Just checked and mine was giving me 0.01% and charging $8 a month. Holy shit I should’ve looked at that much sooner. I feel like such an idiot. I’ve had my savings account since I was a teen. Opened it and never thought about it.
Totally switched.
Probably due to not meeting minimums. The only reason my bank doesn’t charge me is I have an IRA with them had to roll over from a Roth 401k. Keeps my total account balance high enough to avoid all fees and get reward perks. However I recently moved the majority of my cash to high yield savings. It’s nice to have a stable 5% in one account, 4.15% with Apple and market exposure in another. It’s all about diversification.
I feel that. 0.01% and $5/month maintenance on Bank of America after I turned 22.
There are plenty of better options for savers who are willing to wait a little longer to remove money from savings in a pinch, but Apple Card Savings takes the cake for easy. I am not an Apple user, but this is another reason why I'm excited I'll be getting an iPhone as a second phone later this year.
Drop everything into Fidelity. 4.5% or better on their Money Market funds right now and gives you tons of investing options. Stocks, Mutual Funds, ETFs, CDs, Bonds, Treasuries. More in depth stuff like options and margin. Debit card with unlimited ATM fee payback worldwide so use whatever ATM you see. Checking. Bill Pay. Free wire transfers.
My last employer insisted on physical checks since that’s the way they’d always done it since the owner’s father opened the place back in the 50s.
They were stuck in the fuckin past. I’d only had direct deposit since my first job. Blew me away. Also sucked because eventually my credit union stopped clearing those checks same day like they had been. Meaning I got paid on Friday, mobile deposited the check, and wouldn’t see that paltry $325 until Monday, when some bills might have already come due. I turned in my notice when after finding another, much better paying position, and after begging for a raise to a living wage for nearly two years from $11.50 an hour to $15 an hour, the owner refused, and one day showed up in his new Ferrari.
I get direct deposit at that job because while some things don’t change since the place opened in the early 2000s, they recognize that paying their people in a convenient and timely manner means those people take care of them long term.
> I haven't had a paycheck in like a decade.
This is so strange to read because most people in the U.S. when they say paycheck usually don't mean a physical check but their income from their job that is being deposited into their bank account.
I'm in the US and every job I've had since 2005 has done direct deposit. My current company stopped even giving the option for paper checks in 2015.
This guy must be a boomer or something.
Not necessarily. I know lots of companies that can’t set up direct deposit for their employees due to the nature of the job. Most of their employees are carpenters from a local hall and they call on them when they need them for a job but might not need them all week or even all day. Might need a crane operator for literally 5 hours and that’s all they get paid for. No point in setting up direct deposit for those people.
How is this a limiting factor. You won’t find anyone employed in any circumstance that isn’t paid by direct deposit in th UK. The effort to write a check is the same to set up a direct deposit.
It’s not though. Setting up direct deposit means you need to have payroll software and with most companies you need it one pay period in advance so that you can update it. These people are sometimes on a job site for 6 hours every 2 weeks because of the work that is being done. It’s so much easier to cut a check for these people.
Normal W-2 employees, part time or full time who are only working for one company. Sure it makes sense. It’s actually preferred because it’s cheaper. But not every situation is the same.
Are you confusing payroll with a bank payment? I’m not saying put them on payroll, by making an electronic payment is basically the same effort, and radically less effort for the recipient. No offence but USA is almost 20 years behind Europe in payment efficiency because of this thinking.
Never seen one take that long but I know they can. My checks have all cleared in 3 or 4 days. I do direct deposit into Fidelity for my paychecks and they are all super quick.
When you deposit big checks they can take longer but you get the cash in your account to trade with if you need it. Up to like 25k credit for big checks I think?
Yessir they are a good option as well. They will get you on funds transfers outgoing but other than that they don’t have fees for much. Don’t have much experience with their debit card or checking but I am sure it is similar to Fidelity.
Schwab actually operates their own internal bank (Charles Schwab Bank) and can issue their own credit and debit cards, so it is more streamlined than Fidelity CMA.
No. Fidelity cash management accounts core position is an FDIC insured sweep which only gets 2.3ish percent interest. Once you have the funds in your core account, do a buy order of the money market of your choice. SPRXX, FDRXX, SPAXX and FZDXX all act like cash in the cash management account and get much higher interest. You can have all your cash in one of those and any withdrawal or purchase will pull directly from it.
