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

[gregmancuso]

I think this is fine for people who aren't disciplined enough to use credit for what its. Myself and most of the people I know use credit as a tool. Especially credit cards. I use my credit card for the points and security of not having to walk around with a bunch of cash to get stolen or lose. I pay my card of constantly never carrying a balance more than a week. It's got it's benefits. I also have a mortgage. If I waited to save enough cash to buy a house I'd still be renting.

Most of the people I know who talk angerly about credit and swear it of like the devil have either abused credit at one time and defaulted on a credit card/loan or worship Dave Ramsey like he's some sort of financial god.

You do you without telling others what they should do because it works for you.

The real villains are the banks (no surprise there). In the beginning there were no "credit" cards. They were charge cards - payable in full every billing cycle e.g., traditional AmEx cards). At some point the banks realized that people, as a whole, have little self control and if given the ability to spend more than they can afford in one payment they will.

I still do the financing on my Apple Card, and try to make sure that is the only time the balance is not paid in full. I do it only because it is interest free and nice to not shell out the $2,000 in one payment. But by the same token I try to not have that balance hanging on my card for the full year.

 

[izzle22]

The real villains are the banks (no surprise there). In the beginning there were no "credit" cards. They were charge cards - payable in full every billing cycle e.g., traditional AmEx cards). At some point the banks realized that people, as a whole, have little self control and if given the ability to spend more than they can afford in one payment they will.

I still do the financing on my Apple Card, and try to make sure that is the only time the balance is not paid in full. I do it only because it is interest free and nice to not shell out the $2,000 in one payment. But by the same token I try to not have that balance hanging on my card for the full year.

Yes the banks put enticing products out there hoping people will rack up debt. But if used properly credit can be a very useful tool. Interest free loans for certain periods, collecting points or having a mortgage for a house within your financial means are very good arguments to utilizing credit.

 

[goldbuffalo]

I’ve been checking daily since the release, have restarted my iPhone, added and removed my Apple Card and Apple Cash, and I still don’t have the savings account option. Anyone know how I can get it?

I saw some folks talking about identity verification, but I don’t see any option for me to do that anywhere, either.

Identity verification, for me, was under Settings, then Wallet & Apple Pay.

after that watch video on page 1

 

[gregmancuso]

Yes the banks put enticing products out there hoping people will rack up debt. But if used properly credit can be a very useful tool. Interest free loans for certain periods, collecting points or having a mortgage for a house within your financial means are very good arguments to utilizing credit.

Yup. I am fine with them making money "legitimately" through transaction fees. I can almost understand foreign transaction fees (even it does annoy me that one of my cards charges them). It is the usurious interest rates on balances not paid in full, the even more usurious (if that is a thing) interest and service fees associated with cash advances, and the like that are wrong.

There is no legal cap to credit card interest rates which is astounding.

Quick search shows a card with the highest interest rate you can get today is the Fortiva Mastercard which comes in with: 36% interest on purchases, annual fee of $175, and monthly fees on $12.50. The only saving grace is that the card has a max credit line of $1000. Not that you actually have much free credit to buy anything with all the fees.

The all-time high was apparently the first PREMIER Bank credit card back in 2010 that nailed people with a 79.9% interest rate on purchases. I can only imagine the application, annual, monthly, and whatever-else-they-could-dream-up fees were

 

[Phone Junky]

35 minutes on hold to a add a beneficiary.

 

[monstermash]

The real villains are the banks (no surprise there).

No, the real villains are people who demonize banks and credit cards and those who think because they don't seem to be able to act responsibly, it must be someone else's fault.

 

[monstermash]

35 minutes on hold to a add a beneficiary.

So....they have a "call back" feature....which means you're only on hold if you choose to be.

They called me back in about 10 minutes.

 

[Phone Junky]

So....they have a "call back" feature....which means you're only on hold if you choose to be.

They called me back in about 10 minutes.

The recording never offered a call back option.

 

[monstermash]

Yup. I am fine with them making money "legitimately" through transaction fees. I can almost understand foreign transaction fees (even it does annoy me that one of my cards charges them). It is the usurious interest rates on balances not paid in full, the even more usurious (if that is a thing) interest and service fees associated with cash advances, and the like that are wrong.

There is no legal cap to credit card interest rates which is astounding.

Quick search shows a card with the highest interest rate you can get today is the Fortiva Mastercard which comes in with: 36% interest on purchases, annual fee of $175, and monthly fees on $12.50. The only saving grace is that the card has a max credit line of $1000. Not that you actually have much free credit to buy anything with all the fees.

