Apple Savings Account: Should YOU Get It? | How to Open, Setup & Full Review!

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  • Опубліковано 1 тра 2023
  • The Apple Savings account is here! Should you apply? Watch me go through the application process, set everything up, and review the full experience so you can decide if it’s right for you! Click “Show More” to see Ad Disclosure, links, and additional information below.
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    The Apple Savings account was first announced on October 13, 2022 and later launched on April 17, 2023 with an impressive 4.15% APY. Of course, since interest rates change over time, that rate may be different in the future.
    Since Apple itself isn’t in the primary business of banking, Goldman Sachs Bank USA is the backing bank for the Apple Savings account, and you manage it from the Wallet app on your iOS device.
    APPLE SAVINGS ELIGIBILITY / APPLE SAVINGS ACCOUNT REQUIREMENTS
    - You are an Owner or Co-Owner of an active Apple Card account
    - You have an Apple Card added to your iPhone or iOS device
    - You’re 18+ years old
    - You have an SSN or ITIN
    - You’re a U.S. resident w/ a physical U.S. address
    - You have 2-factor authentication set up for your Apple ID with the latest version of iOS.
    🔗 Apply for the Apple Card here: www.apple.com/apple-card/
    APPLE SAVINGS ACCOUNT BENEFITS
    - No minimum opening balance
    - No minimum balance requirement
    - No monthly maintenance fees
    - Seamless integration with Apple Card and Wallet app
    - High-yield APY rates
    - FDIC insured up to $250K (this is the maximum deposit limit)
    APPLE SAVINGS HOW TO APPLY
    1. Open Wallet app
    2. Tap Apple Card
    3. Tap More in top right (3-dots icon)
    4. Select Daily Cash
    5. Choose Set Up next to Savings
    6. Follow the instructions
    Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
    #applesavings #applecard #savings
  • Навчання та стиль

КОМЕНТАРІ • 248

  • @MarkReese
    @MarkReese  Рік тому +3

    ⚠ *NOTE: You must have iOS 16.4 or later to use Apple Savings.*
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    ⬆(More links in Description below video!)

  • @x1928
    @x1928 Рік тому +9

    Absolutely banger breakdown my man. Appreciate the content. I think I’ll be setting this up myself

    • @MarkReese
      @MarkReese  Рік тому +1

      Glad it was helpful 👊

  • @montanamike53
    @montanamike53 Рік тому +4

    A clear and concise presentation. Following along with you on screen was great! Thank you for posting this video!

    • @MarkReese
      @MarkReese  Рік тому +1

      Glad it helped you, Mike!

  • @SpencerJohnsonOfficial
    @SpencerJohnsonOfficial Рік тому +25

    As with every Apple product, this seems to be a super clean interface. If I had the Apple Card I'd do this right away, but I won't go out of my way for it at the moment. Nice breakdown Mark!

  • @tomlandry932
    @tomlandry932 Рік тому +1

    Great video clear and easy to follow and understand thanks much.

  • @joshmanners6217
    @joshmanners6217 Рік тому +1

    Thanks so informative !!!

  • @istupid4454
    @istupid4454 11 місяців тому +1

    Very helpful thank you!

    • @MarkReese
      @MarkReese  11 місяців тому +1

      You're welcome!

  • @wendyn8081
    @wendyn8081 5 місяців тому +1

    Great video Mark.

  • @ppham98
    @ppham98 Рік тому +1

    Great video. Thank you.

  • @cazarilolsen4630
    @cazarilolsen4630 Рік тому +4

    It took me a couple of tries, but finally got it to work. So easy to use.

    • @MarkReese
      @MarkReese  Рік тому +1

      Glad you got it working!

    • @pythonprogrammer8989
      @pythonprogrammer8989 Рік тому +1

      I don’t even have the savings option.

    • @MarkReese
      @MarkReese  Рік тому +2

      @@pythonprogrammer8989 - Do you have iOS 16.4 or later installed?

  • @PracticeMakePerfectMuslim93
    @PracticeMakePerfectMuslim93 8 місяців тому +1

    Thank for the step for applying apple card

    • @MarkReese
      @MarkReese  8 місяців тому +1

      You're welcome!