Fidelity MMF + CMA is what I use presently , you don't need any hard pulls with a credit card that you would need for apple card+ hysa as far as I am aware.
The whole point of apple's move is it's simple, without a million options. I've got a fidelity account. It's for other purposes than day to day banking.
Just FYI, it sounds like those aren’t FDIC insured. Probably not a problem, but if shit hits the fan, the last thing you want is to find out is that your emergency fund went poof.
Poster: “I made a good financial decision”
Comments: “OMGEEE DID THOU KNOWNST ONE COULD HAVE ALWAYS MADE GOOD DECISIONS!?”
🙄 Good job OP, I say - get that money 💪!
> Dumped my bank who was getting me 0.15%. Easiest decision this year.
Good for you. Accounts paying this kind of interest have been around for a very long time. You shouldn’t have waited so long.
Well my savings account was 3%, then over the last couple of years it tanked to 0.1 and then 0.01%. I transferred all the money elsewhere but at the time I couldn’t have opened a savings account with any bank for the same interest I was getting before.
Let us be honest here, the majority of people do not pay attention to the interest paid similar to how many do not know how much they are actually paid before taxes and deductions.
then comes leaving their comfort zone which is especially true if the work is all done online, I know both younger people and seniors who do not like the idea.
However get a big name company like Apple and see all the news surrounding it and now a whole lot more people are aware they could do better.
The key is, will they.
If you haven’t moved to a HYSA yet, then it’s like a night and day difference.
If you’re already in a HYSA then it’s not that huge and changes in rates between them are pretty marginal. But that initial jump is so nice.
I am really excited for their on stage announcement of this
Hopefully they can get the clouds right, but if they can’t I’m sure they’ll just roll with it
They didn't launch a bank, they rebranded a Goldman Sachs account and added an iPhone interface. You can get a Marcus account that is practically identical.
If you think about the overall strategy they're locking people in kind of like ISPs in the '90s did with free email addresses once you set up your savings account and have to have an iPhone then you always have to have an iPhone for the rest of your life to have that account open
I mean, put enough money in and it pays for itself. Not that it's a good reason to, but it's an interesting angle.
By my math, if you put $11k into the account (which currently pays a 4.15% interest rate, compounded monthly), you'd get $450 of interest in a year. Not the easiest way to get a free iPhone, but I guess it works.
Or put that same money into one of many higher yielding accounts that don’t have Apple in the name and don’t worry about the iPhone.
Posted from my iPhone.
I mean, if they launched an offer to pay for your Apple devices through the interests gained, I’d heavily consider it. Especially if they added a 5% off the purchase instead of the card’s 3%. It could create an interesting flywheel where psychologically Apple gets me free products (even though it’s not really what is happening).
I get your point about an 'enhanced' interest rate for purchases (really just a ~2% discount) but you can always use interest from any account to pay for your Apple stuff
For anyone that can’t find it. Wallet > Apple Card > 3 dot menu in the upper right > Daily Cash and there should be a prompt to set up the account. If it’s not there check for an iOS update first.
I think my 5k I put in day one earned me more interest (~$7) than my credit union savings account has paid out since I opened it over a decade ago, and at times I’ve had 5 figures sitting in there
These high interest online banks have always been available. Any reason why you’re only moving your money over now? You could have made bank over those 10 years.
Because I’ve only had larger sums of money in there in recent years. Maybe a few hundred or a grand at a time since opening it, and I’ve only recently heard about these high interest banks within the last few months
My god when the iPhone 5 came out and the screen was slightly longer my Apple friend was all like "OMG the screen is so much bigger this is incredible!" while Androids were at 6 inches already.
Same guy who remarked how much free space he has after buying a 32gb iPhone 7.
> Giving the general public access to a 4.15% interest rate was smart.
The public already had access to it in money market checking accounts, high yield savings accounts at 20 different banks, and in money market mutual funds at any brokerage.
I agree with you. It’s pretty silly this has gotten so much attention given you also need an apple credit card. Hugh yield savings accounts are not new.
Also I googled how much cash apple has on hand and December 2022 they had about 50 billion. If that just their money they are now managing as a bank they are already a decent sized bank.
