"Healthier financial lives" does not necessarily mean more money. Some people get into much more trouble when they have more money. Just look at all the gullible and greedy jr. investors that took their COVID savings and dumped it into risky stocks and crypto. Sometimes "healthy financial lives" is more about educating consumers on their spending habits so that they make informed decisions when they finally get a nest egg. And Apple Card is pretty good at breaking down purchases and balance payments so that consumers don't waste extra money on interest payments.
Was thinking its actually a means to the end of getting people to use their Apple Credit Card more as their main credit card (and make the money off that), but just a guess.
I don't want this to devolve too much into a rehash of history, but if you want to lay blame for 2008, you start with deregulation of banks under Clinton (bipartisan, I'm not pointing D/R finger here) and travel through to bad underwriting practices, individuals who were not financially savvy ("too stupid?") to know what they were buying, predatory lending practices, rating agencies that were chasing fees rather than quality, securitization traders who didn't want to do work to understand what they were buying, etc., etc. 2008 was not a Goldman Sachs-specific issue. If anything, there were some GS guys who were literally smarter than all of us, saw this was happening, and profited from it - just like any of us could have. The mechanisms of the financial markets are nearly impossible for anyone to follow, which is why entire institutions (like Lehman) died abruptly. You can hate on GS all you want, but it honestly starts to sound like ignorant whining or jealousy. Hate all banks and keep your money in a mattress, because they are all in the system and all to blame. You are, too, if you have a mortgage, savings account, buy investment vehicles, etc., heck even pay your taxes or vote for people who empower bad lending.
I get tax refunds and like to file ASAP, so waiting for a 1099 can be frustrating.
Not to question your process, but it's easy enough to add up the interest on 12 monthly statements.
I think you will be able too. "To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance."
I would think/hope this would be the case. I would want to transfer money from my current checking/savings account to and from this new savings account if need be. My current savings account has a very low APR and I would like a savings account with a higher APR. I have and use my current savings account as it's with my bank and very convenient. I would want the same here if I was to use it.
Apple becoming a bank will make it easier to purchase the Apple car
