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if Pibank gives highest rate why doesn't everyone put their money in PiBank?
 
Every time it changes the sky is falling headline appears that apples savings isn't the best rate, yeah it never has and probably won't, but its a perfectly functional and good additional or alternative to a lot of others.



Apple savings is very un-Apple in its clunky implementation. To be able to use the money, it first needs to be transferred manually into Apple Cash. People have been conditioned to the checking/savings distinction, but there is no reason it needs to be like that anymore. The result is very inconvenient to use.

This also leads to the big problem that ultimately led me to closing the account with prejudice. GS, in its ultimate wisdom, decided that I wasn’t authenticated enough on my phone to withdraw funds from the savings account to Apple Cash. All transfers would fail with no explanation. I had to call the middling customer service so that they could verify my info and send a verification code via text message to my… phone!

The first time this happened, I assumed it was a glitch. The second time, exactly one year later, I figured it was policy. I have better things to do than to spend time with GS customer support once a year, and there is no efficiency advantage to the savings account (see first point) so I closed the account.

Apple Savings is terrible.

It's not terrible, it's one of the easiest ones to use and the UI is far better than most. What do you need out of a savings account? this isn't an investment platform, yet it could vary be at some point. but sounds like you did something incorrect or was flagged, stuff like this just doest happen and its very easy to move money where and how you want.

That still requires manually transferring money out of the account. I should be able to spend directly from the account. Where is Apple’s value add compared to the competition?

Many of the competitor products listed in the rate comparison chart work as regular checking accounts. Clearly, it’s possible to have a high yield checking account.

I dont think you understand completely how savings accounts work, it's common for a lot of people to misunderstand it as well. Savings accounts are not intended to have multiple or many outputs its intended as an input, hence the meaning of savings. and its not a wise decision to keep money in a checking account, nor is it wise to use debit cards. some reasons being that the money is generally not protected compared to a savings account nor do you have much purchase protection when using debit. the combination of Apple Card + savings is a good strategy and your money is protected yet accessible.

The six withdrawals per month limit was a regulation that was lifted in 2020.

There are many checking accounts that pay interest rates as high as savings accounts. Look at the comparison chart for examples, like Fierce.

again do not keep all of you money in a checking account, keep a ration available, but put it into one of your savings or investment accounts.
 
Every time it changes the sky is falling headline appears that apples savings isn't the best rate, yeah it never has and probably won't, but its a perfectly functional and good additional or alternative to a lot of others.





It's not terrible, it's one of the easiest ones to use and the UI is far better than most. What do you need out of a savings account? this isn't an investment platform, yet it could vary be at some point. but sounds like you did something incorrect or was flagged, stuff like this just doest happen and its very easy to move money where and how you want.



I dont think you understand completely how savings accounts work, it's common for a lot of people to misunderstand it as well. Savings accounts are not intended to have multiple or many outputs its intended as an input, hence the meaning of savings. and its not a wise decision to keep money in a checking account, nor is it wise to use debit cards. some reasons being that the money is generally not protected compared to a savings account nor do you have much purchase protection when using debit. the combination of Apple Card + savings is a good strategy and your money is protected yet accessible.



again do not keep all of you money in a checking account, keep a ration available, but put it into one of your savings or investment accounts.
Like I said, people have been conditioned to believe the checking/savings distinction is meaningful when it no longer is. You seem to be one of those people.

Look at the competitors in the chart. They offer competitive interest rates on what are essentially checking accounts.

If you need an account with arbitrary restrictions, and the word “savings” in it to feel like you are saving, that’s fine. But it’s just in your head. It’s not necessary, as the competition amply shows.
 
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Like I said, people have been conditioned to believe the checking/savings distinction is meaningful when it no longer is. You seem to be one of those people.

Look at the competitors in the chart. They offer competitive interest rates on what are essentially checking accounts.

If you need an account with arbitrary restrictions, and the word “savings” in it to feel like you are saving, that’s fine. But it’s just in your head. It’s not necessary, as the competition amply shows.

👌
 
a Fund requires a brokerage account, are not FDIC-insured, and may be subject to transaction fees.

A savings account is lower friction for people, and hence lower rates; theyre not competing products.
Vanguard’s government securities money market funds do not require a brokerage account. Shares, which always have a nav of $1 may be bought or sold directly through Vanguard. All securities are government debt which is more reliable than a FDIC account and does not have a limitation on coverage. I believe Vanguard requires an initial investment purchase of $1000 and thereafter as little as $100 (I think). The yields are usually superior to any other account that has fees or term requirements.
 
