Apple Card's Savings Account Feature Nears Launch

[TechGuy327]

That’s interesting considering the limit was removed in regulation D in 2020 partially due to COVID. Like you said, banks can still choose to limit it if they want to. Discover bank explicitly state that they are not enforcing the transaction limit anymore. I’d suggest going to a bank that does not enforce this limit if it’s an issue for you. I learned something new though.

I've heard Marcus also doesn't enforce the limit and Ally will charge you for going over 6 withdrawals from a savings or money market account and then refund it although I can say from first hand experience.

 

[k1121j]

Is this only for cash back or can you deposit money to it? If so it’s super gimmicky.

 

[sloheim]

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?

Bread Financial (formerly Comenity) is doing 4.25%.

 

[svish]

Good. But would like to see Apple card and savings account in other countries also.

 

[DesiMunda]

Imagine getting a 1099-INT form from Apple 😲

Of course, that tax paid by you is going to Ukraine.

 

[CrysisDeu]

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)

Robinhood with gold(membership) is giving 4.15 flat, FDIC insures up to 1.5 million USD.

And tbills are giving 4.5% for short term (4wks)

 

[CrysisDeu]

What banks pay above 4%?

Citi close to 4, goldman sachs marcus with refer 4.3, robinhood 4.15

 

[CrapShack]

It's amazing how life goes 'round in circles. Sixteen months ago it was all about blockchains and crypto, staking with an 18% yield and how Bitcoin was going to $250,000.

Today: "I heard of a bank that gives 4.25% on a savings account! WOW!"

Hey, kids! Welcome to the 1970's!

 

[samlikesmac]

I've heard Marcus also doesn't enforce the limit and Ally will charge you for going over 6 withdrawals from a savings or money market account and then refund it although I can say from first hand experience.

I wonder if they’re just too lazy to change the backend to remove the limit so they just refund it after lol. Banks are funny.

 

[coffeemilktea]

In a time when other tech companies are working on 200MP cameras, breakthroughs in AI, folding phones, rolling screens, etc., I'm glad Apple is about to unveil the latest and greatest product to come out of Cupertino: a savings account.

(with an interest rate that's below the rate of inflation)

 

[newyorksole]

Is this only for cash back or can you deposit money to it? If so it’s super gimmicky.

yeah, you can deposit money into it too.

if their APY is the same or higher than Marcus, I’m going to switch over.

 

[_Spinn_]

This is very intriguing. I wonder if this can be a joint account like the Apple Card or if everyone will get their own like Apple Cash?

 

[Black Belt]

Only Apple would turn a savings account into a multiyear drama. Which will come first -AR glasses or Savings Account?

 

[TheDarkAngel]

Only Apple would turn a savings account into a multiyear drama. Which will come first -AR glasses or Savings Account?

I was actually thinking the same thing… maybe they’re “saving” it to mention at wwdc. They could possibly launch Apple Pay later then to everyone too.