Are You Getting An Apple Card? (1 Viewer)

[Ted Todorov]

Good news is you can now merge existing family Apple Card accounts. Unfortunately I still haven't figured out how to do it. See: https://www.apple.com/newsroom/2021...o-share-apple-card-and-build-credit-together/

• Existing Apple Card customers can also merge their Apple Card accounts, giving the flexibility of a higher shared credit limit while keeping the lower APR of the two accounts.3

 

[Sam Posten]

This is huuuuuuge

Apple Card Savings Account Available Starting Today With 4.15% Interest Rate

Apple today announced that the long-awaited Apple Card Savings feature is available starting today with an initial APY of 4.15%. The savings account...

www.macrumors.com

 

[Ronald Epstein]

This is huuuuuuge

Apple Card Savings Account Available Starting Today With 4.15% Interest Rate

Apple today announced that the long-awaited Apple Card Savings feature is available starting today with an initial APY of 4.15%. The savings account...

www.macrumors.com

This is huge. I am considering moving my money out of the bank and into this account. The only thing is, that the interest rate will probably not hold for a long time. I expect it to go down.

 

[dpippel]

This is huge. I am considering moving my money out of the bank and into this account. The only thing is, that the interest rate will probably not hold for a long time. I expect it to go down.

Eventually it will drop, just like it did years ago when many banks were offering high-interest rate simple savings accounts online. That's the case now as well, with players like American Express, Synchrony, and many others handing out APYs above 3.5-4%. Apple/Goldman Sachs is late to the game here, with the carrots they're offering being the relatively high rate and the tie-in to Apple Cash.

 

[ManW_TheUncool]

Hmmm... maybe I'll consider this... since I've sorta been looking the past year or so due in part to some major life changes, but also because HSBC basically left me hanging (as usual). Yeah, I'm one of their many former customers sold over to Citizens... though I'm actually liking Citizens better than HSBC (pretty much ever was), but still would like somewhat better -- I actually only became an HSBC customer because they acquired Republic (what feels like) ages ago. Actually briefly considered moving to TD Bank when HSBC sold out to Citizens... and still might before too long.

However, as everyone knows, none of them will offer remotely meaningful interest rates on savings (and not even CDs in many/most cases it seems), so I only use bank accounts for short term cashflow and needed reserves, not actually for savings (that need to at least keep up w/ inflation).

Still, the biggest problem I have w/ all the online banking alternatives offering decent enough interest rates in the past is they all seem just waaaay too inconvenient for me... even in this day and age when so very much are just done online and/or via apps anyway... but maybe Apple changes that (enough) given how convenient and easy Apple Pay (and their Apple Card) has been/become for me, except using passcode, not FaceID (or TouchID), w/ it can be less convenient and a tad kludgy at times, but oh well... Certainly beats Citizens' app, NVM their kludgy website, LOL...

_Man_

 

[DaveF]

Is this a “bank” account, that can be used like any other bank or credit union savings / checking account? Withdrawal cash at ATMs? Pay bills online? Invest in CDs?

Or is it a high-rate cash account tied to the credit card account, but doesn’t (yet?) offer the full banking services?

 

[Clinton McClure]

From what I understand, it’s an interest-bearing savings account only. You can only deposit additional funds into it from a linked checking / savings account or your Apple Cash and withdrawals are transferred back to your Apple Cash where they can then be dispersed to a linked checking account.

*Edit: It can also be dispersed directly to a linked checking or savings account as well.

 

[Ronald Epstein]

From what I understand, it’s an interest-bearing savings account only. You can only deposit additional funds into it from a linked checking / savings account or your Apple Cash and withdrawals are transferred back to your Apple Cash where they can then be dispersed to a linked checking account.

Thanks, Clinton. So, if I understand correctly, if I have cash sitting around in my bank account that is earning minimal interest, I can transfer it over to the Apple Card Savings Account and earn 4.15% (at the moment?)

 

[Clinton McClure]

That’s how I understand it.