Vanguard’s government securities money market funds do not require a brokerage account. Shares, which always have a nav of $1 may be bought or sold directly through Vanguard. All securities are government debt which is more reliable than a FDIC account and does not have a limitation on coverage. I believe Vanguard requires an initial investment purchase of $1000 and thereafter as little as $100 (I think). The yields are usually superior to any other account that has fees or term requirements.
Nothing is more safe than fdic insured as the money is set aside from member bank fees and ready to roll if your bank fails while vanguard prospectus shows only about 50% of the money is there. Not that it would happen but if everyone went to withdraw at once vanguard only has 50%ish of that on hand. It’s also vulnerable to congress not passing a budget or raising the debt ceiling. Yes fdic doesn’t have 100% of 250k and less accounts covered but being an across the board system it works for the failure of a few banks a year.
 
Right but it is called a "savings account" not a checking or spending account. If I want to use my savings account money from my bank, I have to first move it over to my checking account. Not a big deal, same thing happens here. I am sure there are banks out there that give you a savings account atm card, this isn't one of them.
Yes, there are savings account that have ATM cards. This wouldn't be one of them because the main product is the Apple Card which is a credit card.
 
The clunkiest aspect of the whole Apple Card experience is the fact that the only way to access the full functionality of the system is on an iPhone. Not on an iPad. Not on a Mac. I leave my iPhone on the kitchen counter to charge at night but have my iPad mini in the bedroom with me. If I want to check my Savings balance or transfer funds to an external bank account, I can't do it on my iPad because the Apple Wallet is not available on the iPad—it's only available on iPhone. WTF??? Why???

This stupidity is the reason why I only ise my Apple Card for purchases from Apple—because I want the 3% cash back.Were it not for that, I would never use my Apple Card.
Your wallet is available on your iPad. It isn't a standalone wallet. Go to Settings > Wallet. You can see your savings account there too. And all your other credit cards if you add them there.

On a Mac (or other computer), you can view your Apple Card info though I don't think Savings is available there. Go to card.apple.com
 
Your wallet is available on your iPad. It isn't a standalone wallet. Go to Settings > Wallet. You can see your savings account there too. And all your other credit cards if you add them there.

On a Mac (or other computer), you can view your Apple Card info though I don't think Savings is available there. Go to card.apple.com
Thanks for helpfully pointing this out--seriously. Alas, I was aware of both of these options but have found them unsatisfactory for a variety of reasons. To wit:

For some unknown reason, when I do what you suggest on my iPad mini 6 my Apple Card is tagged as "unavailable," despite the fact that it IS visible on my iPad mini 7. No reason given, no indication how I can find out why. (Yes, I know there are ways I can call to get information but the easiest way to find that number is ta-da... by hauling out my iPhone).

And, as you mention, on my Mac the only way to access ANY information is via the website. And the only things that are available on the website are 1. statements (i.e. PAST transactions) and 2. payments. NO way whatsoever to figure out what that current charge I don't think I recognize is for.

"Apple: It just works." Uh, no. Not when it comes to Apple Card.

1. Every class of device (iOS, iPad OS, Mac OS) has a different way to access the data for my account.
2. The content I can see when I use a particular device's method varies depending on the device I'm using.
3. The website totally lacks basic functionality that ANY OTHER credit card website offers.

It's almost as if they don't want me to check my transactions on a regular basis, especially if I deign to use a device other than an iPhone. "That's OK. Just spend, spend, spend... spend without caring." That gets a NOPE.

That simply doesn't work for me. I keep close tabs on my credit card accounts, using whatever device I happen to be working on at the moment, and the Apple Card simply doesn't give me that basic functionality.

If it weren't for the 3% cash back on AAPL purchases, I would have absolutely no use for my Apple Card. The friction involved in doing basic functions isn't worth it, especially when I can get the same 2% cash back (for non-Apple purchases) from using other credit cards that have fully functional websites that are completely platform agnostic.

Credit cards are supposed to make our lives easier--no more going to a bank to withdraw cash, no more reconciling check books, etc. A credit card that makes me go through multiple hoops to just monitor my credit card usage, makes my life harder, not easier--rendering it less than useless. Useless doesn't help; less than useless makes things harder.
 
