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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🔗 PRESS RELEASE (Apple Newsroom) - Apple Card’s new high-yield Savings account is now available, offering a 4.15 percent APY
www.apple.com/newsroom/2023/0...
🔗 CNBC ARTICLE - Apple launches its savings account with 4.15% interest rate
www.cnbc.com/2023/04/17/apple...
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📊 Apple Card Credit Score Requirement:
support.apple.com/en-us/HT209218
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
⚠ *NOTE: You must have iOS 16.4 or later to use Apple Savings.*
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Get Gold level for free with PROMO CODE = markr
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⬆(More links in Description below video!)
A clear and concise presentation. Following along with you on screen was great! Thank you for posting this video!
Glad it helped you, Mike!
Absolutely banger breakdown my man. Appreciate the content. I think I’ll be setting this up myself
Glad it was helpful 👊
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!
💯
Great video clear and easy to follow and understand thanks much.
Thanks, glad it helped!
Thanks so informative !!!
You're welcome!
It took me a couple of tries, but finally got it to work. So easy to use.
Glad you got it working!
I don’t even have the savings option.
@@pythonprogrammer8989 - Do you have iOS 16.4 or later installed?
Very helpful thank you!
You're welcome!
Great video. Thank you.
You're welcome 👍
Great video Mark.
Thank you!
Thank for the step for applying apple card
You're welcome!
Thanks I did not know where the savings account was lol Now it is opened and set up
Enjoy! 💵
Oh Canada!! I want this
😬🇨🇦
I love my Apple Card Savings Acct :) Already saving a good amount of cash 😊
Oh really Dannee Boy!!!
@@callmeNeno - Oh yes. Plus I setup my daily cash to go directly to the savings acct :)
Great to hear! 💵
@@ImStillStealingSteel sounds awesome make sense
@@callmeNeno - Once u complete ur trifecta, u can get ur Apple Card again :) Its pretty much my 2% card. Lol
I think people with the Apple Card who want a seamless setup should go for it!
💥💳
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.
Indeed, enjoy it! 💵
What do u mean by sit around?
@@kasemfarhat-du3uf same
@@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
What’s considered a high APY ?
Loving it! Opened with 1K. Saw the interest deposit exactly a month later. Added 25K:-)
Awesome! Glad to hear you're liking the account 💯
How much interest did they give you for the 1k?
@@deandawiz 4$ a month roughly
Wouldn’t that be 1%?
Great video! Very informative! Do they have a limit of withdrawals? Most savings do
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.
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.
Enjoy! 💵
Easiest Bank account I’ve ever opened. Transaction went smoothly
🏦💯
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.
Boom! 🌟
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.
Right on! Great that you've got a focus on growth 📈
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.
Hopefully more features will be forthcoming.
It would be nice if you can make a video showing when you actually receive the interest at the end of the month.
Hi Jose - The interest should be added to your account around the last day of the month.
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.
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.
Excellent rates for those with direct deposit! 💵
@@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.
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
Definitely seems like a smart business move 💯
FYI: the dividend yield is 4.07% monthly which is lower than 4.15% APY
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%?
@@MarkReese I spoke to a Goldman Sacks representative to identify the monthly dividend amount. Its also compounded which is a huge plus...
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?
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
Hi When will this card be launched in UK
No info on that at this time 🇬🇧
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?
It means the interest you earned is added to your savings balance at the end of the month (i.e. income for you)!
Can you add cash rewards from other cc
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.
Do I have to actually use the Apple credit card in order to use the savings? Or do I just have to open it?
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.
How much money can I put in from my regular bank when I sign up for this?
Anywhere from $0 up to $250,000.
step 5 set up next to savings, is not showing up for me,
Do you have the latest version of iOS? It requires 16.4 or later. I didn't see it until I upgraded.
Does the money have to sit for any period without penalty or can it be pulled whenever like a regular savings
You can pull funds whenever you want just like a regular savings account. Exception = if funds you just transferred are still 'pending.'
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.
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!
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
is there a desktop app?
Not that I'm aware of.
The default account names are very long. How can I change them? Thanks
What are you referring to?
Just applied and received an Amex card. Should I wait before applying for an Apple Card?
There's no required wait time between an Amex card & the Apple Card.
fastest way to make aa deposit it is to transfer from a debit to apple cash, no wit times its an instant transfer
Legit! 💯
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?
It applies to all funds transferred into the Apple Savings account, including funds from another bank.
is there an credit inquiry to open this account if youve had the apple credit card for a long time ?
Nope ✌
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).
Not sure about that.
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!
Hi Mark, any idea if I have to unfreeze my credit reports before opening this saving account?
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.
