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

[til1p]

Hope they can fix these soon, as well:

- Adding beneficiaries: have to call them ugh. Need to be able to add right there just like other banks.

- Apple Cash transfer minimum $1 required. In my other banks, I shift pennies around all the time! 😂

I just got off the phone with the a specialist regarding beneficiaries. Some detail:

Only one (i.e., primary) beneficiary class is accepted right now. While you can list up to 6 people as a primary beneficiary, there is not a way to add a contingent beneficiary class (i.e., to accommodate planning for simultaneous death). Also, there is no way to add unequal treatment to your listed beneficiaries; anyone listed will split the balance with the other(s) listed, co-equally.

Further, they do not support adding a Trust as a beneficiary, yet.

A cool feature is that once the specialist adds a beneficiary to the account, they are immediately viewable from the account information page.

 

[mnsportsgeek]

Got mine all set up in just a few clicks. Really easy.

 

[BaldiMac]

Now, if only I could automatically pay off my monthly Apple Card balance from this new savings account. My sense is that they're never going to allow this. The account was easy to setup and transfer money to... but there is no account number nor ABA number to set this up. (I get it...it's a savings account and not a checking account... but I pay off my other credit cards and monthly bills directly from savings accounts.)

Routing and account numbers are available under "Account Details".

 

[mnsportsgeek]

I just got off the phone with the a specialist regarding beneficiaries. Some detail:

Only one (i.e., primary) beneficiary class is accepted right now. While you can list up to 6 people as a primary beneficiary, there is not a way to add a contingent beneficiary class (i.e., to accommodate planning for simultaneous death). Also, there is no way to add unequal treatment to your listed beneficiaries; anyone listed will split the balance with the other(s) listed, co-equally.

Further, they do not support adding a Trust as a beneficiary, yet.

A cool feature is that once the specialist adds a beneficiary to the account, they are immediately viewable from the account information page.

No support for a trust to be a beneficiary will prevent me from using this for anything more than spare Apple Cash.

 

[PappyKristopher]

Routing and account numbers are available under "Account Details".

Ah excellent, this answers my question. Thank you!

 

[Brad7]

I just got off the phone with the a specialist regarding beneficiaries. Some detail:

Only one (i.e., primary) beneficiary class is accepted right now. While you can list up to 6 people as a primary beneficiary, there is not a way to add a contingent beneficiary class (i.e., to accommodate planning for simultaneous death). Also, there is no way to add unequal treatment to your listed beneficiaries; anyone listed will split the balance with the other(s) listed, co-equally.

Further, they do not support adding a Trust as a beneficiary, yet.

A cool feature is that once the specialist adds a beneficiary to the account, they are immediately viewable from the account information page.

Good info, thank you!

 

[utsava]

Is there any limit on the amount of times you can transfer into or out of this account per month?

 

[til1p]

No support for a trust to be a beneficiary will prevent me from using this for anything more than spare Apple Cash.

I don't think you'll be alone in this. I cannot imagine that this feature will be lacking for long.

 

[vertsix]

Is there any limit on the amount of times you can transfer into or out of this account per month?

All this information is under the Deposit Account Agreement, which is available before agreeing. Read it carefully.

 

[Brad7]

Is there any limit on the amount of times you can transfer into or out of this account per month?

I think there is a federal limit of 6 transfer outs per month for all savings accounts.

 

[Deguello]

Historically you are better off investing the money. I think on average you would get a 6% return. That's why you're not supposed to park large sums in these interest bearing accounts: they pay less over time.

It’s probably not the most advisable financial position to have money you plan on spending soon invested, given fluctuations.

Pretty much anyone in the field, I believe, will tell you to have relatively short term living expenses — maybe even out to five years — in something like cash.

 

[TheYayAreaLiving 🎗️]

My wife and I are on a joint owner's account (Apple Card) - and we were each able to open savings account - but individual. So yeah no 1 savings account for both of us, but individual. I would have preferred a joint savings but oh well.

Are you trying to let Apple Card give you an 8.30% Savings APR rate?

It's really hard to outsmart Tim Cook especially when it comes to money.