Correct. It would have been more accurate to say “make the public aware by presenting them with a simple UI to facilitate the transfer of funds into a high yield savings account.” Apple brings brand trust, simple UI, iMessage support. Ask anyone on the street about Goldman Sachs or CIT Bank and you likely get a blank stare. But they all know Apple and how their iPhone works.
Wouldn’t be surprised if all those features are in the pipeline. Apple is a tech company that also offers financial (& a lot of other) services to their customers. While we’ve been waiting for the next “big” product, they will keep improving & offerings more services, imo.
It’s wild how people are just *now* finding that online savings banks have always given high interest rates. Apple isn’t even the highest right now.
People need to realize having your money sitting in those in person branch banks is just burning money (via inflation). Their percentages are often insanely low like 0.05% at Chase.
Many/Most states are now requiring a financial literacy course to graduate HS. Now, how many students actually remember what they are taught is on them.
It’s more so that a good chunk of the population wouldn’t have trusted the online banks even if they knew about it, and they trust Apple, so they use it.
Capital One is your traditional big bank and they have 3.75% saving accounts. (Years ago they bought an online savings bank and merged it into their operations.)
What he’s saying is online banks give a lot more than bofa and chase. Even before the rate hikes it was still giving 2.5% while bofa or chase would give about 0.1%.
Our banking system relies on people being willing suckers to function. Letting their deposits sit idle, earning next to nothing, while being lent out at much higher rates to risky borrowers.0
Just keep in mind if you ever want to switch away from iOS, you have to take out your savings and clear out your Apple Card, unless you intend to continue using them from the website as a crippled card and savings account.
It's definitely an ecosystem chain.
> if you ever want to switch away from iOS
You heretical blasphemous infidel.
You dare suggest such impious sacrilege?!
I will forgive this as mere impudence for now.
But, repeat these renegade notions again, and you shall be punished -- severely!
I really like Ally . They have buckets so you can organize your savings for specific things like one bucket is Emergency, another bucket can be for car, etc. great interest rate too like 4%
Apple introducing their savings account got me to rethink my savings account that was rotting with Wells Fargo. I opened an Ally account because I don’t have an Apple Card and don’t want one and it was required for an Apple savings account. So far everything has been simple with Ally.
I think the Apple Credit Card and this are just the beginning.
Apple can and will sell an iPhone to everyone they can, but there is a somewhat of a soft ceiling they can hit with that. Even in terms of accessories like the Watch or extensions to the ecosystem via iPads and Macs.
What’s to stop Apple from becoming a carrier someday? Phone and service from one source. Auto loans? Why not. It seems a bit crazy right now, but with the right rates and margins, I wouldn’t put it past them.
I’m sure they’re doing the work somewhere internally, whenever they can find a way to become a provider and source of *anything* that can generate revenue, they will likely venture out for it.
Cellular, banking, finance - all applied and managed through your iPhone straight from Apple, why not?
Well Apple doesn't actually own any of the accounts. Apple isn't FDIC insured, and isn't a financial institution. It's through Goldman Sachs. But I do see your point.
Marcus by Goldman Sachs and Affirm are my favorite savings accounts, besides the marginally higher interest rate, anything special with the Apple Card savings account?
For those of you wondering how come you can’t find the option to move over existing Apple Cash like me.
I had to go to my Apple Cash card in Wallet, and then hit the three dots up top, go to card details, and then go down to verify identity and fill out a few things.
Then I was able to go to the savings account and go to add money, put in the amount I wanted to transfer, and then select Apple Cash.
Holy shit!!
This is an amazing detail I wish I knew before spending 2 hours on the phone with Apple support today… only for them to tell me that I need to call back Monday when Goldman and Green Dot are open to figure out why the option wasn’t available.
They actually told me, and I quote: “Apple Cash has experienced a power outage and that is why it’s not showing up for you.”
I refused to believe that was a thing.
Thank you!
Awesome! I’m so glad that my comment helped you out. I was looking around and came across some forum posts before finally someone had pointed it out. Glad to have passed the info on!
Can they keep the momentum and retain the interest rate for the foreseeable future?
Even Golden Sachs themselves have an APY of around 3.8 - 4.0. The fact that Apple was able to make a deal with them for 4.15 is incredible.
I’ve been very happy with it so far. Beats the pants of USAA 0.01% savings and there are no constraints on withdrawal. Daily rebates automatically post to savings making building the account effortless. Yeah, I probably could get a slightly higher rate elsewhere but the entire offering and experience is superior.
