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I'm ready to make some serious money from my Apple Card Savings Account.

Apple better not change its mind on that 4.15% APR rate
I'm not sure Apple has much if any say on the rate. Goldman Sachs sets the rate and pays the interest, not Apple.

Besides, interest rates on savings accounts aren't fixed, they fluctuate; They can go up or down. If you want to lock in a guranteed rate for a specific period of time (3 months, 6 months, 1 year, etc), put your money in a Certificate of Deposit or Treasury.
 
I moved my savings from Ally over. I know there have been higher rates on other savings accounts for a while now, but I never felt like dealing with moving it and risking a worse experience with a different bank for a marginal difference. But with a 0.4% higher rate than Ally and knowing I’m going to get a good customer and UI experience with Apple, I moved my money right away.

Though, my number one feature request right now is Zelle. I used to be able to deposit money to my Ally Savings immediately, but it takes a couple days to process now without Zelle for the Apple account. I’d have more peace of mind seeing my money deposit immediately, and I’d earn more interest since the money wouldn’t be missing out on a few days of interest.
 
Show off! 🤣

Wouldn't it make more sense to invest with that much money instead of putting it in the savings account?

Who says you can't do both? I think it makes no sense to have all your money in securities (there's risk), or to have all your money in savings accounts and CDs (you'll miss out on capital gains and dividends). I have maybe 40% in securities, 40% in savings accounts and CDs, and 20% in real estate. I'm comfortable with that. Others might want to take a more aggressive or a more conservative approach.
 


Apple on April 17 introduced the Apple Card Savings account, and it turns out that it was highly popular with iPhone users. The new Apple-branded high-yield savings account saw up to $990 million in deposits during the first four days after launch, according to Forbes.

apple-card-savings-account-16x9.jpg

Forbes says that it spoke with two anonymous sources with knowledge of how the Apple Savings account performed shortly after launch, but the deposit total has not been officially confirmed by Apple or by Goldman Sachs, Apple's partner on the Apple Card Savings venture.

During the first day alone, Apple Card owners deposited $400 million, which is perhaps not a surprise given Apple's large iPhone user base in the United States. By the end of the week, approximately 240,000 accounts had been opened.

The Apple Savings account is limited to Apple Card holders, and it allows them to deposit the Apple Cash earned from the Apple Card directly into the account. Apple Card holders can also deposit additional money from a checking account into the Apple Card Savings account, where it will earn interest.

Apple is offering a 4.15% APR at the current time, which is appealing when combined with the ease of opening the savings account. Creating an account takes just a couple of minutes for those who already have an Apple Card, and it works like any other savings account. There are no fees and there is no minimum balance, though accounts can't exceed the $250,000 FDIC insurance limit.

The competitive APR and the simplicity of the Apple Savings account will give it an edge over competing high-yield savings account providers. Getting a higher rate for a savings account typically requires dealing with a digital bank, and not many popular financial companies are able to compete with Apple on APR. Citi Bank, for example, has a 3.85% rate, and Discover is at 3.75%. American Express also offers a 3.75% APR, while Capital One is at 3.50% and Barclays is at 4%.

Like the Apple Card, the Apple Savings account is managed from the Wallet app, and earnings can be tracked through a simple, informative interface.

Article Link: Nearly $1 Billion Deposited by Apple Card Owners Four Days After Savings Account Launch
I already have 2 other savings account. One with my primary bank and another with my unions credit union. I decided this apple savings account will be something I ad small deposits into each payroll.
 
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They are going to, because the rates will follow whatever the fed does.

4.15% isn't even the highest paying savings account out there. Amazing that people will put their money into this without doing one minute of research to see there are better options.
Going with a bank that has the highest rate isn't always good advice though. For example, a month ago I tried to setup an account with UFB Direct. At the time it was a highly rated bank on most of the websites that review high yield savings accounts. First I filled out the application. They responded 2-3 days later asking for additional information. I sent them the additional info, and my account was created several days later (about a week overall to create the account.) Then I wasn't able to transfer money from my other account to fund the UFB account. I contacted customer service, and 3-4 days later they responded with information that didn't help. After a few weeks I finally gave up, and asked them to close my empty account. I won't put my money into a bank where customer supports takes several days to respond.

Then the Apple's savings account came along. I decided to try it while I figured out what to do with my money. It literally took me 3 minutes to create the account, and transfer all of my idle cash into it. So yeah, maybe I'll move my money later into an even high rate account. However, the Apple savings account is so easy to use that I may keep my money there.
 
