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The Almighty Buck Apple

Apple Is Adding a Savings Account To Apple Card 19

Posted by BeauHD from the now-it's-competing-with-banks dept.
Soon, Apple Card users will be able to open a "new high-yield Savings account," Apple says. There's just one hitch: Apple won't say what interest rate it's offering. There's also no specific timeline for when consumers can access these savings accounts. The Verge reports: Apple has been moving into fintech with the Apple Card, which it partners with Goldman Sachs on. As one of its perks, card users get Daily Cash, Apple's special branding on the more mundane cashback rewards, on their purchases. The promise of this "high-yield" savings account is that cardholders can have their Daily Cash deposited into it "with no fees, no minimum deposits, and no minimum balance requirements," the company says.

Apple, which also offers buy now, pay later services, appears to have decided that competing with tech companies isn't enough. It also wants to compete with banks. Of course, banks generally tell you what the interest rates on their savings accounts are. Anyone who has the account can also deposit funds into the new savings account from a linked bank account or from their existing Apple Cash balance. Once it's set up, all Daily Cash received will automatically be deposited into it, although users can change that to put it directly on the Apple Cash card in the Wallet app.
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Apple Is Adding a Savings Account To Apple Card More

Apple Is Adding a Savings Account To Apple Card

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  • Withdraw limits, virtually no interest, savings accounts seemed more like locking your money up from yourself for the banks to use free and getting nothing in return. With the craziness the government has created and imposed, maybe that changes now.

    • Re:I dumped my savings accounts long ago (Score:4, Interesting)

      by fermion ( 181285 ) on Friday October 14, 2022 @08:23PM (#62967701) Homepage Journal
      Most savings account are less liquid than checking. Many have variable interest rates. If this is a way to encourage savings with Apple Cash, it is a good thing.

      • Most savings account are less liquid than checking. Many have variable interest rates. If this is a way to encourage savings with Apple Cash, it is a good thing.

        Unless the interest rate is greater than inflation, the proper term for this is "losing account." To which you add the bonus of less liquidity!

        Keep in mind no lender — cc's, banks, whatever — will put money anywhere they won't make back inflation-plus. If someone is smart, they'll do the same.

        But, you know, that requires basic math. So..

    • Two factor authentication, and the banks refusing to SMS my prepaid sim/phone number that was not known to credit agencies is another 'I cant do business with you' moment. This is a huge problem with USA banks right now. And no, it is automated, you cannot speak to them over the phone. The main problem with this is US banks charge 5+ times the fees EU banks are allowed to charge, and in India the fees are at near cost. Walmart failed to do this 20 years ago. I hope they are sorry now.

    • Re: (Score:2)

      by orlanz ( 882574 )

      So... where do you keep your money? I am not talking about your "investments"... but your rainy day fund? Or rolling cash? Savings Accounts haven't been an investment vehicle for a few decades; they just kept the name. Their differences from Checking accounts is also historic balls rolling down hill.

  • They'll name it "The Core Account"

  • The only way to conveniently make payments is to give them direct access to your bank account.

    • This wouldn't be such a big problem if any banks were willing to treat your bank account like a bank account and not a line of credit. If I have the money in there, process the payment. If I don't, don't. If it's not an actual check, then I actually don't want it processed. But ever since they invented the overdraft fee scam in the 1990s they have been doing stuff we don't want so they can charge us for it.

  • Soon, Apple Card users will be able to open a "new high-yield Savings account,"

    Apple will soon be starting to tap its users as a cheap source of credit.

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