  • @stevemccollum2011
    @stevemccollum2011 Рік тому +3

    Thanks I did not know where the savings account was lol Now it is opened and set up

  • @kaeleehubbard333
    @kaeleehubbard333 9 місяців тому +1

    Great video! Very informative! Do they have a limit of withdrawals? Most savings do

    • @MarkReese
      @MarkReese  9 місяців тому +2

      Hmm not sure.
      All I can see so far is the following for dollar amount limits: "Apple Cash is provided by Green Dot Bank, Member FDIC. Transfers to Apple Cash must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. Additional limits on the amount and frequency of transfers may be placed for the security of your Savings account."
      Source: support.apple.com/en-us/HT213454
      Let me know if you find anything else regarding the # of withdrawals per month.

  • @ImStillStealingSteel
    @ImStillStealingSteel Рік тому +38

    I love my Apple Card Savings Acct :) Already saving a good amount of cash 😊

    • @callmeNeno
      @callmeNeno Рік тому +2

      Oh really Dannee Boy!!!

    • @ImStillStealingSteel
      @ImStillStealingSteel Рік тому +2

      @@callmeNeno - Oh yes. Plus I setup my daily cash to go directly to the savings acct :)

    • @MarkReese
      @MarkReese  Рік тому +3

      Great to hear! 💵

    • @callmeNeno
      @callmeNeno Рік тому +1

      @@ImStillStealingSteel sounds awesome make sense

    • @ImStillStealingSteel
      @ImStillStealingSteel Рік тому +1

      @@callmeNeno - Once u complete ur trifecta, u can get ur Apple Card again :) Its pretty much my 2% card. Lol

  • @harambethegorilla6361
    @harambethegorilla6361 Рік тому +30

    I set up my Apple Savings account yesterday. While not the highest APY, Apple does offer amazing freedom and ease of use.
    I like how it compounds daily, there is no obligation balance or period, and my Apple Cash no longer has to sit around once I earn it.

    • @MarkReese
      @MarkReese  Рік тому +2

      Indeed, enjoy it! 💵

    • @kasemfarhat-du3uf
      @kasemfarhat-du3uf Рік тому

      What do u mean by sit around?

    • @hisdesciples
      @hisdesciples Рік тому

      @@kasemfarhat-du3uf same

    • @2023byoml
      @2023byoml Рік тому +1

      @@kasemfarhat-du3uf he means that it’s not making interest when it is in Apple Cash but in the savings he is making interest on the money

    • @Jordan-fw2bz
      @Jordan-fw2bz Рік тому

      What’s considered a high APY ?

  • @nk7up
    @nk7up Рік тому +1

    Oh Canada!! I want this

  • @shellyshamsul6112
    @shellyshamsul6112 Рік тому +9

    Loving it! Opened with 1K. Saw the interest deposit exactly a month later. Added 25K:-)

    • @MarkReese
      @MarkReese  Рік тому +2

      Awesome! Glad to hear you're liking the account 💯

    • @deandawiz
      @deandawiz Рік тому +1

      How much interest did they give you for the 1k?

    • @LivinLoudwithAndy
      @LivinLoudwithAndy Рік тому

      @@deandawiz 4$ a month roughly

    • @robertmercado4298
      @robertmercado4298 9 місяців тому

      Wouldn’t that be 1%?

  • @waelsalahuddin4062
    @waelsalahuddin4062 Рік тому +1

    The only video I’ve watched that shows how to apply for the savings account unlike the other videos that were just talking about the benefits of the account only.

  • @MacAutomationTips
    @MacAutomationTips Рік тому +3

    It’s hard to resist this interest rate. Not sure how long it will last, but I’m taking advantage of it. With that daily compounded interest rate, I’m going to keep as much of my savings as possible in there.

  • @350GTxSiTH
    @350GTxSiTH Рік тому +8

    I have 7.5% of my paycheck direct deposited into my Apple HYSA while the rest are going into my main banks checking account. Great way to not consistently look at something I'm growing.

    • @MarkReese
      @MarkReese  Рік тому +1

      Right on! Great that you've got a focus on growth 📈

  • @JoseMoreno-qn3cs
    @JoseMoreno-qn3cs Рік тому +1

    It would be nice if you can make a video showing when you actually receive the interest at the end of the month.

    • @MarkReese
      @MarkReese  Рік тому +1

      Hi Jose - The interest should be added to your account around the last day of the month.

  • @8ballMarcucilli
    @8ballMarcucilli Рік тому +2

    Easiest Bank account I’ve ever opened. Transaction went smoothly

  • @patricknabozny7433
    @patricknabozny7433 Рік тому +5

    Very frustrating that spouses cant share a savings account but other than that we've found it helpful thus far for our savings that's not invested.