Vanguard’s government securities money market funds do not require a brokerage account. Shares, which always have a nav of $1 may be bought or sold directly through Vanguard. All securities are government debt which is more reliable than a FDIC account and does not have a limitation on coverage. I believe Vanguard requires an initial investment purchase of $1000 and thereafter as little as $100 (I think). The yields are usually superior to any other account that has fees or term requirements.

Vanguard is not a retail bank and does not have deposit accounts with saving features. Their MMF is a financial security (w/ a CUISP).

You buy it from through 3rd party brokerage accounts - or if direct from Vanguard in their unique ‘Cash Plus’ account with no equity access , well its not exactly a Chase account.

Treasury bonds are not more or less “reliable” than FDIC insurance, because both are institutions belonging to the same government, and both will only fail their remit basically by an act of Congress.
 
I’m currently using PayPal’s Savings account which is at 4.10% APY. The thing I love with this account is that I have the PayPal debit card where I earn cash back from and transfer to my savings account. I pick a category to earn 5% every month. I earn anywhere from $20+ every month from my PayPal debit card. I also happen to have the PayPal credit card, which I do not use often, but I also get up to 3% cash back with my credit card, which I can also transfer to my savings account.
 
[…]

It's almost as if they don't want me to check my transactions on a regular basis, especially if I deign to use a device other than an iPhone. "That's OK. Just spend, spend, spend... spend without caring." That gets a NOPE.

That simply doesn't work for me. I keep close tabs on my credit card accounts, using whatever device I happen to be working on at the moment, and the Apple Card simply doesn't give me that basic functionality.

If it weren't for the 3% cash back on AAPL purchases, I would have absolutely no use for my Apple Card. The friction involved in doing basic functions isn't worth it, especially when I can get the same 2% cash back (for non-Apple purchases) from using other credit cards that have fully functional websites that are completely platform agnostic.
Dump the card. You sound aggravated just to get 3%. It’s not worth your emotional energy for 3%.

For me, the card and interface works well.
 
If you want a card + account combo, Robinhood Gold is pretty good.

The account cost $50/yr, but it has a feature to sweep all uninvested cash to a bucket yielding 4.25%. You don't have to 'buy' or transact funds to earn the yield. They also provide 3% bonus on IRA contribution. (Note, obv it's 3% of contribution, not 3% of salary).

It comes with a card that earns 3%+ cashback on ALL PURCHASES with no forex fee and has all the perks of extended warranty and return protection and virtual card numbers all the nice perks.
 
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If you want a card + account combo, Robinhood Gold is pretty good.

The account cost $50/yr, but it has a feature to sweep all uninvested cash to a bucket yielding 4.25%. You don't have to 'buy' or transact funds to earn the yield. They also provide 3% bonus on IRA contribution. (Note, obv it's 3% of contribution, not 3% of salary).

It comes with a card that earns 3%+ cashback on ALL PURCHASES with no forex fee and has all the perks of extended warranty and return protection and virtual card numbers all the nice perks.
Many stories of people paying the fee and waiting 6 months to get the card. Pass.
 
Dump the card. You sound aggravated just to get 3%. It’s not worth your emotional energy for 3%.

For me, the card and interface works well.
Why would I do that—cut off my nose to spite my face??? I’ve essentially “dumped the card”—for everything but AAPL purchases. But I’ll keep it for the 3% it gets me back on AAPL stuff.
 
Why would I do that—cut off my nose to spite my face??? I’ve essentially “dumped the card”—for everything but AAPL purchases. But I’ll keep it for the 3% it gets me back on AAPL stuff.
I see. Only for Apple purchases. Got it. The use of ticker symbols just didn’t register for me.

(Aside: I don’t get why people like to use ticker stock abbreviations. It’s not like it’s a formal thing. Just call it Apple outside of stock talk ;-) ).
 
(Aside: I don’t get why people like to use ticker stock abbreviations. It’s not like it’s a formal thing. Just call it Apple outside of stock talk ;-) ).
Because it differentiates AAPL the company from APPLE the products we know and love, and in some cases (guilty as charged) obsess over.

When we bitch about this feature or that of a particular APPLE product, be it software, hardware, or service, we are really bitching about a decision made by AAPL the company.
 
Because it differentiates AAPL the company from APPLE the products we know and love, and in some cases (guilty as charged) obsess over.

When we bitch about this feature or that of a particular APPLE product, be it software, hardware, or service, we are really bitching about a decision made by AAPL the company.
I have not have this trouble with distinguishing that kind of difference. Oh well -- to each their own.
 
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