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

[Queues]

You are exposing yourself to marketing gimmick and in the end they win. It is akin to compulsive gambling. I don't gamble or play lotto either. If you have a credit limit you are afraid to lose, or are even proud of like I once was - and no I never had credit problems where I didn't have enough cash to offset balance at any given time - then you are being preyed upon, it is a psychological problem "I have control of this". Instead, if you make more than you spend and don't need credit you can save up to your old limit in a savings account, say the limit on credit was $25k, save that up, use the savings account for emergency and that is real money, really there. Credit cards are a psychological gimmick with points and % back. When you pay real money, out of a real account, or better yet write checks or pay cash like I do for superfluous things I want (within reason) then you break that psychological hold on the account of your mind. It is freeing. Next house I will pay in liquid funds, no mortgage. Cash is king, it is power. Credit is second. Also I expect the industry to tighten funds available considerably as people start defaulting on record-high credit card balances. Economy is grinding down.

People are piling up on you and to some extent you are going over the top, but the truth is that credit card companies wouldn’t offer these sorts of perks if they didn’t think it would increase spending and make people more likely to go into debt. I myself have never let myself accrue interest in my 9-ish years of having had a credit card, but it’s true that I probably do spend more than I would if the money were coming straight out of my bank account the moment I bought something, and the benefits of using the card (1%-5% depending on the card and merchant) are almost never big enough to justify the expenditures.

So while having a credit card does make buying things easier, it also makes it a little too easy, even as someone who is conscientious about fully paying my card off on time. I don’t think credit cards are a net good, but I’m certainly not going to wean myself off them either.

 

[MisterSavage]

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.

This right here. I've never understood the mindset some people have with their spending. For example, their credit limit increases so they take that as a signal to go on a spending spree. That makes no sense to me.

I put every single thing I possibly can on my credit cards. I don't buy anything I can't afford. I've never carried a balance and never been late with a payment.

 

[MitzEclipse]

Do I need an Apple Card for this? or can one apply for a savings account without the credit card?

 

[caligurl]

This is a joke right? Next you are going to tell me how to make money by borrowing it at a lower rate to invest it somewhere with a higher return...... laughable.

Nope.... why would i pay interest on anything? Not a joke at all to use credit cards that pay you back.... as long as you pay them off every month... it's a WIN for the person.... Obviously you aren't disciplined enough to not carry a credit balance. I haven't paid interest on a credit card in YEARS!

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 off 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. Sound advise for someone with financial issues is great but basically telling people they are stupid for utilizing credit is not so cool.

Right! I use my credit cards for EVERY purchase! I like earning that cash back on my purchases! I rarely have any cash on me (actually had to charge $1.08 at the dollar store one time because i just don't carry cash! lol!). But I do pay off the cards either as soon as the transactions post or as soon as the statement comes out!

The only joke is you not understanding the use of credit cards to pay your everyday bills and earning points/rewards on these "purchases" and also paying off the credit card every month thereby NOT paying any interest. Play the game with their rules and you win. Credit cards can be very useful and can make you some money as long as you are disciplined enough to not carry a balance.

This! I actually have a few different ones I use depending on the purchase... cuz i DO play the cash back/points game! gas is one card.... groceries and phone bill another..... and of course the discover quarterly 5%!

Ok well then maybe it was the amount I transferred. It is still not available for withdrawal. I can't see it being different for the different banks. It came out of my bank almost instantly and was in Apple savings instantly.

I wonder if he used a debit card? I thought I read that transfers instantly? I used my NFCU checking account connected to my apple card account and mine is still processing....

Consumer credit is always bad because it means you are spending more than you make. If it were the inverse you would have enough cash to cancel the accounts and not dabble in potentially disastrous behavior. End of story.

I have plenty of money in the bank.... in CDs..... in IRA...... but I also get MORE money because i use credit cards to earn money!

I'm disciplined enough to know what to spend and pay off my cards monthly.... you obviously are not.....

