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

monstermash said:
Well, there you go.

If I had $50K sitting around, I'd use it to pay down my mortgage rather than sticking it in a savings account.
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My mortgage is 2% over 15 years. Or others have similar over 30 years.

Why would you pay it off when you can make 4.15% short term? Or more if you do a CD (5%).

4% on $50k compounding over 15 years is $40k+ in interest. I don’t even owe that much on a $250k mortgage (remaining).
 
lindros2 said:
My mortgage is 2% over 15 years. Or others have similar over 30 years.

Why would you pay it off when you can make 4.15% short term?
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Mine is also 2% over 15 years (I think I've got about 13 years left). As for why pay out off when I can make more doing something else, it's just like I said earlier. I'm tired of being in debt. I still owe about $109K. I can't wait for it to be zero.
 
monstermash said:
Mine is also 2% over 15 years (I think I've got about 13 years left). As for why pay out off when I can make more doing something else, it's just like I said earlier. I'm tired of being in debt. I still owe about $109K. I can't wait for it to be zero.
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I’m kind of with you and respect/commend you - but debt is good, if you can use your free cash flow (salary, investments, savings, etc) to make MORE.

This is why companies have debt - giving them access to cash, and actually improving their credit ratings. No debt + no revolving credit (or personal credit card limits) = worse credit rating.

(Also I have a neighbor who said “I’ll die with 30 years left on my mortgage” because he invests and buys things ).
 
lindros2 said:
I’m kind of with you and respect/commend you - but debt is good, if you can use your free cash flow (salary, investments, savings, etc) to make MORE.
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None of which is news to me. I know soda is bad for me too - I still drink it.

I simply don't care about squeezing every last penny out of the universe that I possibly can.

lindros2 said:
This is why companies have debt - giving them access to cash, and actually improving their credit ratings. No debt + no revolving credit (or personal credit card limits) = worse credit rating.
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My FICO8 score was 848 last I checked it - and my total revolving credit limit is over $260K. I think I'll be OK :)
 
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monstermash said:
None of which is news to me. I know soda is bad for me too - I still drink it.
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This isn’t good/bad health. It’s about 2.15% net interest over paid-off mortgage. Alpha, if you will. That’s the point of this thread - why Apple savings is good.
monstermash said:
My FICO8 score was 848 last I checked it - and my total revolving credit limit is over $260K. I think I'll be OK :)
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… but you don’t have $50k to stick into a savings account, so if you have an emergency or catastrophic event, you’ll be paying 20%+ in interest on a credit card. And that is bad debt.

Good luck.
 
Nick_P said:
I moved 40 from my regular bank checking to apple savings acct. Did not go to Apple Cash first. It showed up in Apple savings immediately, as pending, and cleared my checking acct the next day. I already had this checking acct setup to pay the apple credit card, and did not have to do anything extra, other than state my employent status when I moved the money. I'm super happy to have a nice return for non-invested cash with quick access.
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So was the $40 available right away for withdrawal in the Apple savings?

When I transferred my money it went in to the Apple savings account immediately as pending as well. It was also cleared from my bank almost immediately. It then took 5 business day to become available for withdrawal in the Apple savings account.

This seems to be the standard of what's happening with everyone regardless of who you bank with or how much the transfer is.
 
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lindros2 said:
… but you don’t have $50k to stick into a savings account, so if you have an emergency or catastrophic event, you’ll be paying 20%+ in interest on a credit card. And that is bad debt.
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No I won't. I have $100K in gold and silver in a safe and, plenty of 0% APR credit card for 18 month opportunities and access to cheap personal loans. I'll be fine.
 
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CaptMarvel said:
So I just got off of the phone with Goldman, and they basically do a three way call. You call Goldman, they call your bank then they merge the calls. You verify with your institution while they are on the line/Goldman will ask questions and you confirm.

I had to do this for two additional banks I added. Took about 20 minutes total including being on hold.
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I have a checking account that I use to pay my Apple Card balance so I thought there wouldn't be any problem with using this account to move money to my new Apple Savings account at Goldman Sachs. I initiated the transfer on Monday, the funds showed up as "current balance" on Tuesday and as "available balance" on Friday.

It turns out that Goldman Sachs made the funds available to me after 3 business days in the expectation that my bank (Commerce Bank) would complete the ACH transfer. But my bank never actually completed the transfer because they questioned whether I actually owned the GS account. And my bank refuses to participate in a three-way call with GS to verify my ownership.