    • @MarkReese
      @MarkReese  Рік тому +1

      Hopefully more features will be forthcoming.

  • @numbswmd
    @numbswmd Рік тому +1

    when I tap "more" button, I do not have the same drop list as I do but instead go straight to apple card setting. Is it because I am using a really old Iphone SE?

    • @MarkReese
      @MarkReese  Рік тому +1

      The Apple Savings account is only available on iPhones that have iOS 16.4 and later.
      Here's a link showing the devices compatible with iOS 16.4: support.apple.com/es-us/guide/iphone/iphe3fa5df43/ios

  • @KC-xj8de
    @KC-xj8de 11 місяців тому +1

    what does it mean by “paid at the end of the month” ? does that mean the interest of the savings add to my savings? or do I have to pay and interest fee?

    • @MarkReese
      @MarkReese  11 місяців тому +1

      It means the interest you earned is added to your savings balance at the end of the month (i.e. income for you)!

  • @MannyCovington
    @MannyCovington Рік тому +6

    I think people with the Apple Card who want a seamless setup should go for it!

  • @trevor7258
    @trevor7258 Рік тому +1

    It’s a great savings account and smart of apple . They will get a lot of people signing up for their credit card this way. I’m sure they’ll make more on those interest rates that the payout for the savings account

    • @MarkReese
      @MarkReese  Рік тому +2

      Definitely seems like a smart business move 💯

  • @Trucker762
    @Trucker762 Рік тому +2

    Does the money have to sit for any period without penalty or can it be pulled whenever like a regular savings

    • @MarkReese
      @MarkReese  Рік тому +1

      You can pull funds whenever you want just like a regular savings account. Exception = if funds you just transferred are still 'pending.'

    • @MrBrewman95
      @MrBrewman95 Рік тому +1

      It can be pulled anytime. I learned that it will take 5 full business days to clear when you transfer into this account before you can withdraw from it. After that you can withdraw anytime without penalty or minimum balance required.

  • @jennaglavan
    @jennaglavan Рік тому +1

    Do I have to actually use the Apple credit card in order to use the savings? Or do I just have to open it?

    • @MarkReese
      @MarkReese  Рік тому +1

      Just have to open it. Use is not required. That said, banks can close cards that go unused for too long. I'd personally use the Apple Card once every 6 months or so just to keep it active.

  • @goodflowerfarm4424
    @goodflowerfarm4424 Рік тому +1

    If I just transfer my savings balance from one bank to the savings account attached to the Apple card, will that also earn the 4.15% APY? Or does that 4.15% APY *only* apply to the Daily Cash earned by spending on my Apple card?

    • @MarkReese
      @MarkReese  Рік тому +1

      It applies to all funds transferred into the Apple Savings account, including funds from another bank.

  • @johnnyle3049
    @johnnyle3049 Рік тому +1

    Kind a dumb question? I have a Samsung galaxy phone. Can I apply for a apple card and use Apple's new saving account? Thanks!

    • @MarkReese
      @MarkReese  Рік тому +2

      You'll have to be eligible for the Apple Card first w/ an Apple device. Here are the Apple Card requirements: support.apple.com/en-us/HT209257

  • @joshrogan7253
    @joshrogan7253 Рік тому +1

    Hi When will this card be launched in UK

    • @MarkReese
      @MarkReese  Рік тому +2

      No info on that at this time 🇬🇧

  • @gustavorojas4595
    @gustavorojas4595 Рік тому +7

    I would honestly consider, sofi has a new upgraded 4.2% savings yield and the new discover savings account at 3.75% with a bonus of up to $200, once 15-20K is deposited.

    • @manglamsharda1799
      @manglamsharda1799 Рік тому +2

      Couldn't agree more. I have SoFi plus and I absolutely love it. Its FDIC insured upto $2M. Gives 4.2% APY on savings and 1.2% on checkings, free checks, unlimited transfers, $1M transfer limit, $250 signup bonus with DD, 2-day early paycheck, fee-free ATM withdrawals, instant transfer & settlement b/w checking/savings account. Credit cards gives 3% flat cashback on everything for 1 year after signup and has no forex fee.
      I also have the apple credit card, which honestly, is useless. The savings account doesn't provide any advantage either. If there was a hefty signup bonus or a high APY, then I could consider it.