 

[MacDaddyPanda]

For the longest time I paid out of my checking with Debit card. Only later in life did I start using my CC to pay for everything that is possible. To earn points. I literally pay it off every week, because now that banks have mobile apps it's so easy. I basically use CC as an middle man between my CHecking and a merchant. I haven't carried a balance that accrued interest in years. ONly on Apple Card with 0% interest if I want to buy a Mac Product. OTherwise I only buy what I can pay off immediately. ANd I literally do just that. As soon as the pending charge(s) are posted I pay it off. Gain the points. And I have a decent amount of credit available to certainly get me in trouble. But I understand that's not my money. So I'd never rack that up. Now in my mind that's just crazy to do unless you got some dire situation and CC was your only life line.

 

[DrJR]

Nope.... why would i pay interest on anything? Not a joke at all to use credit cards that pay you back.... as long as you pay them off every month... it's a WIN for the person.... Obviously you aren't disciplined enough to not carry a credit balance. I haven't paid interest on a credit card in YEARS!

That works for people who can’t manage money.

 

[Phone Junky]

That works for people who can’t manage money.

Says you.

And decrying the evils of credit cards is for people that can't handle managing credit.

 

[MacDaddyPanda]

That works for people who can’t manage money.

How is paying off your cc not managing money? huh? o_0

 

[bushman4]

At this point in time 4.15% is good but not the best. Let’s put it another way, Goldman high yield account is 3.90% so this is 25 basis points better. However their are FDIC accounts offering 5%

 

[izzle22]

For the longest time I paid out of my checking with Debit card. Only later in life did I start using my CC to pay for everything that is possible. To earn points. I literally pay it off every week, because now that banks have mobile apps it's so easy. I basically use CC as a middle man between my CHecking and a merchant. I haven't carried a balance that accrued interest in years. ONly on Apple Card with 0% interest if I want to buy a Mac Product. OTherwise I only buy what I can pay off immediately. ANd I literally do just that. As soon as the pending charge(s) are posted I pay it off. Gain the points. And I have a decent amount of credit available to certainly get me in trouble. But I understand that's not my money. So I'd never rack that up. Now in my mind that's just crazy to do unless you got some dire situation and CC was your only life line.

Exactly! This is me and what I do. I just hate the years I used my debit card so much not gaining my cash back I get now. I missed out on so much.

 

[izzle22]

Well everyone can rest easy now. My money is all available for withdrawal as of this morning. Exactly 5 days from when the transfer took place. A bit confusing as today is not a business day but I am perfectly fine with it.😁

Oh and added my wife as a beneficiary last night. It took roughly 10 minutes with hold time. Very easy. My bank required me to actually come in to a branch. Wouldn’t do it over the phone when I tried last year.

 

[riverfreak]

So much financial illiteracy in this thread.

This isn’t a locked in rate. It’s tied to the fed rate, like all savings accounts. There’s a reason that banks are pulling in massive profits. Seen how much car loans or mortgages are now? Banks can offer rates like this because they are lending at 250 basis points or more.

As for carrying a balance on a credit card? Or paying off a credit card twice a month? Loony. Would be good to spend 30 minutes to learn how credit card work.

The amazing thing about this savings account for Apple is the further removal of friction from financial transactions. And now Apple/Goldman will have the richest customers attached to a very sticky ecosystem with credit and savings accounts. The influx of cash to Goldman for this alone is going to be huge. Eventually, they’ll be able to market loans, investment accounts, HSAs, you name it. In a sense, if you are all in with Apple, you won’t need to bank elsewhere.

 

[austinted]

Well everyone can rest easy now. My money is all available for withdrawal as of this morning. Exactly 5 days from when the transfer took place. A bit confusing as today is not a business day but I am perfectly fine with it.😁

Oh and added my wife as a beneficiary last night. It took roughly 10 minutes with hold time. Very easy. My bank required me to actually come in to a branch. Wouldn’t do it over the phone when I tried last year.

Same for me

 

[anson42]

I've not had the option to set up an account all week. Still nada, just the Invite Friends button.