The all-time high was apparently the first PREMIER Bank credit card back in 2010 that nailed people with a 79.9% interest rate on purchases. I can only imagine the application, annual, monthly, and whatever-else-they-could-dream-up fees were

It's kind of like complaining about the high maintenance costs of a Ferrari and declaring that the manufacturer is somehow wrong for designing such a car and having such requirements - overlooking the fact that you don't have to buy the car.

NOT ONE of the people who complain about credit card rates decide to outcompete the banks by putting their brilliant ideas into action and going into business to offer their own low interest credit card to anyone who wants one. Funny how that works.

 

[monstermash]

The recording never offered a call back option.

It did for me - right at the beginning.

May be worth hanging up and trying again.

 

[Queues]

Is anyone else running into issues setting up direct deposit to their Savings Account? I used the provided account and routing numbers in my company's payroll settings and received the message "Bank key 124085082 is invalid." 124085082 is the only routing number I was given.

 

[Deguello]

Yup. I am fine with them making money "legitimately" through transaction fees. I can almost understand foreign transaction fees (even it does annoy me that one of my cards charges them). It is the usurious interest rates on balances not paid in full, the even more usurious (if that is a thing) interest and service fees associated with cash advances, and the like that are wrong.

There is no legal cap to credit card interest rates which is astounding.

Quick search shows a card with the highest interest rate you can get today is the Fortiva Mastercard which comes in with: 36% interest on purchases, annual fee of $175, and monthly fees on $12.50. The only saving grace is that the card has a max credit line of $1000. Not that you actually have much free credit to buy anything with all the fees.

The all-time high was apparently the first PREMIER Bank credit card back in 2010 that nailed people with a 79.9% interest rate on purchases. I can only imagine the application, annual, monthly, and whatever-else-they-could-dream-up fees were

Unsecured loans are risky. All the more so the worse the borrower’s credit.

What typically happens when one says “you can’t subject this person such a high interest rate” is that the access to credit goes away rather than the rate decreases. Helpful, sympathetic people might say that’s better. The people who need their car fixed, or whatever, might not.

If there’s an economic case to be made for charging non-“usurious” interest rates for unsecured loans to people with bad credit, there’s certainly an established customer base for a business that wanted implemented that model.

 

[monstermash]

Is anyone else running into issues setting up direct deposit to their Savings Account? I used the provided account and routing numbers in my company's payroll settings and received the message "Bank key 124085082 is invalid." 124085082 is the only routing number I was given.

Worked for me.

As a side note, you can learn more about this routing number here:

Bank Routing Number 124085082, Goldman Sachs Bank Usa

Bank Routing Number 124085082 belongs to Goldman Sachs Bank Usa. It routing both FedACH and Fedwire payments.

www.usbanklocations.com

 

[monstermash]

Unsecured loans are risky. All the more so the worse the borrower’s credit.

What typically happens when one says “you can’t subject this person such a high interest rate” is that the access to credit goes away rather than the rate decreases. Helpful, sympathetic people might say that’s better. The people who need their car fixed, or whatever, might not.

If there’s an economic case to be made for charging non-“usurious” interest rates for unsecured loans to people with bad credit, there’s certainly an established customer base for a business that wanted implemented that model.

And that's exactly it. The "do gooders" who want to stick their nose in someone else's business and say "that's abusive!" just result in a company saying, "OK, then we won't offer them credit." Then the company gets accused of racism, discrimination or other nonsense, simply because they're following basic economic sense and fundamental rules of business.

At the end of then day, the "do gooders" want companies to take unreasonable risks and offer products virtually at (or in many cases below) cost, for some social benefit. They are not, of course, willing to put their OWN resources at risk to offer such a fine service.

So go ahead, ban pawnshop loans, payday loans, buy now pay later, credit cards with profitable interest rates and fees, and whatever else. Continue your war on poor people in the name of "we're just looking out for you!" and leave them with no credit, no way to handle emergencies, no way to come up with money for rent and utilities when they're broke, and stuff they want but don't have the money for RIGHT NOW, etc.

 

[getmac]

I’ve been checking daily since the release, have restarted my iPhone, added and removed my Apple Card and Apple Cash, and I still don’t have the savings account option. Anyone know how I can get it?

I saw some folks talking about identity verification, but I don’t see any option for me to do that anywhere, either.

Update your iOS.

 

[BaldiMac]

Worked for me.

As a side note, you can learn more about this routing number here:

Probably not the best idea to post your account number online. Or is that a fake number?

 

[monstermash]

Probably not the best idea to post your account number online. Or is that a fake number?

