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Started By
Message
Apple Savings Accts
Posted on 4/17/23 at 9:13 am
Posted on 4/17/23 at 9:13 am
LINK
quote:
Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
quote:
Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.4
6
Posted on 4/17/23 at 9:21 am to LSUcam7
Like a lot of others, I’ve been waiting. Thanks for the update. 
Posted on 4/17/23 at 1:38 pm to LSUcam7
Wealthfront is paying 4.30% if you don't already have an Apple Card.
Posted on 4/17/23 at 1:56 pm to LSUcam7
The Apple Card is such a terrible card.
Posted on 4/17/23 at 3:19 pm to bbap
quote:
The Apple Card is such a terrible card.
Can you explain why? What are the pros and cons of an Apple Card?
Posted on 4/17/23 at 3:53 pm to Double Oh
For me, any card without a sign up bonus automatically gives it a D rating.
Posted on 4/17/23 at 4:32 pm to Double Oh
For the apple card? Nothing. At least last time I looked. Maybe it's changed.
Posted on 4/17/23 at 5:54 pm to bbap
At minimum I get 2% cash back the same or next day with my apple card. How is that terrible? On gas, my phone bill and quite a few merchants it is 3%. I only use it when I can use apple pay but even if you don't you get 1% back when you use the physical card anywhere.
I use it more than I thought I would, I almost use it daily for lunch. It's not like it is life changing money, but I have $200 in Apple cash from this year for using apple pay...
Its also great that I can link it to my wife and kids accounts. If my son is somewhere and needs to pay for something I can authorize him to spend any amount I want. I am not sure if you could do that with any card in apple pay or if it is just part of apple card but it is really handy.
I use it more than I thought I would, I almost use it daily for lunch. It's not like it is life changing money, but I have $200 in Apple cash from this year for using apple pay...
Its also great that I can link it to my wife and kids accounts. If my son is somewhere and needs to pay for something I can authorize him to spend any amount I want. I am not sure if you could do that with any card in apple pay or if it is just part of apple card but it is really handy.
Posted on 4/17/23 at 9:00 pm to LSUcam7
Interesting
Posted on 4/17/23 at 10:21 pm to armsdealer
quote:
How is that terrible?
Because there is no sign up bonus. Those earn rates are nothing special either.
quote:could have earned more than that in two minutes opening a card with a sign up bonus with similar earn rates.
but I have $200 in Apple cash from this year for using apple pay...
Posted on 4/18/23 at 2:13 pm to LSUcam7
Anyone know how this works? The documentation is completely vacant. Is it just my Apple Cash account, so I need to send money too it?
Posted on 4/18/23 at 4:25 pm to j1897
Once you click though the agreement, the account will be open and any balance in your Daily Cash will be deposited. A feature they’ve added since the initial announcement is that you can also add money from whatever bank account you have linked to your card.
Posted on 4/18/23 at 5:49 pm to Jag_Warrior
This seems like a no brainer for spare cash.
Posted on 4/18/23 at 7:12 pm to MrJimBeam
There's better returns to be had for sure, but I can understand the ease of use and super liquidity.
Posted on 4/18/23 at 8:10 pm to j1897
To set it up, click on your Apple Card in the Wallet, then on the 3 dots in upper right corner, then click on Daily Cash, then you can open a savings account. It was extremely quick and easy.
Posted on 4/20/23 at 7:22 am to bbap
I’ll use it because I have an Apple Card and I use it enough to get a decent amount of Daily Cash. I too get about $200 a year on my Apple Card. That isn’t too bad for a $0 annual fee card. IMO if you only use the Apple Card you are missing out on other cards that can easily beat Apple, but I think the Apple Card is a good option for a multi-card setup. Even if you only use it for Apple purchases that can still add up. As far as I know no one offers better than 3% cash back on Apple purchases, but maybe I’m wrong.
I’ll take a little bit of interest on my rewards. If it wasn’t for SOFI’s overdraft protection I’d put most of my money in Apple savings. But with a 4% interest rate and overdraft protection, I’m sticking with sofi for the most part. Basically, I can leave my checking account at $0 and still make purchases via the checking account, assuming I have money in savings.
I’ll take a little bit of interest on my rewards. If it wasn’t for SOFI’s overdraft protection I’d put most of my money in Apple savings. But with a 4% interest rate and overdraft protection, I’m sticking with sofi for the most part. Basically, I can leave my checking account at $0 and still make purchases via the checking account, assuming I have money in savings.
Posted on 4/20/23 at 1:12 pm to catholictigerfan
Very good post.
I got the Apple Card about a year and a half ago when I knew that I’d be replacing some aging computers and tablets, and I’d be making some large purchases for Apple products. The 3% cash back on those products was enough for me to get the card. While sign up bonuses are nice (if you need/want another card), but since I already have a wallet full of cards I hardly ever use, I’m not one to chase one time cash back bonuses.
Personally, I like this automatic HYSA feature. Is it life changing? No, no more than a one time cash back bonus would be. But with a savings rate that’s actually higher than what Goldman is offering on its Marcus HYSA, I think that it’s fine for those who have the card.
I got the Apple Card about a year and a half ago when I knew that I’d be replacing some aging computers and tablets, and I’d be making some large purchases for Apple products. The 3% cash back on those products was enough for me to get the card. While sign up bonuses are nice (if you need/want another card), but since I already have a wallet full of cards I hardly ever use, I’m not one to chase one time cash back bonuses.
Personally, I like this automatic HYSA feature. Is it life changing? No, no more than a one time cash back bonus would be. But with a savings rate that’s actually higher than what Goldman is offering on its Marcus HYSA, I think that it’s fine for those who have the card.
Posted on 4/22/23 at 8:36 am to LSUcam7
Do you have to use the card in order to get 4.15% on the savings? Can I just open an account then throw away the card? 4.15% is good.
Posted on 4/22/23 at 8:44 am to TDsngumbo
AFAIK, yes, I suppose you could do that. I haven’t read anything about required minimum account activity.
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