 

[Clinton McClure]

Directly from Apple Support

Set up and use Savings in Apple Wallet

Earn interest on your Daily Cash and any additional deposits that you make when you set up a Savings account.1 Savings provided by Goldman Sachs Bank USA, Member FDIC.2

support.apple.com

 

[Clinton McClure]

Just for giggles yesterday (and also out of a bit of boredom while waiting in at my cardiologist’s office), I opened an Apple savings account and transferred the $9.03 I had in Apple Cash to the savings account. I’m gonna be a $10aire soon!

 

[Ronald Epstein]

I just transferred money that was sitting in my bank's savings account over to Apple Savings. Right now it has the potential to earn $450 for the first year with Apple as opposed to $1.10 (0.01%) with the bank.

 

[DaveF]

Thanks, Clinton. So, if I understand correctly, if I have cash sitting around in my bank account that is earning minimal interest, I can transfer it over to the Apple Card Savings Account and earn 4.15% (at the moment?)

But maybe don’t move all your money to Apple and completely close out your bank account.

 

[JohnRice]

There's just no way they can do this for very long.

 

[Ronald Epstein]

There's just no way they can do this for very long.

Yeah, I agree. The rate is too high. I think it's just a loss-leader to get people to create an account.

Worked for me. I'll take advantage of it while it lasts.

 

[ManW_TheUncool]

Hard to know what exactly is their plan w/ this... unless they actually tell us. I mean... why are they even bothering to do this at all??? But this a Goldman Sachs venture, so... what does Goldman do w/ their own non-Apple-branded banking services? I'm only familiar w/ their institutional/investment banking side (from previous IT software dev jobs ages ago), not these recent ventures into individual customer banking side... well, except for a little of their CC biz I guess.

Don't forget though that we're also still running higher Federal Reserve rates (as they continue to combat inflation) since last summer. Wonder how much that has to do w/ this... while seemingly having no impact on individual/private banking rates at more traditional banking (other than for lending side)...

_Man_

 

[ManW_TheUncool]

From what I understand, it’s an interest-bearing savings account only. You can only deposit additional funds into it from a linked checking / savings account or your Apple Cash and withdrawals are transferred back to your Apple Cash where they can then be dispersed to a linked checking account.

*Edit: It can also be dispersed directly to a linked checking or savings account as well.

How fast can it be to transfer between these linked accounts though? Same day or maybe even w/in minutes (both ways)?

_Man_

 

[Ronald Epstein]

How fast can it be to transfer between these linked accounts though? Same day or maybe even w/in minutes (both ways)?

_Man_

From Apple:

If you transfer money from Apple Cash, the funds are typically available instantly. If you transfer money from a linked external bank account, it will generally take a few days for funds to be available for withdrawal.

I transferred money from my Chase account this morning. It is still pending 8 hours later though the amount of the transfer is showing up in Apple savings.

 

[DaveF]

Hard to know what exactly is their plan w/ this... unless they actually tell us. I mean... why are they even bothering to do this at all??? But this a Goldman Sachs venture, so... what does Goldman do w/ their own non-Apple-branded banking services? I'm only familiar w/ their institutional/investment banking side (from previous IT software dev jobs ages ago), not these recent ventures into individual customer banking side... well, except for a little of their CC biz I guess.

Don't forget though that we're also still running higher Federal Reserve rates (as they continue to combat inflation) since last summer. Wonder how much that has to do w/ this... while seemingly having no impact on individual/private banking rates at more traditional banking (other than for lending side)...

_Man_

Top line answer is straightforward, I think: another step in Apple growing its services revenues. And higher interest in the cash account, which is where the rewards money goes by default, is a draw to get people to use their Apple Credit Card more.

This may not be a loss leader. Interest rates at banks and in CDs and even T-Bills have been 4% to 5% recently. Apple might be able to provide 4.15% without losing money.

Bigger picture: there are (not new) rumors that Apple plans to start its own bank. This might be a step in that direction.

 

[dpippel]

Again, high-interest online savings accounts are a dime a dozen at this time and have been for months. For example, I have an AMEX simple savings account that currently has an APY of 3.75%, and they adjust it up practically every month. There are a number of online banks offering 4%. Goldman Sachs is coming into an already crowded market late in the game, which may explain their slightly higher rate. They have to dangle something in front of you to get your money.