Gee, what do you think?

 

[Queues]

Worked for me.

As a side note, you can learn more about this routing number here:

Bank Routing Number 124085082, Goldman Sachs Bank Usa

Bank Routing Number 124085082 belongs to Goldman Sachs Bank Usa. It routing both FedACH and Fedwire payments.

www.usbanklocations.com

Gotcha, I've reached out to my office's payroll about it. Oddly, they seem to recognize a different Goldman Sachs routing number, just not the one Apple provided.

 

[DotCom2]

Gotcha, I've reached out to my office's payroll about it. Oddly, they seem to recognize a different Goldman Sachs routing number, just not the one Apple provided.

Just a guess but since this is so new, probably not a lot of other banks have it in their systems yet?

 

[monstermash]

Just a guess but since this is so new, probably not a lot of other banks have it in their systems yet?

According to the info page I linked to above, that routing number was last revised in 2021. So it has been around for a while.

 

[jdclifford]

Anybody move over 250k? I’m about to. But have to update iOS first I guess.

Why? U S Treasuries still paying over 5%

 

[gregmancuso]

No, the real villains are people who demonize banks and credit cards and those who think because they don't seem to be able to act responsibly, it must be someone else's fault.

I am all for personal responsibility. But you honestly believe that banks should be able to get away with charging usurious interest rates and overextending credit to people. They do their research and know the profiles of the people they are targeting.

Back when I first had credit I overspent like most everyone else. When I was working to mature my spending habits and use credit products responsibly I routinely called the banks to reduce my credit limits. No matter how many times I called or what notes the CS guys said they put in my file the banks would gladly up my limits.

It's like the banks are effectively saying "the first hit's free". And then they get you hooked on the feeling of "free money" in and keep feeding your habit.

 

[gregmancuso]

Unsecured loans are risky. All the more so the worse the borrower’s credit.

What typically happens when one says “you can’t subject this person such a high interest rate” is that the access to credit goes away rather than the rate decreases. Helpful, sympathetic people might say that’s better. The people who need their car fixed, or whatever, might not.

If there’s an economic case to be made for charging non-“usurious” interest rates for unsecured loans to people with bad credit, there’s certainly an established customer base for a business that wanted implemented that model.

Understand and agree. But the banks are charging usurious rates. I have an excellent credit score, 20% left to pay on my mortgage, 1% credit utilization, and not one of my credit cards has an interest rate under 18%. I don'y carry a balance so I don't really care, but to your point, credit risks lead to higher rates. But at the same time the banks are increasing credit limits all the time so those people most likely to carry a balance are never paying principal. And then these same cardholders default leading to settlement and partial write-off, or cardholder declaring bankruptcy and complete write-off.

I guess a few months at 30% before write-off is better than having a cardholder maintaining the account at 12%, right? (/s if that was necessary)

 

[monstermash]

I am all for personal responsibility. But you honestly believe that banks should be able to get away with charging usurious interest rates and overextending credit to people. They do their research and know the profiles of the people they are targeting.

Back when I first had credit I overspent like most everyone else. When I was working to mature my spending habits and use credit products responsibly I routinely called the banks to reduce my credit limits. No matter how many times I called or what notes the CS guys said they put in my file the banks would gladly up my limits.

It's like the banks are effectively saying "the first hit's free". And then they get you hooked on the feeling of "free money" in and keep feeding your habit.

Yes. Yes I do. Nobody forces you to borrow money from them.

If an adult wants to borrow money at 1000% interest, I'm all for it, especially if I'm a shareholder of whatever company is making that loan.

 

[monstermash]

Understand and agree. But the banks are charging usurious rates. I have an excellent credit score, 20% left to pay on my mortgage, 1% credit utilization, and not one of my credit cards has an interest rate under 18%. I don'y carry a balance so I don't really care, but to your point, credit risks lead to higher rates. But at the same time the banks are increasing credit limits all the time so those people most likely to carry a balance are never paying principal. And then these same cardholders default leading to settlement and partial write-off, or cardholder declaring bankruptcy and complete write-off.

I guess a few months at 30% before write-off is better than having a cardholder maintaining the account at 12%, right? (/s if that was necessary)

Credit cards are unsecured, high risk debts. Of COURSE rates are going to be sky high. If you want a better rate, get a personal loan or put something up for collateral.

I honestly had no idea what my rates currently are. I had to go look. Here is one:

Just under your 18% threshold (;

Here is another one:

Insane rate. Both are Citi cards. Go figure.

The rest of my cards are all in the 20-21% range.