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Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone
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A car? A higher education? A rental? Avoiding utility deposits? A house? Lower insurance premiums? It sounds like you’re a cash-under-the-mattress kind of person. Or maybe you just have a lot of Bitcoin. Let me recommend a good financial literacy course.
You sound like someone who supports the $31 trillion US debt total. We’re opening new doors! We think you’re gonna love it.
You sound like someone talking about Federal Government Debt and connecting nonexistent dots.
^^ doesn’t trust credit card companies or banks, keeps his money under his mattress, has a 530 credit score and can’t even rent a car
I still do not get why this service is for US only after several years since it was introduced.
Regulatory issues? Why? Nothing that cannot discussed at EU or equivalent governmental level, if that’s the case
Not interested in the market outside US? Can’t believe that…
Personally I would trash my current credit card immediately if Apple would introduce the service in my Country….
Regulatory issues? Why? Nothing that cannot discussed at EU or equivalent governmental level, if that’s the case
Not interested in the market outside US? Can’t believe that…
Personally I would trash my current credit card immediately if Apple would introduce the service in my Country….
So I had Marcus by Goldman Sachs high yield savings. But now that I moved the bulk of my savings from that to Apple Savings. Is there any good reason to keep the Marcus account?
Every kind of bank. Any banker will recommend you NOT deposit more than $250K in a single account as that is the maximum the FDIC will insure your account. So if you have $500K banker will recommend you open two $250K accounts so the entire amount is covered by FDIC insurance. By the way, the FDIC was formed after the Great Depression to restore the public’s trust in the banking system. Are you not familiar with how banks and savings accounts work?
if you deposited $500K in a single savings account and the bank failed you would only get $250K back and would simply lose $250K
Not if they are in the same bank, AFAIK. You'd need accounts in separate banks. Or have two owners on one account, then the account is covered to 500k. Anything above that, your money is at risk when bank fails (like SVB did recently, but the depositors were bailed out in the end).
Some banks offer better insurance through sweep (spreading the funds automatically in separate banks), for example Mercury offers up to 5 million insurance.
When you connect your apple savings account as external for ACH at another bank, what type of account is it added as? Personal checking or savings? (Apple savings account doesn't act like true savings - has no withdrawal limits as required per regulation.)
Withdrawal limits were suspended shortly after the Covid lockdown started in 2020. if you’re still limited to 6 transactions/month, it’s your bank’s doing, not the government’s.
Yup, here’s an official article about it:
The Fed - CA 21-3: Suspension of Regulation D Examination Procedures
The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov
