Only thing I can guess is maybe they transferred it from another Goldman Sachs account. That's when I have noticed transfers are immediate, when it is the same bank involved.
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Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
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Guy who has money in account rather than use credit is an idiot, I get it. 10 years ago I would have vehemently argued with my logic here. Having been on both sides, this is far preferable. I advocate for it. I've played another mans game clear up and over seven figures, and he always wins.
If you can't use a credit card without going into debt, that's a you problem. Not a problem with credit cards existing.
Not everyone knows with a savings account is for in 2023. I have no clue who you are or your level of knowledge so I gave a brief explanation just to clarify. No offense was intended.
Everyone has their own needs when it comes to everything so if you need immediate access to your money that’s understandable. If you can find a savings account that gives the same interest rate and lets you immediately withdraw money then I would go for that instead. For me it works because I’m putting in money that I don’t need it right away but that’s just my needs.
Once I found the website that opened up a link in the wallet app, it was easy. I was just surprised there was no link in the wallet app by the Apple Card. To me that should’ve been a big banner somewhere next to the Apple Card saying open a savings account. That’s why I think they are trying to maybe roll it out to a small group at first. Kind of like how windows rolls out updates first to what they call “seekers”, people who check for updates versus wait for them to be automatically installed.
Understandable. Sorry it just at first seemed condescending. I see you were just trying to be helpful.
I don't need my money right away and won't be withdrawing it any time soon. I have left a small amount in my regular bank savings account for any emergencies. I was just a bit concerned with the 5 day "hold" period.
No worries I didn't need explanation only wondered why in this day and age of almost everything digital does there need to be this long of a hold.
Got it. And that may indeed be the case. I'm not that versed on the backend of these type of accounts.
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More specifically, it’s to avoid a scenario where too many people withdraw their money at once, potentially resulting in a bank run. In this case, the 5-day lag time gives GS time to react and raise additional funds as necessary. But yes, that was what I had I mind.
And I haven’t made that much, but it was quite a bit. If I had to guess probably just under $1000 for all my credit cards but I don’t use credit cards for everything. I will pause using them for a few days just to allow all transactions to post then I can bring them down to a zero balance. I realize this isn’t absolutely necessary, but it makes me feel better.
I think the problem is credit cards are good for people to have the correct mindset. If you look at your credit card limit like you look at your bank balance then you’re just setting yourself up for failure. I used to do this, so that’s how I know. You have to look at your credit card limit as irrelevant to your purchases. What you should look at is how much can you pay back at the end of the month. If you’re going to make a purchase and you can’t pay that purchase back, then you should really consider holding off and saving up the money. Of course if it’s an emergency as an a real emergency, not oh I must have this new iPhone right now then you have to make exceptions but you have to be really careful because that can bury you if you’re not careful.
I’m building my credit back up and I haven’t paid a dollar of interest in years. I love my credit cards, but I really have to be on the ball and manage them correctly. I think it’s worth the cash back but other people may just go for simplicity and use a debit card.
Isn’t that a purpose of any online form, to debate different things? I’m too lazy to go back and see how long their debate has gone on for but I think as long as it’s friendly and doesn’t get personal it’s just a discussion.
I think my problem is I’ll come in and post something on page 50 or whatever and I’m not going to go back to 50 pages and look at what everyone else said. I try to be friendly though, so if someone says that’s already been covered I’m just like OK.
I used to do exactly this(my OCD) and my wife still does. I ended up seeing the money I had left on the table by periodically switching to my debit card or cash to get my credit card to zero for a few days and now use it non-stop. Wish I could use it for my mortgage. That would be big cash back for the year!
It’s hard to tell tone when it comes to text. I sometimes use emoji’s just so people know if I’m kidding or something but that doesn’t work in every situation.
My guess of the hold is just because maybe it’s cheaper to slowly transfer the money so since they’re giving you interest, they figure you’ll deal with it. I’m not an expert on the technical aspects of how banking works.
Trust me, I am there with you when it comes to financial institutions holding money. I used to mobile deposit checks and one of my checking accounts but now they don’t post any of the deposit for three business days. Before they would at least post part of it and then the remainder was the next business day. I stopped using mobile deposit with them because of that.
I used to think “cash” was king. With the current inflation I have to now disagree. I think “Gold and Silver” are new king. Cash sitting in the bank is loosing value as the government continues to print money.
The one big benefit this account has over other HYSA products is that you can get you money almost immediately if you need it. Of course, that is within the Apple Card transaction limits. If you need more that $10,000 out of your savings it will take the 3-5 business days for ACH to clear, otherwise it can be nearly instant.
How is the use of a credit card and earning cash back (free money) laughable? If not a credit card you would be using cash, checks, or debit cards. No cash back. No / limited fraud protection. No extra warranty benefits.
The point is, if you pay it off every month you incur no cost to gain the benefits of the credit card. And you get to leave all of the funds you would have spent through the month via cash, check, debit in an interest-bearing account for the entire period.
Sounds like a win all around.
Edit: typo.
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I’ve been on both sides too and clearly there’s advantages to utilizing credit responsibly to get ahead. The instant fraud protection alone on credit cards warrants merit to credit cards, not to mention other things like cash back, insurance/protections, etc.
ACH is batch processed multiple times per day. It is not a real-time process. The process:
The receiving bank has discretion over when to release the funds to the target account. Some banks, like Marcus, will credit the funds immediately to start earning interest but not make the funds available for withdrawal until after they have cleared. Others with credit the account immediately based on accountholder history and balances. Others will always just flat out hold the funds until the transaction clears and available balances are verified.
Most of the time the entire transaction takes two to three days. It is the exception to take more than that, but it does happen.
Bank to bank transfers are no different that depositing a check. Both move funds through messaging via the ACH.
I pay my CC's off every single month and have never paid one red cent in interest. I flew first class to Europe FREE with my points! Know yourself, and if you know you are not that good about paying things off and are tempted, DON"T DO IT! But if not, GO FOR IT!
While that is true, not many people will qualify.
Ownership Categories
- Single Accounts.
- Certain Retirement Accounts.
- Joint Accounts.
- Revocable Trust Accounts.
- Irrevocable Trust Accounts.
- Employee Benefit Plan Accounts.
- Corporation/Partnership/Unincorporated Association Accounts.
- Government Accounts.
The idea of paying credit debt with a credit card - love it. Just keep paying the minimums for one card with another until all are maxed out. Given banks keep raising credit limits you should never actually have to pay anything out of pocket!.
OK, seriously - Can you imagine the mess if that was actually allowed? Even if the extra $480 cash back (assuming 2% back on $2,000 mortgage payment) would be nice.
FDIC says, "The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category.
The ownership categories are single accounts, certain retirement accounts, joint accounts and 5 others = 8 in all. So, if you had, say, an individual account, a joint account and one of those certain retirement accounts, you'd be insured for $250K for each of them, not all together. Plus, the other person on the joint account would be insured for $250k as well.
The way it reads to me, if you had 8 accounts at one bank, one in each of the ownership categories, you'd be insured for $2 million.
I would love to see an explanation of all this with clear examples of every conceivable combination of accounts. What I have read so far always gets confusing at some point.