@@MarkReese thanks. I remember having issues opening a saving account with Amex because they couldn’t verify my identity.
@@libertyg.6817 - Was the reason due to a credit freeze?
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🤷🏽♂️
Ahhh I think I need to update iOS👍🏽👍🏽
@@chrisbrown8748 - Yep, I didn't see it until I upgraded.
@@MarkReese Yup that did the trick and I was able to set up the savings account👍🏽👍🏽
Can you transfer funds out of apple account back to your traditional bank at anytime?
Yep. I've already transferred out from Apple Savings to my Schwab checking account with no problem 👍
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
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.
I’m a little confused. You get 4% a month ?
APY = *Annual* Percentage Yield, meaning per *year.* The monthly rate = 4.15% ÷ 12 = 0.3458%
Pretty simple to set up as advertised
Sure is!
Not seeing the saving options
Do you have iOS 16.4 or later?
Can u add an authorize person into ur Apple credit card ?
Yes, a co-owner
Yes, you can add Co-Owners and Participants. Here's a link to more info: support.apple.com/en-us/HT212020
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
Do you have iOS 16.4 or later on your phone?
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
SoFi has an excellent savings rate with direct deposit set up! 💯
You can open a CD as well a lot of them have 4%+
Vanguard is paying 4.50% in their savings account
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.
Not that I'm aware of. If you're hesitant, consider doing several transactions over time.
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.
Hey Is it possible to have the virtual Apple Card only and not the physical card?
Not sure. I'm not aware of a way to prevent Apple / Goldman Sachs from sending the physical card once you're approved.
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.
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 👍
@@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 👍
@@MarkReese
Thanks
Will it hurt my credit since I have to open a new credit card with Apple?
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.
I just opened my account with them but there is not savings option🙃
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.
You can take out money from apple saving account anytime?
As long as the funds aren't pending, then yes.
When I click on the 3 dots(more) from the Apple Card there is no option for daily cash…
Are you using the latest version of iOS?
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
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?
Yo
Hey!
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??
It works for both Daily Cash and funds transferred into the account.
@@MarkReese what about money just sitting there without adding anymore??
@@Raul69 - Same thing. Deposit money once, let it sit, and it earns interest every month 👍
@@MarkReese thank you sir 😀
Is apple saving account CD ?
Or just regular savings account that you can access any time ?
No, it's a regular high-yield savings account you can access at any time.
It’s weird,
Mine looks different
When i clicked Daily Cash , it didn’t show me savings option
@@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.
@@MarkReese yes, that’s the reason. I updated the latest version and I can see the savings option
Thank you 🙏
Apple & Goldman Sachs need a Checking account and a physical Debit Card now😁
💯
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??
make sure ypur iphone is updated to ios 16.4
@@phouthavadyminakhom thanks! I had the same problem, but updating to 16.4 solved it!
You'll need to update to the latest version of iOS. I didn't see it either until I updated.
@@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.
@@oaktree1628 - Agreed. I only see 1 mention of it in the footer section 😂
Screw that. I have a HYS with AMEX no stupid credit card required.
💯👍
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.
I'm not aware of any web interface available at this time. Only the Wallet app for now.
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?
No. There aren't any credit card use requirements.
@@MarkReese Thanks.
Goldman Sachs ??? the money laundry bank ?
✌
If I still had my Apple Card, it would have been a no brainer.
👍
Forget Apple!
Is there a way to access your account on a computer?
Not that I'm aware of at this time.
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?
Not sure. I'd ask Apple directly. Her score should not affect yours unless you become an authorized user on her account.
Can you show us how much interest you earned in a month already with those $1000 you deposited.
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.
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. 😂
Welcome to a world of much better interest rates 😁
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.
@@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
You can also put the money in a CD
@@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
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!
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
@@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!
@@chriseverydailyshow4164 If its not too much to ask are you able to shed some light on alternative ways to park cash reserves?
@@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...
@@chriseverydailyshow4164 Appreciate the time brother
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
Bizarre, I haven't seen that. Have you tried both wifi and cellular data?
😊
💥
Am I the only one that doesn’t see the option for the saving account in their card
Are you using the latest version of iOS? You need to have version 16.4 or later.
@@MarkReese this must be it updating now! thank you
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.
😬
They fixed it. I said the same thing. Both earning 4.15 now.
Having your savings account tied to the Apple ecosystem? Guess they can sell APPL shares if there's ever a bank run.
😬
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.
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?
Bahahaha how’s that savings account working ? 😂
Really well. Zero issues so far.
Goldman collapsed before. Be careful
😬
It’s 250k insured though right?
Anybody know how to open a savings on an iPad? It’s different then iPhone instructions.
I haven't tried it.