iOS 16.4 Lays Groundwork for Apple Cash High-Yield Savings Account

[Bremse]

The card is through Goldman Sachs. The savings account will hopefully be the same as their Marcus offering, currently at 3.75%.

Apple will take 30%.

 

[Black Belt]

Looking forward to this as my current Apple Cash is just sitting there. I pay for everything with cards and accumulate all my rewards which is free money to pay for a vacation. Getting interest on it would be a plus.

 

[performa_6400]

Apple will take 30%.

Funny, but you know that's not true.

 

[_Spinn_]

This has me intrigued.

 

[IamSamIam]

Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.

 

[IamSamIam]

Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.

Marcus is the name of Goldman Sachs Bank consumer division specializing in personal loans, high yield savings acct, CDs. Ive had an acct there for a few years. You link another bank account such as your checking to it and transfer funds to and from your Marcus account. It’s an ACH and no fees for transfer. It’s really simple. Currently the APR is 3.75 for savings. CDs are a bit higher. The interest rate at my local bank is .22%. It’s a joke. I would imagine Apples savings apr would be the same interest rate that Goldman is paying at the time. I’m sure Apple will add its style somehow. I’m interested.

 

[Black Belt]

I’m very interested. You can already easily get out your cash back. If you are unsure you obviousiy don’t have an Apple Card and are just trolling out FUD