    • @MarkReese
      @MarkReese  Рік тому +4

      Excellent rates for those with direct deposit! 💵

    • @joec1920
      @joec1920 Рік тому

      @@manglamsharda1799 I agree as well that SoFi is better. They also give $1 for every $50 of recurring investment, up to 3x a week, that I'm taking advantage of. That's like getting a small 2% boost in investing. Since it's something that I'm doing anyway, it's nice to get an extra 2% out of it.

  • @PETERLINNAH
    @PETERLINNAH Рік тому +1

    How much money can I put in from my regular bank when I sign up for this?

    • @MarkReese
      @MarkReese  Рік тому +2

      Anywhere from $0 up to $250,000.

  • @EricsonHerbas
    @EricsonHerbas Рік тому +2

    Thanks so much for this informative video. Would this Apple Savings account be accessible on Mint? (In the past I've had problems accessing my Apple/Goldman Sachs account but that seems to have been resolved. Not sure if this new Savings account will be accessible).

    • @MarkReese
      @MarkReese  Рік тому +1

      Not sure about that.

    • @dustinnguyen5901
      @dustinnguyen5901 Рік тому

      At the moment looks like mint just has access to the Apple Card but not the new savings account feature. Hopefully this will be implemented soon!

  • @angelfieseler5358
    @angelfieseler5358 Рік тому +1

    Can you add cash rewards from other cc

    • @MarkReese
      @MarkReese  Рік тому +1

      Not directly. A workaround would be to redeem cash rewards from another card into a checking account, then link that checking account to the Apple Savings account, and transfer the funds in.

  • @simonblanco6716
    @simonblanco6716 Рік тому +1

    step 5 set up next to savings, is not showing up for me,

    • @MarkReese
      @MarkReese  Рік тому +1

      Do you have the latest version of iOS? It requires 16.4 or later. I didn't see it until I upgraded.

  • @BrosephtheAsian
    @BrosephtheAsian Рік тому +1

    Just applied and received an Amex card. Should I wait before applying for an Apple Card?

    • @MarkReese
      @MarkReese  Рік тому +2

      There's no required wait time between an Amex card & the Apple Card.

  • @libertyg.6817
    @libertyg.6817 Рік тому +1

    Hi Mark, any idea if I have to unfreeze my credit reports before opening this saving account?

    • @MarkReese
      @MarkReese  Рік тому +2

      Hi Liberty G. - no need to unfreeze your credit reports to open a savings account ✌ Opening a bank accounts does not require access to your credit report.

    • @libertyg.6817
      @libertyg.6817 Рік тому +1

      @@MarkReese thanks. I remember having issues opening a saving account with Amex because they couldn’t verify my identity.

    • @MarkReese
      @MarkReese  Рік тому +1

      @@libertyg.6817 - Was the reason due to a credit freeze?

  • @chillmuddy
    @chillmuddy Рік тому +2

    is there an credit inquiry to open this account if youve had the apple credit card for a long time ?

  • @dongillum2265
    @dongillum2265 Рік тому +1

    The default account names are very long. How can I change them? Thanks

    • @MarkReese
      @MarkReese  Рік тому +1

      What are you referring to?

  • @kyledorn2502
    @kyledorn2502 Рік тому +1

    Can you transfer funds out of apple account back to your traditional bank at anytime?

    • @MarkReese
      @MarkReese  Рік тому +1

      Yep. I've already transferred out from Apple Savings to my Schwab checking account with no problem 👍

  • @monaturals9315
    @monaturals9315 Рік тому +2

    FYI: the dividend yield is 4.07% monthly which is lower than 4.15% APY

    • @MarkReese
      @MarkReese  Рік тому +2

      That's true of all 'interest rates' I've seen; they're a bit lower than the APY. How'd you find out it's exactly 4.07%?

    • @monie6012
      @monie6012 Рік тому +1

      @@MarkReese I spoke to a Goldman Sacks representative to identify the monthly dividend amount. Its also compounded which is a huge plus...

  • @sfomann
    @sfomann Рік тому +2

    If I transfer a large amount from my linked checking account into the Apple Savings account, will it trigger any red flag for IRS? I had heard that when you transfer large amounts between banks? IRS gets notified and can audit you.

    • @MarkReese
      @MarkReese  Рік тому +2

      Not that I'm aware of. If you're hesitant, consider doing several transactions over time.

    • @joedaddy12300
      @joedaddy12300 Рік тому

      That’s regarding physical cash. It sounds like you’re transferring money from one bank account to another. You’re not depositing or spending physical cash greater than $10,000 so it’s accounted for and the IRS isn’t notified.