 

[ghanwani]

Comparing it to an uninsured investment account isn't an apples to apples comparison.

Most govt money market funds these days invest in reverse repo facilities at fed and/or short dated treasuries, so they are practically bullet-proof.

In the case of banks, nowadays, if they have any money left from your deposits, that is what they are doing too--they deposit that money with the fed and get the fed funds rate and pay you x% where x is anywhere from 0.01 (BofA savings rate) to 4.15 (Apple's rate) and pocket the difference. This is another brilliant financial engineering move by Apple. If the fed funds rate goes lower, they'll lower their rate.

 

[uptownnyc]

Trying to transfer my existing Daily Cash balance to the new Savings account, but can't seem to figure out how. I don't see "Apple Cash" as a "from" option when I try to "Add Money" from inside the Savings UI.

Anyone else?

 

[PBG4 Dude]

AMEX and Discover are banks as well as payment networks, whereas Visa and Mastercard are only payment networks that serve cards issued by banks. That's why AMEX and Discover can offer a deposit account, while Visa and Mastercard cannot.

Someone better tell Chase and Citi then, as they’re offering savings accounts too. Haven‘t personally seen anything yet from BoA surprisingly enough.

 

[ghanwani]

Banking is one of safest most stable businesses in the world if you dont do stupid things and focus on banking.

Actually not anymore. Because of manipulation by central banks and because of the excessive amount of compliance/oversight required, it's very hard for small banks to survive without playing games of some sort. The normal game of borrow short, lend long is completely broken because of interest rate manipulation.

And now we are going to see a ton of smaller banks fail or consolidate, once again because of central bank policy errors.

 

[xmarcuswildx]

I think there is a federal limit of 6 transfer outs per month for all savings accounts.

Pretty sure this is no longer enforced.

 

[NufSaid]

They are not messing around.

 

[dannyyankou]

Ummm... I think you'll need just a little bigger of a deposit for that. But hey --- OPTIMISM!

There are no minimum deposits

 

[Brad7]

Trying to transfer my existing Daily Cash balance to the new Savings account, but can't seem to figure out how. I don't see "Apple Cash" as a "from" option when I try to "Add Money" from inside the Savings UI.

Anyone else?

Put in the amount and then on the Double Click screen, at the right of your existing bank name, hit the arrow and change it to Apple Cash.

 

[izzle22]

Account opened successfully. Daily cash added and savings from current bank transferred over successfully as well. Done deal!

 

[BigMcGuire]

Are you trying to let Apple Card give you an 8.30% Savings APR rate?

It's really hard to outsmart Tim Cook especially when it comes to money.

I wish I was that smart, but no lol.

Just a shared joint savings account between me and my wife. (So both of our Apple Cash will go to 1 account instead of 2 individual savings accounts). But I'm happy with what it is.

We just transferred a chunk of our bank savings over to see how it goes. (Like you did). So far so good.

 

[PBG4 Dude]

I think there is a federal limit of 6 transfer outs per month for all savings accounts.

This was suspended during the COVID lockdown. As far as I know, my bank has not reinstated the 6/month limit.

The Fed - CA 21-3: Suspension of Regulation D Examination Procedures

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

 

[TheYayAreaLiving 🎗️]

I wish I was that smart, but no lol.

Just a shared joint savings account between me and my wife. (So both of our Apple Cash will go to 1 account instead of 2 individual savings accounts). But I'm happy with what it is.

We just transferred a chunk of our bank savings over to see how it goes. (Like you did). So far so good.

Excellent! I want to transfer $10,000 right now but I'm also scared. It is Tim Cook who is going to be overseeing our money. Perhaps, later tonight I will be transferring a bunch of money to Apple Savings.

 

[thawk9455]

They need to add a mechanism for joint accounts to this. That's one of the things that always bugged my about Apple Cash as well. My wife and I share our accounts, Apple Cash is pretty much the only place we can't easily move money around as a couple.

This is great as now our rewards from our Apple Card can earn some interest while they're gaining, but without the ability for us both to access our Synchrony account is earning slightly more interest and does what we need.