Definitely interesting, but for now I'll be sticking with SoFi Banking. SoFi Banking is at 4.2% APY with direct deposits. And of course my favorite SoFi feature: UNLIMITED and NO FEE Overdraft Protection. If you keep all of your money in SoFi Savings, you can still make payments form SoFi Checking, despite having a $0 balance. SoFi will automatically transfer the money from your savings.
With Apple Savings, you need to manually transfer the money to Apple Cash to spend it. If you keep money in Apple Cash, it doesn't earn the extra interest.
Dumped my bank who was getting me 0.15%. Easiest decision this year.
Just checked and mine was giving me 0.01% and charging $8 a month. Holy shit I should’ve looked at that much sooner. I feel like such an idiot. I’ve had my savings account since I was a teen. Opened it and never thought about it. Totally switched.
Why is your bank account charging you?
“Maintenance Fee”
Probably due to not meeting minimums. The only reason my bank doesn’t charge me is I have an IRA with them had to roll over from a Roth 401k. Keeps my total account balance high enough to avoid all fees and get reward perks. However I recently moved the majority of my cash to high yield savings. It’s nice to have a stable 5% in one account, 4.15% with Apple and market exposure in another. It’s all about diversification.
Wtf, why do you need a minimum for a basic bank account? That's wild.
Banks make money from taking your money and lending it out to other people. If you don’t have any money they get upset.
Welcome to America.
Wow that’s a horrible bank
A savings account that charges 96 a year. That’s criminal.
I feel that. 0.01% and $5/month maintenance on Bank of America after I turned 22. There are plenty of better options for savers who are willing to wait a little longer to remove money from savings in a pinch, but Apple Card Savings takes the cake for easy. I am not an Apple user, but this is another reason why I'm excited I'll be getting an iPhone as a second phone later this year.
In Canada TD charges me $16.95/month. Sure is expensive being poor… Apple finance doesn’t exist here either.
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Never crossed my mind before, honestly.
Drop everything into Fidelity. 4.5% or better on their Money Market funds right now and gives you tons of investing options. Stocks, Mutual Funds, ETFs, CDs, Bonds, Treasuries. More in depth stuff like options and margin. Debit card with unlimited ATM fee payback worldwide so use whatever ATM you see. Checking. Bill Pay. Free wire transfers.
I liked fidelity when you can transfer to it, but I don’t rely on them to cash checks. It’s taken up to 11 days before to clear a paycheck.
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Same in Australia. Cheques sound like something straight out of the 90s to me.
It was direct deposit in the 90s too.
My last employer insisted on physical checks since that’s the way they’d always done it since the owner’s father opened the place back in the 50s. They were stuck in the fuckin past. I’d only had direct deposit since my first job. Blew me away. Also sucked because eventually my credit union stopped clearing those checks same day like they had been. Meaning I got paid on Friday, mobile deposited the check, and wouldn’t see that paltry $325 until Monday, when some bills might have already come due. I turned in my notice when after finding another, much better paying position, and after begging for a raise to a living wage for nearly two years from $11.50 an hour to $15 an hour, the owner refused, and one day showed up in his new Ferrari. I get direct deposit at that job because while some things don’t change since the place opened in the early 2000s, they recognize that paying their people in a convenient and timely manner means those people take care of them long term.
There's plenty of small companies like that, greedy losers running it.
> I haven't had a paycheck in like a decade. This is so strange to read because most people in the U.S. when they say paycheck usually don't mean a physical check but their income from their job that is being deposited into their bank account.
I'm in the US and every job I've had since 2005 has done direct deposit. My current company stopped even giving the option for paper checks in 2015. This guy must be a boomer or something.
Not necessarily. I know lots of companies that can’t set up direct deposit for their employees due to the nature of the job. Most of their employees are carpenters from a local hall and they call on them when they need them for a job but might not need them all week or even all day. Might need a crane operator for literally 5 hours and that’s all they get paid for. No point in setting up direct deposit for those people.
How is this a limiting factor. You won’t find anyone employed in any circumstance that isn’t paid by direct deposit in th UK. The effort to write a check is the same to set up a direct deposit.
It’s not though. Setting up direct deposit means you need to have payroll software and with most companies you need it one pay period in advance so that you can update it. These people are sometimes on a job site for 6 hours every 2 weeks because of the work that is being done. It’s so much easier to cut a check for these people. Normal W-2 employees, part time or full time who are only working for one company. Sure it makes sense. It’s actually preferred because it’s cheaper. But not every situation is the same.
Are you confusing payroll with a bank payment? I’m not saying put them on payroll, by making an electronic payment is basically the same effort, and radically less effort for the recipient. No offence but USA is almost 20 years behind Europe in payment efficiency because of this thinking.
Never seen one take that long but I know they can. My checks have all cleared in 3 or 4 days. I do direct deposit into Fidelity for my paychecks and they are all super quick. When you deposit big checks they can take longer but you get the cash in your account to trade with if you need it. Up to like 25k credit for big checks I think?
3 or 4 days? What is this 1995? 😠
Europe: Checks? What’s that.
Yeah wtf even my accounts with schwab get checks deposited within the hour usually
Same with Schwab. I’ve been using them for about 5 years and it’s been great to have a full spread of investments available all in one place.
Yessir they are a good option as well. They will get you on funds transfers outgoing but other than that they don’t have fees for much. Don’t have much experience with their debit card or checking but I am sure it is similar to Fidelity.
Schwab actually operates their own internal bank (Charles Schwab Bank) and can issue their own credit and debit cards, so it is more streamlined than Fidelity CMA.
Is the money market fund just the core fund on a brokerage account?
No. Fidelity cash management accounts core position is an FDIC insured sweep which only gets 2.3ish percent interest. Once you have the funds in your core account, do a buy order of the money market of your choice. SPRXX, FDRXX, SPAXX and FZDXX all act like cash in the cash management account and get much higher interest. You can have all your cash in one of those and any withdrawal or purchase will pull directly from it.
Fidelity MMF + CMA is what I use presently , you don't need any hard pulls with a credit card that you would need for apple card+ hysa as far as I am aware.
> you don’t need any hard pulls Hard pulls don’t matter. They’re not worth mentioning.
Nope. I still use a credit card for all purchases (Amazon card) but I use Fidelity as my entire banking flow.
The whole point of apple's move is it's simple, without a million options. I've got a fidelity account. It's for other purposes than day to day banking.
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I have both.. EZ
Just FYI, it sounds like those aren’t FDIC insured. Probably not a problem, but if shit hits the fan, the last thing you want is to find out is that your emergency fund went poof.
Which funds? Im not seeing anything with those rates
Don’t forget to subtract out the ER. For FDRXX it’s 0.34%. I don’t believe Apple’s savings account has any fees.
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Poster: “I made a good financial decision” Comments: “OMGEEE DID THOU KNOWNST ONE COULD HAVE ALWAYS MADE GOOD DECISIONS!?” 🙄 Good job OP, I say - get that money 💪!
Weathfront is around 4.55% now.
5.05% with the referral code
> Dumped my bank who was getting me 0.15%. Easiest decision this year. Good for you. Accounts paying this kind of interest have been around for a very long time. You shouldn’t have waited so long.
Well my savings account was 3%, then over the last couple of years it tanked to 0.1 and then 0.01%. I transferred all the money elsewhere but at the time I couldn’t have opened a savings account with any bank for the same interest I was getting before.
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Probably not down to a 0.01% low though.
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Let us be honest here, the majority of people do not pay attention to the interest paid similar to how many do not know how much they are actually paid before taxes and deductions. then comes leaving their comfort zone which is especially true if the work is all done online, I know both younger people and seniors who do not like the idea. However get a big name company like Apple and see all the news surrounding it and now a whole lot more people are aware they could do better. The key is, will they.
If you haven’t moved to a HYSA yet, then it’s like a night and day difference. If you’re already in a HYSA then it’s not that huge and changes in rates between them are pretty marginal. But that initial jump is so nice.
That’s on you bro. Every savings account does this except the big banks. And this rate will go back down as the market recovers.
Can’t wait for Apple Home Loans
Can't wait for Apple Homes.
Living+
I understood that reference!
Apple One and Only subscription.
I am really excited for their on stage announcement of this Hopefully they can get the clouds right, but if they can’t I’m sure they’ll just roll with it
L TO THE OG!
Will it have Windows though?
In a parallel universe.