  • @chrisbrown8748
    @chrisbrown8748 Рік тому +1

    I don’t even see this option🤔. When I go to Daily Cash right under lifetime received is the get more from Apple Card stuff🤷🏽‍♂️

    • @chrisbrown8748
      @chrisbrown8748 Рік тому +1

      Ahhh I think I need to update iOS👍🏽👍🏽

    • @MarkReese
      @MarkReese  Рік тому +2

      @@chrisbrown8748 - Yep, I didn't see it until I upgraded.

    • @chrisbrown8748
      @chrisbrown8748 Рік тому +1

      @@MarkReese Yup that did the trick and I was able to set up the savings account👍🏽👍🏽

  • @slickbill9488
    @slickbill9488 Рік тому +1

    fastest way to make aa deposit it is to transfer from a debit to apple cash, no wit times its an instant transfer

  • @noahcash
    @noahcash Рік тому +1

    is there a desktop app?

  • @williamllambelis3254
    @williamllambelis3254 Рік тому +1

    I’m a little confused. You get 4% a month ?

    • @MarkReese
      @MarkReese  Рік тому +1

      APY = *Annual* Percentage Yield, meaning per *year.* The monthly rate = 4.15% ÷ 12 = 0.3458%

  • @Raul69
    @Raul69 Рік тому +1

    Hey is it 4.15 APY on Daily Cash that you get from spending on apple credit card only or does it also work if I move money from bank to apple saving??

    • @MarkReese
      @MarkReese  Рік тому +2

      It works for both Daily Cash and funds transferred into the account.

    • @Raul69
      @Raul69 Рік тому +1

      @@MarkReese what about money just sitting there without adding anymore??

    • @MarkReese
      @MarkReese  Рік тому +2

      @@Raul69 - Same thing. Deposit money once, let it sit, and it earns interest every month 👍

    • @Raul69
      @Raul69 Рік тому +1

      @@MarkReese thank you sir 😀

  • @Brantastic07
    @Brantastic07 Рік тому +2

    Hey Is it possible to have the virtual Apple Card only and not the physical card?

    • @MarkReese
      @MarkReese  Рік тому +1

      Not sure. I'm not aware of a way to prevent Apple / Goldman Sachs from sending the physical card once you're approved.

    • @djime083
      @djime083 Рік тому +2

      Once approved for the card, they will ask you if you want the physical card. You can reject the question. I would consider watching a video of someone applying for the card to double-check. But I got approved last weekend, and they asked me if I wanted the physical card.

    • @MarkReese
      @MarkReese  Рік тому +3

      Hey Brandon - I just confirmed what Dionisio said above. Once approved, there's an option to say 'No Thanks' to avoid having the physical card sent. Here's a link to my Watch Me Apply video: ua-cam.com/video/0PWraedWQ6w/v-deo.html
      Starting at 6 min 7 sec, you can see the option 👍

    • @MarkReese
      @MarkReese  Рік тому +2

      @@djime083 - Thanks Dionisio! I just watched my own Watch Me Apply video for the Apple Card from over 2 years ago. I saw the option to reject the physical card 👍

    • @Brantastic07
      @Brantastic07 Рік тому +1

      @@MarkReese
      Thanks

  • @juanperez3989
    @juanperez3989 Рік тому +1

    Can u add an authorize person into ur Apple credit card ?

    • @eltipo223
      @eltipo223 Рік тому

      Yes, a co-owner

    • @MarkReese
      @MarkReese  Рік тому +1

      Yes, you can add Co-Owners and Participants. Here's a link to more info: support.apple.com/en-us/HT212020

  • @GodismyProtector90
    @GodismyProtector90 Рік тому +1

    Will it hurt my credit since I have to open a new credit card with Apple?

    • @MarkReese
      @MarkReese  Рік тому +1

      Opening any new credit card, including the Apple Card, may lower your score due to a new inquiry and a new account. However, that score drop is often temporary. Plus, it's often possible to achieve an even higher score than you had before since adding a new credit line to your overall profile can help with your overall utilization.

  • @michaelarndt3823
    @michaelarndt3823 11 місяців тому

    When I click on the 3 dots(more) from the Apple Card there is no option for daily cash…

    • @MarkReese
      @MarkReese  11 місяців тому +1

      Are you using the latest version of iOS?

