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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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People have posted pics of transferring more than 10k, also it wouldn't make any sense to limit it. Besides the fact the wording clearly says "Apple Cash" in it.
It’s a simple savings account so shouldn’t be a lot of questions. People aren’t reading the terms and conditions or haven’t set one up and are purely speculating. Outside of the inability to access the account from anything other than an iPhone I’ve been using it as any normal savings account.
What’s the “contact center “ they mention which one can use to access the Savings account?
Most likely customer service but sometimes it can be referred to as a contact center.
Works nice, but if you leave Apple EcoSystem you must remove your money; and if your Apple ID is compromised (someone gets your PIN), the money is gone. Maybe not as secure as others like Schwab, etc. which is paying a similar rate.
Also, I think the bank account you connect to Apple Cash should be a small account with not a lot of money in it in case someone does get your iPhone PIN. This way they cannot move lots of cash out into Apple Cash and use it.
Also, I think the bank account you connect to Apple Cash should be a small account with not a lot of money in it in case someone does get your iPhone PIN. This way they cannot move lots of cash out into Apple Cash and use it.
No, the money isn't "gone". It's just like any other federally-insured savings account. As long as you report the fraudulent transaction right away, you'd only lose up to $50.
And, no, they don't just need your PIN. They'd also need your device. And they'd need to process the transaction before you locked them out. Seems more secure that other accounts that can be accessed through the internet.
But an article in WSJ today says they can lock you out by changing or setting up a Key. That locks you out of your account without any ability to stop them. Yes, they need your PIN and your phone. Thief watches you enter your PIN and steals your phone.
Also:"FDIC insurance also doesn't cover theft whether due to fraud, identity theft, or a bank robbery. However, banks usually have a banker's blanket bond insuring them from losses due to robbery, fire, flood, embezzlement, and other events that may cause money to vanish..."
What if a meteorite lands on you and somehow the shockwave causes your phone to fly away, fly away so high that it lands on a distant planet like Alpha Centauri 6, where it is discovered by aliens with advanced technology who break into your phone and transfer all your money to the Galactic Bank?!?! Then what?!?!
Honestly...some of you guys seem so worried about low probability events, I don't see how you make it through the day.
Honestly...some of you guys seem so worried about low probability events, I don't see how you make it through the day.
That certainly is a major flaw that Apple needs to address. Being able to override a more secure Apple ID password with a less secure PIN needs to be rethought. And being able to lock out an account holder with nothing more than a device and PIN is horrible design.
But that doesn't change my point about the Savings account. I think a device/PIN combination is arguably more secure than just a password. Depending on your password security practices, of course.
I never said it did. I was simply disputing your claim that the money would just be gone.
I am pretty sure it'll move in lock step with Fed rate movements, so it's not going to be like LIBOR, etc and change wildly, but will change directly with US monetary policy movements, which, well, aren't infrequent, but are done with an eye towards predictability and when rates are low, there are other, relatively low-risk ways to gain a return on capital (albeit not as easy and risk-free as a savings account, but esp with ETFs and a lot of other products out there, pretty easy and a bit riskier, but the returns are usually way better in such market conditions).
It's never a good idea to keep a LOT of money in any one Bank. I break mine up over several banks for many reasons. This Apple Savings is giving me yet another choice and a good one at that.
I think taking precautions and being aware of risks is good practice. Becoming anxious, of course, is never good. Always remember, thieves like to prey on the uninformed and ignorant.
My apologies. I misunderstood your statement: "It's just like any other federally-insured savings account."
Looks like this is a way, and perhaps a good way, to manage your own monetary habits.
For me, there's no issue with tying a savings account to a credit card. The way I use the credit card will be the same as it was before which is that I am NOT aiming to use the credit card to "earn" rewards or cashback. I use the credit card the way I use cash, which is that I don't spend more than I actually have and I pay off the credit card monthly, in full.
Indeed, I think there are many people who regard having a credit card as additional cash. I don't use or view mine that way. It isn't additional cash.
Sorry, I was simply describing the type of account. In contrast to other account types with similar use cases such as CDs or money market accounts.
TheYayAreaLiving 🎗️
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It's 0.01% 🤦🏻♀️. Also, They’re asking for $100 opening deposit to open up a Savings account. How lame 😒
Open a Bank of America Advantage Savings Account Online
Enjoy the benefits of a savings account to help meet your financial goals. Open a Bank of America Advantage Savings account online today.
www.bankofamerica.com
Nothing like losing money opening your savings account.It's 0.01% 🤦🏻♀️. Also, They’re asking for $100 opening deposit to open up a Savings account. How lame 😒
View attachment 2190848View attachment 2190849
Open a Bank of America Advantage Savings Account Online
Enjoy the benefits of a savings account to help meet your financial goals. Open a Bank of America Advantage Savings account online today.
No Beneficiary: I have to wonder, as people start putting large sums into this savings account, what will happen to the account if it doesn't list a beneficiary and the owner died (and/or the iPhone that contains the bank information got destroyed)? We don't get any mailed statements (maybe only tax papers?), and family members may not be aware that the account exist.
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So co-owners can't share the savings account? You both have to open your own? Which account does the cash back rewards go into?
The same thing that happens to other accounts with no named beneficiary.
I don't get mailed statements for ANY of my accounts.
If you're too dumb to create "if I die" documentation and keep it current and let people who need to know about it know about it, too bad for you!
Adults need to take some responsibility for themselves. It's not asking too much.
Personally, I called GS and named my wife as beneficiary within moments of opening the account. I updated my "if I die" file shortly thereafter.
I will say, it's disappointing that you can't name a trust as a beneficiary, and even more disappointing that the agent I talked to told me some things that are in direct contradiction to the TOS document. That's pretty piss poor on their part.