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It’s not Apple. Apple is not a bank. it is an Apple-branded set of financial products entirely managed by Goldman Sachs. Regulatory restrictions don’t actually allow Apple much say in how it is run unless they wish to jump through the hurdles of chattering their own financial institution.

Agree with the comments re: If it didn’t have the Apple logo plastered on it, neither the Apple Card nor the savings account would be all that interesting. Not bad by any means. The savings account in particular is very competitive. But it’s still just a savings account. like any other.
Apple bank will own Goldman Sachs.
 
I already have 2 other savings account. One with my primary bank and another with my unions credit union. I decided this apple savings account will be something I ad small deposits into each payroll.

That’s all I’m doing - just a portion from each check into the Apple account. It’s not as immediate as my credit union savings as far as access goes so I don’t want to tie up emergency funds in it.
 
I just hope the improve their customer service. I'm sure it's because they are so new but being on hold for 2 1/2 hours just to get an account verified and add a beneficiary is a lil much!
 
Thoroughly pleased with the ease of setup and GUI of the Apple Savings account.

I do have one question though, is there a way to setup/schedule a recurring pull from your bank, instead of one that pushes to Apple Savings from your bank? Unless I missed it, this is the only drawback right now. I had to do it through my bank for weekly transfers to Apple Savings but would have preferred if I could have done it from the Apple end.
I've been pulling with daily transfers, but yea, I think that's the way to go. There is an 'add money', but I didn't finish going that route — doesn't make sense, the questions it asks.
 
What the hell bank do you go to that has 6% on CDs? My bank doesn't even offer 4%, which is why I went with Apple Card Savings instead since I'm getting more with less commitment
Indeed. Best I am seeing is in the 5% neighborhood and they all require a $1000 minimum investment.
They're mainly small local banks and credit unions that need deposits. Some are callable too so the 6% rate isn't 100% guaranteed for the 9-month, 12-month or what period the CD is for.


 
I'm ready to make some serious money from my Apple Card Savings Account.

Apple better not change its mind on that 4.15% APR rate. More deposits to come in the future! We are locked in now! Let's go!!

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Do you really consider $3.78 to be serious money? You do know that interest rates fluctuate, don't you? I'd rather lock in a $250,000 T Bill for 3 or 6 months at 4.8%. Curious about the "Let's go" statement. Where are we all going? And why?
 
Going with a bank that has the highest rate isn't always good advice though. For example, a month ago I tried to setup an account with UFB Direct. At the time it was a highly rated bank on most of the websites that review high yield savings accounts. First I filled out the application. They responded 2-3 days later asking for additional information. I sent them the additional info, and my account was created several days later (about a week overall to create the account.) Then I wasn't able to transfer money from my other account to fund the UFB account. I contacted customer service, and 3-4 days later they responded with information that didn't help. After a few weeks I finally gave up, and asked them to close my empty account. I won't put my money into a bank where customer supports takes several days to respond.

Then the Apple's savings account came along. I decided to try it while I figured out what to do with my money. It literally took me 3 minutes to create the account, and transfer all of my idle cash into it. So yeah, maybe I'll move my money later into an even high rate account. However, the ease of use of the Apple savings account is so spectacular that I might just keep my money there.
IMO if you’re going with a bank such as UFB Direct (via Axos) that was established in 1999 then you’re already doing it wrong. National banks with decade long reputations are the only places I would even look at as they are typically too big to fail. Even Axos who owns UFB Direct looks shady as hell.
 
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It’s not Apple. Apple is not a bank. it is an Apple-branded set of financial products entirely managed by Goldman Sachs. Regulatory restrictions don’t actually allow Apple much say in how it is run unless they wish to jump through the hurdles of chattering their own financial institution.

Agree with the comments re: If it didn’t have the Apple logo plastered on it, neither the Apple Card nor the savings account would be all that interesting. Not bad by any means. The savings account in particular is very competitive. But it’s still just a savings account. like any other.

If you think it is not Apple then you are kind of being naïve. Sure Apple does not have regulatory authority to officially be a bank but they found a loophole to act as are a bank! It has Apple branded all over it and and I am sure the terms with Goldman Sachs are very much in Apple's favor and the I'm sure the features of the Saving Account were specifically dictated by Apple. Goldman Sachs has their own high interest Savings Account that I would never touch with a 10 foot pole!
 
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