 

[richxps]

Is there any other way to see your balance instead of going through the Apple credit card ?

 

[izzle22]

Is there any other way to see your balance instead of going through the Apple credit card ?

On the iPad under the wallet option of course and from what I understand you can call to get it. Other than that there is no way at the moment to go online and get any informatio.

 

[DotCom2]

Is there any other way to see your balance instead of going through the Apple credit card ?

There are rumors that big changes are coming to the wallet app in iOS17 so maybe Apple Savings will find a new more featured place than it is now hopefully. Also, online access would certainly be welcomed.

 

[Nick_P]

I just moved a nice chunk over from my bank’s savings account.

I think I’m going to buy GS shares also.

 

[tatarin]

Well everyone can rest easy now. My money is all available for withdrawal as of this morning. Exactly 5 days from when the transfer took place. A bit confusing as today is not a business day but I am perfectly fine with it.😁

Oh and added my wife as a beneficiary last night. It took roughly 10 minutes with hold time. Very easy. My bank required me to actually come in to a branch. Wouldn’t do it over the phone when I tried last year.

My deposit was also available as of this morning so I thought I would transfer some money to Apple Cash to send as a wedding present to some friends. I tried to transfer an amount considerably less than my available balance but the transaction was declined. The Apple Savings status screen shows the amount "struck through" with a red "Declined" notation.

I spoke with about 5 support specialists at Goldman Sachs over about 90 minutes but no one could explain why the transfer to Apple Cash was declined. The same phrase was repeated at least 20 times "Let me put you on hold for 2-3 minutes while I look into this." Finally a specialist texted me a code and said she thought she had removed the automatic decline from my savings account but it might be better to wait until next week to try again.

In the past, I have transferred funds to Apple Cash using my debit card with no problems. I would do this again but the amount is more than the daily withdrawal limit of my debit card. And it doesn't look like there is any way to pull money from a checking account without using a debit card.

 

[Expos of 1969]

My deposit was also available as of this morning so I thought I would transfer some money to Apple Cash to send as a wedding present to some friends. I tried to transfer an amount considerably less than my available balance but the transaction was declined. The Apple Savings status screen shows the amount "struck through" with a red "Declined" notation.

I spoke with about 5 support specialists at Goldman Sachs over about 90 minutes but no one could explain why the transfer to Apple Cash was declined. The same phrase was repeated at least 20 times "Let me put you on hold for 2-3 minutes while I look into this." Finally a specialist texted me a code and said she thought she had removed the automatic decline from my savings account but it might be better to wait until next week to try again.

In the past, I have transferred funds to Apple Cash using my debit card with no problems. I would do this again but the amount is more than the daily withdrawal limit of my debit card. And it doesn't look like there is any way to pull money from a checking account without using a debit card.

Can you not just change the daily withdrawal limit of your debit card online for this one transaction and then change it back? I can change debit card and credit card limits for in store terminal transactions, online transactions and ATM transactions in seconds anytime I wish.

 

[tatarin]

Can you not just change the daily withdrawal limit of your debit card online for this one transaction and then change it back? I can change debit card and credit card limits for in store terminal transactions, online transactions and ATM transactions in seconds anytime I wish.

My Wells Fargo debit card has this capability but it doesn’t look like the Commerce Bank debit card I want to use has it. I may transfer the money from Commerce Bank to Wells Fargo and do as you suggest. Or just use Zelle.

 

[returnZero]

Just curious, Would we be able to request a checkbook for this ? Hopefully it doesn't cost $99.99

 

[DrJR]

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.

Debit cards have all the same protections. The points and cash back are just gimmicks to keep you spending.

 

[Labrat561]

Rewards are the marketing gimmick. People who understand this don't need points or accounts that entice overconsumption. That is how you get ahead. You don't use credit to get ahead.

Not paid for an airline ticket in 10 years and I travel a lot. I think I’m getting ahead quite well.

 

[ProfessionalFan]

Just curious, Would we be able to request a checkbook for this ? Hopefully it doesn't cost $99.99

It isn't a checking account so no