Apple Card Savings Review: Worth Opening an Account?

Are you curious about Apple’s new savings account and wondering whether or not it’s worth it? Well in this video, we’re going to be taking a closer look at Apple Card Savings and what it has to offer.
Apple Card Savings review: fioney.com/apple-card-savings...
After originally announcing in fall 2022 that it would be launch a savings account, Apple Card Savings officially debuted in April 2023 to some fanfare. But does it really live up to the hype? Let’s take a look at the account, the benefits, and what else you need to know about it,
The first thing to know about Apple Card Savings is that you’ll need to be an Apple Card customer in order to have access.
As the name seems to imply, Apple Card Savings is a feature that is exclusive to Apple Card customers. So, if that’s not you and you don’t want to get the card, I guess you can shut this video off now but I’d appreciate it if you stick around for the algorithm. What’s more, you’ll need to make sure your iPhone is up to date before opening an account as you’ll apparently need to be running iOS 16.4 or newer.
Oddly, the option to open an Apple Card Savings account is somewhat buried at the moment. First, you’ll need to go to your Apple Card in Wallet, tap the three-dot icon, select Daily Cash, and then you should see the option to set up Savings. Be aware that you will need to confirm your full social security number as part of the process as well as accept the account terms. By the way, Apple Card Savings funds are held with Goldman Sachs and, in turn, are FDIC insured up to $250,000 per depositor.
Next, once you do open your Savings account, you can manage it in Wallet using the Apple Card interface.
After your account is set up, you’ll see a widget for it on the Apple Card page in Wallet. Tapping this option will allow you to view a graph of your balance over time as well as see recent Savings transactions. Here is also where you can make withdrawals from or deposits to your account. This includes instant transfers to or from your Apple Cash account or regular-speed transfers to or from a linked external banking account. That said, I did notice that Apple begins paying interest on funds the day that a deposit is initiated even though the transaction won't fully settle until up to 5 days later. By the way, you also link additional accounts by going to the Savings page, tapping the three-dot icon, selecting account details, and scrolling down to bank accounts. Finally, you can also opt into notifications to receive alerts when your APY is updated and/or when interest payments are deposited into your account.
By default, all of your earned Apple Card Daily Cash will automatically be deposited into your Apple Card Savings account, but you can add other funds as well.
One of the stated reasons why Apple created a Savings account was to give Apple Card customers a play to store the Daily Cash they earn from Apple Card purchases. As a refresher, the Apple Card earns 2% Daily Cash on purchases made using the card via Apple Pay as well as 3% Daily Cash on purchases from Apple and select brands including Uber/Uber Eats, Walgreens/Duane Reade, Exxon/Mobil, Nike, Panera, T-Mobile, and Ace. Those earnings will be deposited directly to your Apple Card Savings once you open an account. But, if for some reason you wish to stop that, you can go to your Daily Cash page and revert to sending your earnings to Apple Cash instead.
While interest rates are always changing, for now at least, Apple Card Savings boasts one of the higher APYs that you can find
At the time of its launch and at the time that I’m shooting this video, Apple Card Savings is offering customers 4.15% APY on funds. For context, that’s a bit higher than other options like Discover or Ally and, funny enough, is also 25 basis points higher than Marcus, which is another Goldman Sachs savings account. While you may find higher rates somewhere, this is still quite solid by today’s standards and is infinitely more than what you’re likely to get from a big bank. Moreover, unlike some offerings, earning this 4.15% APY does not require you to set up direct deposit, retain a certain balance, make a certain number of purchases per month, or any other such nonsense that many banks and FinTechs employ. For that reason alone, I’m giving the APY on Apple Card Savings a thumbs up for now.
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[@kindlad6087]

Good video, I learned what I wanted to learn and a bit more. I had been frustrated by the fine print for other comparably high interest savings accounts offered by various companies I'd never heard of. Thank you.