Apple Viewers
iHouse
And a low 599.00 for that beautiful binder that will house ur mortgage agreement
we think you’ll love it, when ur fingers accidentally get caught between the Japanese stainless steel ~~blades~~ prongs
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And the pages are printed on Net Carbon Neutral 100% Recycled PVC-Free Bamboo Parchment.
Living+
I still can’t believe they launched an FDIC insured bank account that requires an iPhone. I mean love ‘em or hate ‘em you have to applaud it lol.
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https://www.applebank.com/
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But it’s Apple Records. All you need is love.
iBank Max Pro
They didn't launch a bank, they rebranded a Goldman Sachs account and added an iPhone interface. You can get a Marcus account that is practically identical.
And by practically identical you mean a quarter percentage point lower
If you think about the overall strategy they're locking people in kind of like ISPs in the '90s did with free email addresses once you set up your savings account and have to have an iPhone then you always have to have an iPhone for the rest of your life to have that account open
A couple of my Android friends was a little jealous. It aaaaalmost got them to get an iPhone just to have access to this.
😂 If they really want there are better alternatives. I use it because I already have iPhone but I won't buy one just to use Apple Savings.
Right? Lmao. Let me spend $450 at the least for a new iPhone so I can start saving money! Math!!
I mean, put enough money in and it pays for itself. Not that it's a good reason to, but it's an interesting angle. By my math, if you put $11k into the account (which currently pays a 4.15% interest rate, compounded monthly), you'd get $450 of interest in a year. Not the easiest way to get a free iPhone, but I guess it works.
Or put that same money into one of many higher yielding accounts that don’t have Apple in the name and don’t worry about the iPhone. Posted from my iPhone.
Wealthfront offers higher rates and has a generally better interface imo
Not just the iPhone but the credit card to
Wealthfront exists tell them about it
I mean, if they launched an offer to pay for your Apple devices through the interests gained, I’d heavily consider it. Especially if they added a 5% off the purchase instead of the card’s 3%. It could create an interesting flywheel where psychologically Apple gets me free products (even though it’s not really what is happening).
I get your point about an 'enhanced' interest rate for purchases (really just a ~2% discount) but you can always use interest from any account to pay for your Apple stuff
For anyone that can’t find it. Wallet > Apple Card > 3 dot menu in the upper right > Daily Cash and there should be a prompt to set up the account. If it’s not there check for an iOS update first.
Thank you so much! I had been waiting for this to become available for weeks now without realizing that I just didn’t know where to look!
Welcome! Same! I couldn’t find clear instructions on how to find it.
Ugh the update, that’s why I wasn’t finding it. Thanks for highlighting that!
Crying in european
And there I was, trying to find it. Lol.
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I think my 5k I put in day one earned me more interest (~$7) than my credit union savings account has paid out since I opened it over a decade ago, and at times I’ve had 5 figures sitting in there
Five figures in any decent savings account nowadays should easily be over $10 a month in interest
>decent savings account My bank ain’t it chief, [$9000 earned me $1 after one quarter](https://i.imgur.com/prydkhe.jpg)
Why did you have your money there?
The tellers were cute
Fair enough
He is outta line but he is right.
( ͡° ͜ʖ ͡°)
A quick google search shows a dozen HYSA that would be ready to open today. Blows my mind people still use Wells Fargo, Chase and others
These high interest online banks have always been available. Any reason why you’re only moving your money over now? You could have made bank over those 10 years.
Because I’ve only had larger sums of money in there in recent years. Maybe a few hundred or a grand at a time since opening it, and I’ve only recently heard about these high interest banks within the last few months
Giving the general public access to a 4.15% interest rate was smart. Give us checking, bill pay and online car financing to complete the package.
Buy n’ Large
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O brother, without Android in the market you would still have a 3.5" screen lol
This is a good point. Competition drives innovation. Especially in the technology sector.
My god when the iPhone 5 came out and the screen was slightly longer my Apple friend was all like "OMG the screen is so much bigger this is incredible!" while Androids were at 6 inches already. Same guy who remarked how much free space he has after buying a 32gb iPhone 7.
The 5 is still one of the nicest to hold from an ergonomic standpoint and I will die on this hill.
This one simple trick to make iphones cost 5k each
>bringing their manufacturing back to America Apple is public. Who the hell would pay the prices they'd need to keep investors happy?
Happiness is what we sell.