  • @AyoBrenden
    @AyoBrenden Рік тому +1

    i have an apple card and when i click the 3 dots the whole daily cash election isn’t on my screen for some reason

    • @MarkReese
      @MarkReese  Рік тому +1

      Do you have iOS 16.4 or later on your phone?

  • @JAM-vu3ol
    @JAM-vu3ol Рік тому +1

    Is apple saving account CD ?
    Or just regular savings account that you can access any time ?

    • @MarkReese
      @MarkReese  Рік тому +2

      No, it's a regular high-yield savings account you can access at any time.

    • @JAM-vu3ol
      @JAM-vu3ol Рік тому +1

      It’s weird,
      Mine looks different
      When i clicked Daily Cash , it didn’t show me savings option

    • @MarkReese
      @MarkReese  Рік тому +2

      @@JAM-vu3ol - Do you have the most recent version of iOS installed? The Apple Savings account is only available on iPhones that have iOS 16.4 and later.

    • @JAM-vu3ol
      @JAM-vu3ol Рік тому +1

      @@MarkReese yes, that’s the reason. I updated the latest version and I can see the savings option
      Thank you 🙏

  • @braskabani8011
    @braskabani8011 Рік тому +1

    You can take out money from apple saving account anytime?

    • @MarkReese
      @MarkReese  Рік тому +1

      As long as the funds aren't pending, then yes.

  • @FranciscoJNarez
    @FranciscoJNarez Рік тому +3

    Hey Mark, not sure why but there is no option to open the savings account on my apple credit card! Do you know why it wouldn’t let me??

    • @phouthavadyminakhom
      @phouthavadyminakhom Рік тому +2

      make sure ypur iphone is updated to ios 16.4

    • @oaktree1628
      @oaktree1628 Рік тому +1

      @@phouthavadyminakhom thanks! I had the same problem, but updating to 16.4 solved it!

    • @MarkReese
      @MarkReese  Рік тому +1

      You'll need to update to the latest version of iOS. I didn't see it either until I updated.

    • @oaktree1628
      @oaktree1628 Рік тому +1

      @@MarkReese you would think Apple would make it explicit that you need to update to 16.4 in their announcement regarding the Savings Account. I almost gave up and stopped looking.

    • @MarkReese
      @MarkReese  Рік тому +2

      @@oaktree1628 - Agreed. I only see 1 mention of it in the footer section 😂

  • @misaelmartinez7969
    @misaelmartinez7969 Рік тому +1

    I just opened my account with them but there is not savings option🙃

    • @MarkReese
      @MarkReese  Рік тому +1

      Do you mean you opened a _credit account_ and cannot see the _savings account_ option?
      If so, are you using iOS ver. 16.4 or newer? If not, you need upgrade first in order to see it.

  • @spritemanplus4700
    @spritemanplus4700 Рік тому +2

    I’d love it if it would actually let me transfer funds into it lmao. Says it can’t transfer cuz my other accounts aren’t verified

    • @MarkReese
      @MarkReese  Рік тому +1

      I had that issue when trying to connect Capital One Savings to Apple Savings. So, I reversed the process; I connected Apple Savings to Capital One Savings.
      In other words, I got the Apple Savings routing # and account #, logged into my Capital One account, and added it there on the Capital One end.
      Make sense?

  • @sladesurfer
    @sladesurfer Рік тому +2

    Sofi savings account is the same, 4.20 yield. and no fees for the longest time but when Apple does it its like something revolutionary

    • @MarkReese
      @MarkReese  Рік тому +5

      Likely due to Apple's marketing ✌
      SoFi requires direct deposit in order to realize that 4.20% APY. For some people, that may not work / be a hassle. For others...no problem.

  • @reyc8736
    @reyc8736 9 місяців тому +1

    If I want to take advantage of Apple Savings Account and won’t be using their Credit Card for purchases, will they close both of the accounts?

    • @MarkReese
      @MarkReese  9 місяців тому +1

      No. There aren't any credit card use requirements.

    • @reyc8736
      @reyc8736 9 місяців тому +1

      @@MarkReese Thanks.

