worry about.
Cool. Thanks. I'll take your word for it but will give it a few days for the potentially unobvious fine print facts to shake out. Still a lot of questions and I'm sure they'll be answered but jumping into this week-one seems ill-advised for one who already houses their savings in another location and is relatively satisfied. Now had I already been an Apple Card user with some Apple cash, this would be a no-brainer.