sw1tcher
macrumors 604
Considering how often Apple services tend to go down, I'd take a pass on that.
Apple Preparing to Launch Apple Card Savings Account
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sw1tcher
macrumors 604
If it's being offered through Goldman Sachs, it's a given deposits will be FDIC insured.
Unregistered 4U
macrumors G4
Could be due to the regulatory environment outside the US?
thejadedmonkey
macrumors G3
Wait so you need an Apple credit card to open the savings account? I missed that requirement.
TheYayAreaLiving 🎗️
Suspended
Wow! That’s awesome. Can you buy us Apple’s AR/VR headset when it gets announced? 😃
And here the fed is trying to get non banks to stop messing with financial stuff. People are emptying bank accounts and buying treasuries and money market mutual funds with brokerages.
Apple should focus instead on getting us displays that don’t cause eye strain and headaches.
Apple should focus instead on getting us displays that don’t cause eye strain and headaches.
Apple.Fanatic
macrumors regular
Banks offering those rates come with huge caveats with fine print requirements. You usually have to jump through hoops or the amount that qualifies is limited to a specific amount.
A good write-up can be found here. https://www.marketwatch.com/picks/can-you-earn-6-on-your-savings-yes-but-heres-the-catch-01655298784
alexandr
macrumors 603
I do for the sole reason that my Daily Cash back lands there
alexandr
macrumors 603
I sincerely hope it's sooner than that!
magicschoolbus
macrumors 68030
I noticed this earlier because I can’t seem to apply my Apple Cash back as a statement credit on my card/ apply it to the balance. It used to be a thing where you could treat it as cash back to your card balance. Now I can only use my rewards as Apple Cash.
Apple should just buy SoFi if they want to be a bank so desperately.
Apple should just buy SoFi if they want to be a bank so desperately.
dannyyankou
macrumors G5
That will be enough to convince me to try it out
dannyyankou
macrumors G5
Me too
Aves
macrumors 6502
I save up all year and then use the balance to partially cover my local taxes (that I pay with Apple Pay and earn 2%) 😅
Verified Whiskey
Suspended
Interesting. Don’t most online savings accounts have a federal limit of 6 withdraws a month?
Verified Whiskey
Suspended
I don’t think it’s Apple’s fault. Blame your government’s restrictions and red tape.
Apple.Fanatic
macrumors regular
Yes, it's actually federal law. However, most banks allow you to withdraw more than 6 times with extra fees but most banks refund those fees. Basically...you shouldn't really use a saving account like a checking account since traditionally checking accounts have lots of transactions each month.
Maybe it’s covered in the fine print.
Westside guy
macrumors 604
Whoa, whoa, let's not get too carried away here!
Are you saying you can't make a payment from your Apple Cash to your Apple Credit Card balance? Because you certainly can. I do it all the time.
ILoveCalvinCool
macrumors 6502
JEPI has a +11% yield: https://finance.yahoo.com/quote/JEPI?p=JEPI&.tsrc=fin-srch
magicschoolbus
macrumors 68030
There was a time where it was never Apple Cash. It was just rewards- you could go into the wallet app and you would see the rewards you have received, you could choose to apply it to your balance or get cash back in the form of Apple Cash.
newyorksole
macrumors 603
I’ve had no issues with Marcus thus far, but if Apple is offering the same APY OF 3.75% then I’m going to just move my money over to this lol.
hopefully there’s mention of that transition in the release notes.
hopefully there’s mention of that transition in the release notes.
platinumaqua
macrumors 6502a
So losing access to your Apple ID is financially devastating