A GS representative called me today to recommend that I push all the money back to my checking account at Commerce Bank and then use another bank for transferring to/from Apple Savings. Unfortunately, over the weekend, I tried to move some money from my "available balance" to my Apple Card to send a wedding present to some friends. The transfer was declined since the "available balance" wasn't really "available". So a real mess.

To avoid this type of problem, I would advise setting up Apple Savings as an external account with your bank and then "pushing" funds to it instead of "pulling" the money from your bank.

Pulling money from Wells Fargo Bank to Apple Savings went smoothly -- they didn't ask for verification.
 
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Apple Savings has been smooth for me so far. added my Marcus account to Wallet last Monday, pulled the funds from Marcus to Apple. funds were taken out like the next day, but weren’t truly available in Wallet until Friday.

going forward I’m just going to add funds from Chase checking to Apple Cash since it’ll be available immediately and then transfer to Apple Savings, another instant transfer.

it’s nice to see the Daily Cash get added every day to Savings too.
 
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Wondering when the first interest payment will happen. I know it’s paid monthly but will it be on the same day for everyone? A specific day every month or a month from the day the account was opened? I guess we’ll find out soon enough.
 
izzle22 said:
Wondering when the first interest payment will happen. I know it’s paid monthly but will it be on the same day for everyone? A specific day every month or a month from the day the account was opened? I guess we’ll find out soon enough.
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it should be just like Marcus and Apple Card. Marcus gives everyone their interest on the last day of the month or first of the next month.

Apple Card statements generate for everyone on the last day of the month as well. so I’m assuming they’ll pay interest late night on the last day or early morning first day.
 
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newyorksole said:
it should be just like Marcus and Apple Card. Marcus gives everyone their interest on the last day of the month or first of the next month.

Apple Card statements generate for everyone on the last day of the month as well. so I’m assuming they’ll pay interest late night on the last day or early morning first day.
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That makes sense. My regular bank does the same just quarterly.
 
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Genuine question: does one HAS to have an Apple CC in order to open the Apple SA?
 
newyorksole said:
Apple Savings has been smooth for me so far. added my Marcus account to Wallet last Monday, pulled the funds from Marcus to Apple. funds were taken out like the next day, but weren’t truly available in Wallet until Friday.

going forward I’m just going to add funds from Chase checking to Apple Cash since it’ll be available immediately and then transfer to Apple Savings, another instant transfer.

it’s nice to see the Daily Cash get added every day to Savings too.
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How do you add funds from a Bank to Apple Cash?
 

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izzle22 said:
So was the $40 available right away for withdrawal in the Apple savings?

When I transferred my money it went in to the Apple savings account immediately as pending as well. It was also cleared from my bank almost immediately. It then took 5 business day to become available for withdrawal in the Apple savings account.

This seems to be the standard of what's happening with everyone regardless of who you bank with or how much the transfer is.
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I moved $40k. The only reason I mentioned the amount was incase it was different for higher amounts, which was what you moved. Now, I see what you are saying though, I misread the prior message. I just checked my account. I moved the $40k into apple savings on 4/18 evening. The next day, it showed it was withdrawn on my regular bank account. I did NOT try moving it/withdrawing it/ doing anything with it from within Apple savings until 10 minutes ago, which is Apr 25. 10 min ago, I moved $10 back to my regular bank checking account, and it shows completed on the Apple side. Nothing on the regular bank side yet, but will probably show up tomorrrow.

This was all past the 5 days, so you are probably right it takes a few days to "really" be available. I think most banks are like that though, when its bank to bank. The only time its been instant, and no strings attached "for me", is when moving money between accounts within the same institution.
 
Best savings account is getting a little kit and buying scrap gold below spot off Craig’s list and the like

Even at 4% you’re still well in the red with gov caused post covid inflation
 
Vref said:
Best savings account is getting a little kit and buying scrap gold below spot off Craig’s list and the like

Even at 4% you’re still well in the red with gov caused post covid inflation
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Good luck with that. Sounds like a lot of work and a nightmare meeting people to buy scrap gold. I’ll stick with my savings account. Not trying to chase inflation and neither should anyone. Gold is extremely volatile and a pain to buy and sell. There are lots of regulations and any large amounts of gold bought and sold require certifications via the patriot act. Yes I know as my job requires it.
 
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