  • @YanLuo
    @YanLuo Рік тому +2

    It was tempting as this is the highest interest rate i am aware of for big name bank (to me) with money that's truly assessble anytime. However, RJ financial has me convinced: no SUB for two accounts especially one with a hard pull has too much opportunity cost. And fortunately, two weeks after, SOFI announced 4.2% APY, I guess not moving to apple/marcus was a good decision to me 😂 that said, if apple removes the CC requirement, I will do the move as I still think GS is more reliable than SOFI

    • @MarkReese
      @MarkReese  Рік тому +1

      SoFi has an excellent savings rate with direct deposit set up! 💯

    • @2023byoml
      @2023byoml Рік тому

      You can open a CD as well a lot of them have 4%+

    • @galenfowler8453
      @galenfowler8453 Рік тому +1

      Vanguard is paying 4.50% in their savings account

  • @kristineximeno6739
    @kristineximeno6739 Рік тому +1

    Not seeing the saving options

    • @MarkReese
      @MarkReese  Рік тому +1

      Do you have iOS 16.4 or later?

  • @khanscombe619
    @khanscombe619 Рік тому +1

    Can I just simply add my apple card to spouses iPhone of separate Apple ID or does it require her info? Also, she may not have the best score so as long as I'm paying everything, hers won't bring mine down?

    • @MarkReese
      @MarkReese  Рік тому +1

      Not sure. I'd ask Apple directly. Her score should not affect yours unless you become an authorized user on her account.

  • @steelernation1895
    @steelernation1895 Рік тому +1

    Pretty simple to set up as advertised

  • @mhar0319
    @mhar0319 Рік тому +1

    Hey Mark a question I have and can't seem to be finding a clear answer on is how or if I can access my account then through the Goldman Sacs web portal. Can I just edit my information through Account Information and then be good to go through to get in on the web? What happens if I create an account through Goldman Sacs first and try to set it up so that I have access to the web portal? Does it link the account through your social or would it create a second account or throw an error?
    Want to get this setup but not willing to if I don't have access through a normal web interface.

    • @MarkReese
      @MarkReese  Рік тому +1

      I'm not aware of any web interface available at this time. Only the Wallet app for now.

  • @MrBrewman95
    @MrBrewman95 Рік тому +24

    After earning a whopping 37 cents on my 25k emergency fund in my TD Bank savings, I’m rolling it all over to this savings account. I had only $200 in there so far from my cash back earnings and already earned 20 cents for the month. This is a no brainer. When you deposit over 5,000, it will ask you if you are employed. In case drug dealers try to launder their earnings from the IRS. 😂

    • @MarkReese
      @MarkReese  Рік тому +3

      Welcome to a world of much better interest rates 😁

    • @Godlovesu591
      @Godlovesu591 Рік тому

      Instead of keeping that much money in cash in a bank invest it. You’re literally losing money having that much money sitting in a bank as inflation rises . Personally I keep no more than 1k in cash at the bank.

    • @chriswaters2809
      @chriswaters2809 Рік тому +5

      @@Godlovesu591 yeah but what if he’s trying to buy a house or a car in the near feature if he had it in the stock market not only would it be a bitch to get out he we would be looking money

    • @2023byoml
      @2023byoml Рік тому

      You can also put the money in a CD

    • @mjsabie8517
      @mjsabie8517 Рік тому +8

      @@Godlovesu591did you miss where they said this was their emergency fund. You should NEVER invest your emergency fund. Generally an emergency fund should be 3-6 months of expenses

  • @BW7085BW
    @BW7085BW Рік тому +1

    Is there a way to access your account on a computer?

    • @MarkReese
      @MarkReese  Рік тому

      Not that I'm aware of at this time.

  • @KennethFKlein
    @KennethFKlein Рік тому +1

    Screw that. I have a HYS with AMEX no stupid credit card required.

  • @Raul69
    @Raul69 Рік тому +1

    Can you show us how much interest you earned in a month already with those $1000 you deposited.

    • @MarkReese
      @MarkReese  Рік тому +2

      I don't plan to do any videos or posts about that. It's just a math equation.
      4.15% APY ÷ 12 months = 0.34583% per month
      So 0.34583% x $1,000 = $3.46 interest earned per month.

  • @stevenmolina6958
    @stevenmolina6958 Рік тому +4

    Apple & Goldman Sachs need a Checking account and a physical Debit Card now😁

  • @kazi1
    @kazi1 Рік тому +2

    Yo

  • @chriseverydailyshow4164
    @chriseverydailyshow4164 Рік тому +7

    Good demo Mark!
    Guess $4B in 4 days is enough to exclude non-card holders, which is fine. Waiting a full year for about 4% is crazy and doesn't beat inflation. Better ways for cash to earn more!

