Apple Is Adding a Savings Account To Apple Card 19
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.
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.
Re: (Score:2, Insightful)
I love this - it's like Cyberpunk dystopian techno-future books I've read during the 80s and 90s. There's this game Neuromancer, where the you play a regular guy that wakes up in a bar, drunk, and tries to find out what's going on. The robojudge always condemns you, you can sell your organs to pay fines, and corporation syndicates are in charge of everything. You don't own an iPhone or Mac, but rather the other way around, the iPhone owns you. Everything you have gone, photographed, do, research, look at, s
Re: Hmmmm (Score:2)
It seems like Slashdot is conflicted. On the one had, Apple is hated, mostly for its size and scale. On the other hand, banks are also hated. But Apple is just giving you yet another option. You dont have to have an Apple credit card. You wont have to have ab Apple savings account either. From what I have experienced with
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Oh, "high", eh? (Score:2)
Unless "high yield" is greater than inflation, you're better off spending your money than you are saving it.
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Thats not what a savings account is for. Its not an investment vehicle. Its just a safe place to park your money for a rainy day or that TV you been saving up for over the year.
Re: Oh, "high", eh? (Score:2)
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No. It isn't "safe." It's a place where your money loses value. Think of it as a place where they burn some of your dollars every day. Because that's what it is.
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Apple isn't getting into the financial sector. All their stuff is just a rebrand of an actual financial institution. Green Dot bank, & Goldman Sachs. Apple is providing the service interface to the end users. Basically they are providing the website for the banks.
I dumped my savings accounts long ago (Score:2)
Re:I dumped my savings accounts long ago (Score:4, Interesting)
Losing accounts (Score:2)
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..
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Re: I dumped my savings accounts long ago (Score:2)
Vanguard won't let me log in because I don't know the answers to my "security questions", so I'm transferring the $500K in my retirement accounts to Fidelity.
For some reason, THIS I can do without logging into Vanguard. Go figure.
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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.
Fingers crossed (Score:2)
They'll name it "The Core Account"
Don't get an Apple Card (Score:2)
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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.
In other words (Score:2)
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.