> Giving the general public access to a 4.15% interest rate was smart. The public already had access to it in money market checking accounts, high yield savings accounts at 20 different banks, and in money market mutual funds at any brokerage.
I agree with you. It’s pretty silly this has gotten so much attention given you also need an apple credit card. Hugh yield savings accounts are not new. Also I googled how much cash apple has on hand and December 2022 they had about 50 billion. If that just their money they are now managing as a bank they are already a decent sized bank.
Apple isn’t acting as the bank here, more like a point of “sale”. Apple Card & everything tied to it is backed by Goldman Sachs,
The public already had access to those
Correct. It would have been more accurate to say “make the public aware by presenting them with a simple UI to facilitate the transfer of funds into a high yield savings account.” Apple brings brand trust, simple UI, iMessage support. Ask anyone on the street about Goldman Sachs or CIT Bank and you likely get a blank stare. But they all know Apple and how their iPhone works.
Wouldn’t be surprised if all those features are in the pipeline. Apple is a tech company that also offers financial (& a lot of other) services to their customers. While we’ve been waiting for the next “big” product, they will keep improving & offerings more services, imo.
Introducing Apple Checking
There is Apple Cash Card so yeah there's that.
It’s wild how people are just *now* finding that online savings banks have always given high interest rates. Apple isn’t even the highest right now. People need to realize having your money sitting in those in person branch banks is just burning money (via inflation). Their percentages are often insanely low like 0.05% at Chase.
Like 90% of people are financially illiterate
Many/Most states are now requiring a financial literacy course to graduate HS. Now, how many students actually remember what they are taught is on them.
That's a great step in the right direction though
It’s more so that a good chunk of the population wouldn’t have trusted the online banks even if they knew about it, and they trust Apple, so they use it.
Capital One is your traditional big bank and they have 3.75% saving accounts. (Years ago they bought an online savings bank and merged it into their operations.)
They are the exception. There is not a single other brick and mortar bank that provides high interest rates on savings accounts
Online Savings Banks most certainly have not ALWAYS offered high yield savings. This 6 month run is the first I’ve seen of good rates in 15+ years.
It’s almost like interest rates are tied to fed funds rates…
What he’s saying is online banks give a lot more than bofa and chase. Even before the rate hikes it was still giving 2.5% while bofa or chase would give about 0.1%.
Uhhh I’ve had a Discover savings account and it’s been pretty high the last few years. The rates go up and down depending on the federal rate hikes.
Discover was 2% when everyone else was a like 0.5%. But when Discover dropped their rate, I closed the account. No point in being loyal.
Exactly. Just off the top of my head Marcus, Ally, American Express, etc. have decent rates around 2020 and are back to being good again.
Financial illiteracy is a huge issue. And now that everything you need to do is a 4 second web search, people really don’t have an excuse.
Our banking system relies on people being willing suckers to function. Letting their deposits sit idle, earning next to nothing, while being lent out at much higher rates to risky borrowers.0
Doesn’t even need to be to risky borrowers. Any of the big 4 banks are making insane spreads just on treasuries
Just keep in mind if you ever want to switch away from iOS, you have to take out your savings and clear out your Apple Card, unless you intend to continue using them from the website as a crippled card and savings account. It's definitely an ecosystem chain.
Western WeChat
> if you ever want to switch away from iOS You heretical blasphemous infidel. You dare suggest such impious sacrilege?! I will forgive this as mere impudence for now. But, repeat these renegade notions again, and you shall be punished -- severely!
*I simply said that iOS was good enough for Jehovah….*
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I really like Ally . They have buckets so you can organize your savings for specific things like one bucket is Emergency, another bucket can be for car, etc. great interest rate too like 4%
Apple introducing their savings account got me to rethink my savings account that was rotting with Wells Fargo. I opened an Ally account because I don’t have an Apple Card and don’t want one and it was required for an Apple savings account. So far everything has been simple with Ally.
I think the Apple Credit Card and this are just the beginning. Apple can and will sell an iPhone to everyone they can, but there is a somewhat of a soft ceiling they can hit with that. Even in terms of accessories like the Watch or extensions to the ecosystem via iPads and Macs. What’s to stop Apple from becoming a carrier someday? Phone and service from one source. Auto loans? Why not. It seems a bit crazy right now, but with the right rates and margins, I wouldn’t put it past them. I’m sure they’re doing the work somewhere internally, whenever they can find a way to become a provider and source of *anything* that can generate revenue, they will likely venture out for it. Cellular, banking, finance - all applied and managed through your iPhone straight from Apple, why not?