    • @MarkReese
      @MarkReese  Рік тому +2

      Definitely higher rates of return elsewhere, but HYSAs can be great for holding the cash reserve portion of your net worth.
      And I think you meant $1B in 4 days: www.forbes.com/sites/emilymason/2023/05/01/apples-new-savings-account-draws-nearly-1-billion-in-deposits-in-the-first-four-days/?sh=38249bd4e4a6

    • @chriseverydailyshow4164
      @chriseverydailyshow4164 Рік тому +4

      @@MarkReese Yep. Good catch. Had too many 4s on my mind! Number alliteration? 🤑.
      I would argue it's not a great place to park cash or use cash if it's losing to inflation. Great convenience maybe? There are other higher yielding, short term and longer term safe and guaranteed cash options. By the way HYSAs are not necessarily guaranteed which is partly how we got into this banking mess.
      It just feels like Apple folks will follow the Apple herd. Beating 4.2% is not hard right now, but they got you!

    • @deandawiz
      @deandawiz Рік тому

      @@chriseverydailyshow4164 If its not too much to ask are you able to shed some light on alternative ways to park cash reserves?

    • @chriseverydailyshow4164
      @chriseverydailyshow4164 Рік тому +2

      @@deandawiz Many ways, but depends on a number of variables. A savings acct is not that high on the list. Hard to elaborate in a comment.
      I'm sure there are some experts on UA-cam that would do a fine job explaining...

    • @deandawiz
      @deandawiz Рік тому +1

      @@chriseverydailyshow4164 Appreciate the time brother

  • @justy085
    @justy085 Рік тому +1

    Goldman Sachs ??? the money laundry bank ?

  • @callmeNeno
    @callmeNeno Рік тому +8

    If I still had my Apple Card, it would have been a no brainer.

  • @sarahwilson1924
    @sarahwilson1924 11 місяців тому +1

    anyone else having issues trying to open the savings account? Keeps. saying “Apple pay services are currently unavailable. Please try again later” I have done everything. My phone is updated , I have called support, I’ve restarted my phone. Nothing is working

    • @MarkReese
      @MarkReese  11 місяців тому +1

      Bizarre, I haven't seen that. Have you tried both wifi and cellular data?

  • @Rayray-pe2wy
    @Rayray-pe2wy Рік тому +1

    Am I the only one that doesn’t see the option for the saving account in their card

    • @MarkReese
      @MarkReese  Рік тому +2

      Are you using the latest version of iOS? You need to have version 16.4 or later.

    • @Rayray-pe2wy
      @Rayray-pe2wy Рік тому

      @@MarkReese this must be it updating now! thank you

  • @SOXGATORS
    @SOXGATORS Рік тому +1

    😊

  • @b787sotelo
    @b787sotelo Рік тому +3

    It irks me that the Apple savings acct is at an APY of 4.15% while my Marcus is at 3.90% APY when they're both managaed byr Goldman Sachs.

    • @MarkReese
      @MarkReese  Рік тому +1

      😬

    • @meganmarie4289
      @meganmarie4289 Рік тому +1

      They fixed it. I said the same thing. Both earning 4.15 now.

  • @ColdPotato
    @ColdPotato Рік тому +2

    Having your savings account tied to the Apple ecosystem? Guess they can sell APPL shares if there's ever a bank run.

  • @rso7269
    @rso7269 Рік тому +1

    Using Apple Savings is like Hotel California. Getting your money out is impossible. Good luck trying to transfer your money from Apple Savings to Apple Card. Trying to get Goldman Sachs to respond will button 90+ minutes of your time and prepare to transferred 6-7x. I STRONGLY suggest looking for other options in which you have immediate access to your funds when YOU want them; not Goldman Sachs does.

    • @MarkReese
      @MarkReese  Рік тому +4

      Hmm...I transferred funds out from Apple Savings to Charles Schwab last week with 0 issues. You're trying to transfer from Apple Savings to the Apple Cash Card, correct? What was the issue?

  • @chiefexecutive
    @chiefexecutive Рік тому +1

    Bahahaha how’s that savings account working ? 😂

    • @MarkReese
      @MarkReese  Рік тому +1

      Really well. Zero issues so far.

  • @chiefexecutive
    @chiefexecutive Рік тому +2

    Goldman collapsed before. Be careful

  • @Instakhamz
    @Instakhamz Рік тому +1

    Anybody know how to open a savings on an iPad? It’s different then iPhone instructions.