yep, and guess what Goldman Sachs does with all that money? put it in their savings account? guess again
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Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone
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I can. You’ve been offered a great paying freelance job and your Mac has gone kaput. Nip down the Apple Store, get a new one to do the job, get paid loads and pay it back.
But yes in principle for most circumstances I agree!
Add your spouse as a face id user on your phone and give them your PIN while you wait for better options.
Purchase using the Apple Card. Payoff in full each month. Get cash back. Cash back goes into HYSA to earn 4.15 APY. That’s fairly healthy.
Racking up more debt, of course that’s not healthy. But using a card to generate cash back can be very helpful. We pay for everything we can with a 2% back card, pay the balance to 0 monthly, and the rewards end up equal to roughly one mortgage payment each year.
High yield is 30%, not a paltry 4%, when inflation is 20%.
If you had Apple Card you would understand the positive reinforcement for paying the balance each month.
If only banks could be this simple. Not saying I am putting all my money onto this, but the Apple account is way better and what banking should be in 2023. I still trust my credit union more. Simply cause it has a face I can deal with when needed.
I have a wish list:
- A dedicated tab on the Wallets app for Savings account
- Family Shared Savings account
- Younger than 18 year olds
- Apple Cash becomes a checking account
- Additional security for transferring and withdrawing money
I like the Apple Savings offering for two reasons:
1. It was very easy to set up, so my cash back all goes straight into it.
2. The second it launched, my actual bank had a panic attack and bumped my savings rate from 4.00% to 4.20% APY to compete.
1. It was very easy to set up, so my cash back all goes straight into it.
2. The second it launched, my actual bank had a panic attack and bumped my savings rate from 4.00% to 4.20% APY to compete.
I suspect Apple are not done yet in the financial arena. I think savings accounts are gated behind Apple Card temporarily. Checking has to be on the drawing board already. We'll need a full-featured Finance app from Apple before long.
Apple's cash back arrives the next day and starts earning interest immediately. Meanwhile other banks make you wait a full cycle. It may not make a huge difference in earned interest, but it's a massive motivator to use AC over other tender.
Honestly a very good timing. I see many (small) institutions offering >4.15%, especially after yesterday's FED rate increase..
But because there are fears about smaller institution, timing of this was excellent as smaller institution users are withdrawing...(GS is a very big bank..). Very good move Apple.
But why havent you increased the Saving rate after the Fed's 0.25% increase yesterday? Where's my bump?
But because there are fears about smaller institution, timing of this was excellent as smaller institution users are withdrawing...(GS is a very big bank..). Very good move Apple.
But why havent you increased the Saving rate after the Fed's 0.25% increase yesterday? Where's my bump?
They might have recognized Apple Saving but Fed also increased the rate yesterday lol
My Wealthfront cash account already increased to 4.55% today from the fed hike yesterday. If Apple doesn’t get the rate higher, then the convenience becomes less worthwhile—especially since many of these savings accounts are fully managed in an app so they’re pretty easy to use already.
Yeah but they already had an interest-free installment payment option for that kind of buyer. This is for smaller transactions, only up to $1000, and not just for Apple purchases but anything you use Apple Pay for (including IAP!). Again, nothing inherently evil, but it’s a pure willingness-to-pay mechanism.
I was low key mad when I saw them beat Betterment by .05 😂 it was the other way around before this hike.
Tim needs some new PR buzz-words. Because everything is now “incredible,” the word has lost most meaning.
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Now raise the interest rate since the Fed just raised theirs.
It's entirely possible that Goldman offered a 4.15% APY for the Apple Savings account because they knew the Fed would be increasing rates by 25 basis points so they (GS) decided to get ahead of it and don't plan to increase it.
Marcus went from 3.75% to 3.90%.
If Goldman is smart they would use your deposits to buy short term Treasurys at 5%+, pay Apple Savings account holders 4.15%, and then keep the difference. 4.15% is still very competitive vs other banks. What is everyone going to do, pull their money if Goldman doesn't raise the rate and go to another bank? 😂
That's why I'm not bothering with the Apple Savings account and picked up some more 3 month Treasurys today instead.
5.2x% > 4.15%
When’s it coming to the UK? Come on now, it’s taking forever…
Heck yeah. If I use my friends referral it goes up by .50.. making it 5.10%... I was so debating until I realized Wealthfront is partnering with many smaller banks... Very small risk with FDIC though
So this is how Apple plans to pad its bottom line when sales fall? Take your cash and put it where they can get double digit returns.
As with any credit card, with great power comes great responsibility, and use of credit can greatly help or harm your financial well-being.
I do virtually all of my day-to-day spending on credit cards and pay the balance in full each month, keeping my credit utilization at a responsible level while never accruing interest charges. In return, I get several hundred dollars in cash back each year. I moved the bulk of my savings into the Apple Card savings account when it became available and as of now I’m earning over $1 a day from that alone. Between those and another high-yield account linked to my checking account (by far the least important player here), I’m stretching my salary by over $1,000 annually.
At least in my case, using credit (modestly and responsibly) is a massive win. All it takes is trivial budgeting: Am I spending less than I’m earning?