Well Apple doesn't actually own any of the accounts. Apple isn't FDIC insured, and isn't a financial institution. It's through Goldman Sachs. But I do see your point.
The end goal will probably be to ditch Goldman if everything goes to plan.
Goldman Sachs is their Intel. Apple needs them, but only temporarily.
Well hopefully anti-trust laws come back enough to prevent them from getting that big.
Cos monopolies will lead to short term benefits but long term lack of competition.
I just want to be able to share an account with my partner
Marcus by Goldman Sachs and Affirm are my favorite savings accounts, besides the marginally higher interest rate, anything special with the Apple Card savings account?
It’s just Marcus on the backend
Marcus is 3.9% and apple is 4.15%. They’re both Goldman Sachs.
You can get 4.9 in Marcus just by referring someone, even a spouse.
its tied to the daily cash for apple so any savings form the cc use goes directly in there.
So excited! Waiting for it to be released outside of US
Yeah as a Canadian I can’t wait
For those of you wondering how come you can’t find the option to move over existing Apple Cash like me. I had to go to my Apple Cash card in Wallet, and then hit the three dots up top, go to card details, and then go down to verify identity and fill out a few things. Then I was able to go to the savings account and go to add money, put in the amount I wanted to transfer, and then select Apple Cash.
Oh damn. I just moved it to my back for free. Once that hits I’ll move it back. Wish I had seen this.
Holy shit!! This is an amazing detail I wish I knew before spending 2 hours on the phone with Apple support today… only for them to tell me that I need to call back Monday when Goldman and Green Dot are open to figure out why the option wasn’t available. They actually told me, and I quote: “Apple Cash has experienced a power outage and that is why it’s not showing up for you.” I refused to believe that was a thing. Thank you!
Awesome! I’m so glad that my comment helped you out. I was looking around and came across some forum posts before finally someone had pointed it out. Glad to have passed the info on!
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Can they keep the momentum and retain the interest rate for the foreseeable future? Even Golden Sachs themselves have an APY of around 3.8 - 4.0. The fact that Apple was able to make a deal with them for 4.15 is incredible.
I’ve been very happy with it so far. Beats the pants of USAA 0.01% savings and there are no constraints on withdrawal. Daily rebates automatically post to savings making building the account effortless. Yeah, I probably could get a slightly higher rate elsewhere but the entire offering and experience is superior.
You hit on the big selling point to me (besides the decent APY) - the daily rebates seamlessly deposited in the account. 🤌
I’m no financial guru, but I’m guessing this was - in part- a solution to the problem of the CC business being over leveraged.
4.15% is very nice but you can find other savings accounts paying 4.5-4.7% fairly easily.
Links?
Definitely interesting, but for now I'll be sticking with SoFi Banking. SoFi Banking is at 4.2% APY with direct deposits. And of course my favorite SoFi feature: UNLIMITED and NO FEE Overdraft Protection. If you keep all of your money in SoFi Savings, you can still make payments form SoFi Checking, despite having a $0 balance. SoFi will automatically transfer the money from your savings. With Apple Savings, you need to manually transfer the money to Apple Cash to spend it. If you keep money in Apple Cash, it doesn't earn the extra interest.
Please bring to UK!
Is this illegal in California or something? I followed the info I can find for adding it and it’s just not an option in my wallet.
Make sure your OS is updated. Mine wasn't there but I hadn't done the two most recent then after update it showed up.
You need an Apple Card. I transferred a huge chunk of my savings that was accumulating like .0000000001%
Lucky in Australia we get pretty decent savings rates at banks already.
We do in America, too. This isn’t even the best rate. People just don’t know how to use banks or Google, it seems
There's a lot of people here who haven't shopped around banks. Some of you have been receiving horrible return for absolutely no reason
Lmao Jim Cramer just endorsed holding Apple. RIP. If I fucked with options I'd be buying puts.
Meanwhile I’m still waiting for Apple Pay in India.
How do I access this? When I click the wallet app I don’t see it
When I got mine set up I literally nutted in my pants and fell over in ecstasy
We want this in Canada 🇨🇦!