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Marcus just bumped their savings from 3.9 to 4.15%.
yup. just got the email. moved all of my money to Apple though.

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Isn't this just another hysa offer? Other than APY is there any other advantage/difference/anything special about this offer?

I already have a high rate savings account that is over 4% for my cash and am trying to see if I am missing something.

Anyway looks like Apple is officially moving into old money industry.
it’s just convenience/simplicity. also, your Daily Cash can automatically be deposited in Savings which then itself makes money.

and transferring from checking to savings is instantaneous as long as you have Apple Cash setup. add funds to your Apple Cash card from your linked debit card and then transfer into Savings. no waiting several days for a bank transfer.

it’s all just very easy and straightforward. no fees or minimums.
 
What is the most money you can move into apple savings in one transaction? (I realize max allowed in account is 250k) just trying to understand the max transfer allowed at a time, maybe that someone has successfully done?
 
So maybe no cap at all other than the max balance? Thanks!
Technically speaking, cash movements >$10k require banks to report this under the Bank Secrecy Act (BSA), 31 USC 5311. Clearly many have moved more than this amount, but transactions are still flagged and monitored for money laundering.
 
Technically speaking, cash movements >$10k require banks to report this under the Bank Secrecy Act (BSA), 31 USC 5311. Clearly many have moved more than this amount, but transactions are still flagged and monitored for money laundering.
Thanks, good point, they can flag all they want. Hope that does not mean it freezes up funds availability, kinda weird as the money was all accounted for going into the account in the first place. Banks charge a fee for transfers to other banks, so I’d prefer to not pay multiple fees to achieve a certain amount of funds transfer.
 
Technically speaking, cash movements >$10k require banks to report this under the Bank Secrecy Act (BSA), 31 USC 5311. Clearly many have moved more than this amount, but transactions are still flagged and monitored for money laundering.
Federal bank reporting requirements for all transactions over 10K is different than a banks allowable number of transfers in or out per day/week/month/period. More similar to mobile deposit allowances.

Personally, I did several 20K transfers that first week either per day or within a couple days of each other getting to 6F within 4-5 days, so at least at the outset it doesn’t seem there was a hard limit. Granted it was from ME to ME, so for reporting reasons there couldn’t really have been many/if any red flags or federal banking issues. I haven’t tried it since then, as I indicated back in April I’m going to play around with moving things in and out to test out the four corners of usability.
 
Federal bank reporting requirements for all transactions over 10K is different than a banks allowable number of transfers in or out per day/week/month/period. More similar to mobile deposit allowances.

Personally, I did several 20K transfers that first week either per day or within a couple days of each other getting to 6F within 4-5 days, so at least at the outset it doesn’t seem there was a hard limit. Granted it was from ME to ME, so for reporting reasons there couldn’t really have been many/if any red flags or federal banking issues. I haven’t tried it since then, as I indicated back in April I’m going to play around with moving things in and out to test out the four corners of usability.
I work in bank risk management.
Whether you think - or see - is different from "it's done" and "it raises suspicions".

Let's not talk about OFAC checks, which are either manually or silently done, and flag based on name.
 
I saw that, makes me consider not doing a substantial transfer, maybe others can weigh in
 
I saw that, makes me consider not doing a substantial transfer, maybe others can weigh in
I’ve done many 10k-20k transfers in, they seem to post to my Apple Savings account instantly..which is odd. I see the money LEAVE my source bank usually in 2-5 days. coming back, to a legacy destination bank account, it takes about 2-3 days for that money to show parked in my destination account.. again, 10k-20k transfers.
 
I’ve done many 10k-20k transfers in, they seem to post to my Apple Savings account instantly..which is odd. I see the money LEAVE my source bank usually in 2-5 days. coming back, to a legacy destination bank account, it takes about 2-3 days for that money to show parked in my destination account.. again, 10k-20k transfers.
That was my experience, shows instantly Apple (I think this is because the interest accrues when deposited) actual transfer pending on bank side. I have not tried a withdrawal, which is the concern here. So you’ve withdrawn from apple back to original bank, 10-20k no issues? Similar 3 days?
 
Why are people moving all this cash back and forth?
It’s like $34.58/month in interest for every $10k.
Knowing core risk, BSA/AML, and tools like Palantir, this would set off a security flag. High yield savings accounts aren’t like Robux.
 
Seems to be a rather rare thing and actually not uncommon for banks, but let's make believe it is a widespread issue and unique to Apple Savings.
Welcome to social media.
let’s offer a safe space for apple users
especially those who have their iCloud account stolen late night at a bar.
 


Apple today announced that the long-awaited Apple Card Savings feature is available starting today with an initial APY of 4.15%. The savings account has no fees, no minimum deposits, and no minimum balance requirements.


The feature allows Apple Card users to open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Users can also earn interest on personal funds deposited into the savings account through a linked bank account, or from their Apple Cash balance.

To open a savings account in the Wallet app, users will tap on the Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it and start earning interest. If they prefer, users can choose to have Daily Cash added to their Apple Cash balance instead at any time.

Apple Card Savings allows a maximum balance of $250,000, and balances are fully insured by the FDIC. To access funds stored in the account, users can transfer money to their Apple Cash balance or to a linked external bank account, a process that Apple says can take 1-3 business days to be completed. There are no fees for withdrawals.

Apple Card Savings requires an iPhone with iOS 16.4 or later and is available to U.S. residents who are 18 years of age or older. Apple has published a support document with additional information about the feature.

Article Link: Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
Apparently this is only for USA citizens. Do we know when Apple makes this available in Europe?


Apple today announced that the long-awaited Apple Card Savings feature is available starting today with an initial APY of 4.15%. The savings account has no fees, no minimum deposits, and no minimum balance requirements.


The feature allows Apple Card users to open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Users can also earn interest on personal funds deposited into the savings account through a linked bank account, or from their Apple Cash balance.

To open a savings account in the Wallet app, users will tap on the Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it and start earning interest. If they prefer, users can choose to have Daily Cash added to their Apple Cash balance instead at any time.

Apple Card Savings allows a maximum balance of $250,000, and balances are fully insured by the FDIC. To access funds stored in the account, users can transfer money to their Apple Cash balance or to a linked external bank account, a process that Apple says can take 1-3 business days to be completed. There are no fees for withdrawals.

Apple Card Savings requires an iPhone with iOS 16.4 or later and is available to U.S. residents who are 18 years of age or older. Apple has published a support document with additional information about the feature.

Article Link: Apple Card Savings Account Available Starting Today With 4.15% Interest Rate
Do we know when this becomes available in Europe?
 
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