Apple Card Are you going to open an Apple Savings Account?

[Legion103]

With the news today that iOS 16.1 will drop next Monday (10.24.22) --and it seems that the Savings Account will launch then -- who plans on opening one?

If so, will you be using this as your primary savings account? If not, how much do you plan on transferring (if any)? - or will you use it just for your daily cash?

 

[ZipZap]

Depends on rate

 

[Sheepish-Lord]

With the news today that iOS 16.1 will drop next Monday (10.24.22) --and it seems that the Savings Account will launch then -- who plans on opening one?

If so, will you be using this as your primary savings account? If not, how much do you plan on transferring (if any)? - or will you use it just for your daily cash?

From what I read on Apple’s newsroom I think a lot of people are interpreting this savings account wrong. Apple constantly references it as a savings account for your Daily Cash so I doubt they will allow you to transfer outside funds from other accounts into it.

Apple Cash is currently handled by another company unlike Apple Card who is Goldman Sachs. Apple is either using this as way for Goldman to have more control over users banking, possibly something that was agreed upon prior to the Apple Card, or it’s a way to cut down on transfer fees on the backend. Regardless, it’s a straight up banking move disguised as a consumer benefit.

 

[0128672]

From what I read on Apple’s newsroom I think a lot of people are interpreting this savings account wrong. Apple constantly references it as a savings account for your Daily Cash so I doubt they will allow you to transfer outside funds from other accounts into it.

According to the same newsroom article, you can link external accounts for transfers:

"To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees."

Apple Card will let users grow Daily Cash rewards while saving for the future

Apple Card users will be able to grow their rewards in Wallet by depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs.

www.apple.com

 

[danpass]

Definitely depends on the rate offered. The convenience of linked checking / savings, with a simple transfer function in the bank app, currently overrides any rate benefits of having those in separate banks.

Still, my understanding of a money market fund is that banks use it to offload money into the reverse repo system and make back some difference while a checking account is a straight up liability to the bank (asset to you).

I’m inclined to keep most funds in the checking account. Still thinking about that….

 

[Legion103]

Hopefully we get some info on the rate within the next few days!

 

[1885507]

Probably. I already use my  Cash to invest in  stock as it is.

 

[Legion103]

Bumping this.

Anyone opening one up today?

 

[1885507]

If it rolls out today, yes.