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Goldman Sachs this week updated its Apple Card Customer Agreement to provide additional clarity about the upcoming Daily Cash savings account feature. The changes in the agreement are minor, but suggest that the feature's launch is approaching.

Apple-Card-Savings-16x9.jpeg

"The Daily Cash section of your Apple Card Customer Agreement has been updated to provide additional clarity related to making a Daily Cash Election and use of accrued but unredeemed Daily Cash," reads an email sent to Apple Card holders this week.

Apple first announced the savings account option in October and said it would be available "in the coming months," but the company has not commented on the plans since. The feature will allow Apple Card users to open a high-yield savings account from Apple's financial partner Goldman Sachs and earn interest on the Daily Cash deposited, with no fees, no minimum deposits, and no minimum balance requirements.

Like the Apple Card, the savings account will be managed through the Wallet app on the iPhone. Apple has yet to reveal what the account's APY will be, but Goldman Sachs' existing Marcus savings account currently starts at 3.75%.

The savings account was initially listed in the release notes for the iOS 16.1 Release Candidate, but it did not end up launching with that update and is still not available. Apple continues to lay the groundwork for the feature in iOS 16.4 beta code.

Apple's credit card launched in 2019 and remains available in the U.S. only.

Article Link: Apple Card's Savings Account Feature Nears Launch
 
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Has to be above 4.2 to be worth it

Edit: okay, doesn’t seem everyone knows it yet.
You get 4.15 with Robinhood gold membership, 1.5 million insured by FDIC across 6 banks.
You get 4.3 with Marcus by goldman sachs with refer.
You get 3.6 from citi/discover (both adjust with interest rate)
You get 4.5 with short term tbill (4weeks)
You get 7.6 with ibond.

So yes, I stand by my point
 
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I am curious to know if it's worth it - or what the benefits are - to switch to this vs keeping apple cash. Like, besides the obvious which is interest. For me, I usually don't get above $300 in my apple cash and end up spending it, so the interest part might not be very useful for me.

Can you still use the apple cash card or some form of card to spend whatever money is in this account?
 
I am curious to know if it's worth it - or what the benefits are - to switch to this vs keeping apple cash. Like, besides the obvious which is interest. For me, I usually don't get above $300 in my apple cash and end up spending it, so the interest part might not be very useful for me.

Can you still use the apple cash card or some form of card to spend whatever money is in this account?
I guess to answer my question, the announcement from Apple says:

Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees
 
Has to be above 4.2 to be worth it

Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)
 
Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)

The only thing that comes to mind and remotely close is Yotta, where your “winnings” could be your savings & interest if you ask the right person. Even then, what you earn/win is not consistent, but an interesting spin on the lottery & saving money to say the least.
 
Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)
The withdrawal limit has not been enforced since Covid started I believe.
 

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Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)

Baskbank does 4.25% on a savings account with no minimum. Most people are not getting anywhere near this with any of the most common banks so any decently high rate is a plus for many people.
 
Has to be above 4.2 to be worth it
I'd say it has to be at least 4.5% when other banks are offering that yield and Treasuries between 1 month to 3 years are even higher.


Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?
There are already CD's yielding 5% or more (e.g. Capital One, Ally), and some online banks have high yield savings accounts with a 4.5% yield


What banks pay above 4%?



The highest I’ve seen is Ally's savings bank account. 3.40%. Worth it!

Discover Bank is 3.55%. Their website shows 3.50% but they recently raised it to 3.55%. And as noted above, Marcus is 3.75%
 
I'd say it has to be at least 4.5% when other banks are offering that yield and Treasuries between 1 month to 3 years are even higher.



There are already CD's yielding 5% or more (e.g. Capital One, Ally), and some online banks have high yield savings accounts with a 4.5% yield







Discover Bank is 3.55%. Their website shows 3.50% but they recently raised it to 3.55%
Thank you for this. I love my Discover Card. Might open up a savings account with them. Is this the highest APR rate being offered if so they are topping Amex and Ally.

Update: They are giving $150 - $200 bonus offer. Not bad!!!
 

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Baskbank is 4.25% right now for a savings account with no min or fees. Most of the others that pay decent interest are around that 3.4%.
Baskbank is 4.25% on a savings account, but you can also get an 11 month CD with CapitalOne at 5%.
Thanks! Never heard of the Baskbank. Wonder if this is a small bank.
 
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