What are the drawbacks to depositing money into Apple Savings? I mean, 4.15% interest is way above any bank that I have seen, so why shouldn't I deposit (for example) $5000 into there and just let it sit?
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- Thread starter JohnR
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There are no real drawbacks. The issue people run into is when they deposit the only money they have and treat it like a checking account. Applies to any bank obviously but because it’s Apple there’s certain clientele that don’t understand this and complain.
That said I believe there is a drawback and that’s the 4.15% being advertised so heavily they don’t adjust rates when the Fed raises them. I opened another, more commercial, HYSA because I thought this would happen and sure enough they increased their interest rates with the Fed but Apple/GS did not. That said, I’ll be curious what happens to the 4.15% when the rates start lowering and if my commercial bank dips below 4.15% I’ll jump back to Apple/GS.
That said I believe there is a drawback and that’s the 4.15% being advertised so heavily they don’t adjust rates when the Fed raises them. I opened another, more commercial, HYSA because I thought this would happen and sure enough they increased their interest rates with the Fed but Apple/GS did not. That said, I’ll be curious what happens to the 4.15% when the rates start lowering and if my commercial bank dips below 4.15% I’ll jump back to Apple/GS.
You can get the 4.15% from most banks, they're just not standard savings accounts, they're investment accounts. They don't have set time limits like some things such as CDs, etc., and your money can be accessed at any time (generally takes a day or two to withdraw).
The only drawback (for me) with Apple Savings is that I can't have the account in the name of my Family Trust like every other bank and credit card account I have. This is important for me and my family, so while I do use Apple Savings, it doesn't hold the bulk of our savings.
The only drawback (for me) with Apple Savings is that I can't have the account in the name of my Family Trust like every other bank and credit card account I have. This is important for me and my family, so while I do use Apple Savings, it doesn't hold the bulk of our savings.
Agree with the last paragraph. The fact that I can jointly hold the CC with my fiancé, but we can't share or both see the savings, quite frankly sucks. It's not the end of the world, but that's the only negative for me.
No joint HYSA option is pretty common for banks not sure why but it is. Once again, people not realizing it’s not just Apple/GS.
I haven't run into that issue, I have different high yield accounts with other banks and they're joint accounts. Never said it was just Apple, just not something that I've run across.
It is a good rate but you have to keep on top of it. It can change at any time for no reason at all. I sort of consider it a teaser rate, good for today but perhaps not tomorrow.
Hey I know that name! Long time no see Jim!
guess I haven been paying attention to bank savings rates. Just looked at USAA and they were at 0.01% and so I assumed they all were the same
There are some places such as Ally Bank with higher rates but if you're already getting Apple Cash it doesn't hurt just to have it go to savings instead.
Though I strongly go against anyone using this as a checking account lol IDK why but this seems to be a popular thing with new to credit folks online.
Though I strongly go against anyone using this as a checking account lol IDK why but this seems to be a popular thing with new to credit folks online.
No drawbacks if you’re using it as intended. It’s a savings account so it’s not for a quick transactions like a checking account. It might take a few days for money to appear available.
Don’t get too excited about 4.15%. There are other accounts out there that offer the similar rate, or maybe even a little higher, but likely with less convenience.
Also, even if you deposit $5000 in savings your 4.15% it’s only going to be $5207.50 in one year. With the current inflation rate you’re still losing money.
Don’t get too excited about 4.15%. There are other accounts out there that offer the similar rate, or maybe even a little higher, but likely with less convenience.
Also, even if you deposit $5000 in savings your 4.15% it’s only going to be $5207.50 in one year. With the current inflation rate you’re still losing money.
Well that $4.35 makes it so much better 🤣