Always a good idea to read the terms of service, but these are typical of a savings account. A checking account is a “demand deposit” account (give me my money, now) but a savings account is not. That’s why savings accounts pay more interest than checking accounts do (if at all).
Primarily intended for you to allocate/budget spending with other family members. You can put money in the kid’s “Apple Account” so they can buy apps, IAPs, and so on without freely hitting your credit card.
Depends on what you mean. The current US Federal Funds rate is 4.83%. This is effectively the cost of money to US banks.The current Wall Street Journal Prime rate is 8%. This is a derived benchmark based on the current rates most banks are charging their customers, and is typically around 3% higher than the Fed rate. However, the rate banks pay their depositors is completely up to them, and varies widely. At this moment, for funds in a demand deposit account (checking, savings…as opposed to a CD, for example), a rate between 4 and 4.5% is about as good as you can get. For more rates and info, check out…
2 Likes
Ah OK, thanks for clarifying that Jeff. The US may have different rates for certain things, but likely the Fed Funds rate (currently 4.83%) is equal to the UK main ‘base’ rate (currently 4.25%) – with other less used rates within the banking industry.
Anyway, as you mentioned, 4.15% is a pretty good headline rate for however long it lasts. Although most likely wouldn’t use it for tens of thousands upwards, me thinks, due to the limited cash withdrawal amounts allowed, regardless of it being instant access.
Here is an interesting article related to the Marcus issue mentioned above:
I am definitely not seeing any of that. I use my Apple Card a lot, and have been as I’ve been traveling the last two weeks and using touch less payment almost exclusively.
The interest rate is comparable to that of other “high yield” savings accounts. Ordinary bank savings accounts pay much less. The Capital One “Performance Savings” account is currently paying 3.5% APY. The PNC “High Yield Savings” account is currently paying 3.93%. These sorts of accounts tend to have limits on the number of withdrawals per month. If you’re using the Apple Card Savings account as a temporary holding place for Apple Cash, it’s obviously a good deal. I shouldn’t think that most people would have a large balance in Apple Cash.
Though as per Adam’s post above, one could add extra funds up to $250K into it:
But then withdraw only limited amounts over time ($10K per transaction, $20K max. every 7-days):
Hence:
Can I transfer money out of my Wells Fargo savings into the Apple savings account? If so, is the only way to do it on an iPhone?
I wonder if they’ll have a way to import the account activity into Quicken and/or download PDF statements, as they do with Apple Card.
To answer my own questions:
Yes, you can transfer money from linked bank accounts into Apple Savings. I’m closing my Wells Fargo savings account that pays some ridiculous fraction of a percent interest and transferring it all over.
Transfers can be done on an iPad under Wallet & Apple Pay in Settings. It makes no sense to me why it would be under Settings.
1 Like
My wife and I both signed up for Apple Savings. We have a family Apple Card. I was prompted to move my Apple Cash Card amount into Apple Savings. My wife, however, was not prompted. There seems to be no way to move the money in her Apple Cash Card into Apple Savings. I can move money all around on my account. Hers cannot. It seems like the Daily Cash is going it but no way to get it out! It says to contact support to get our bank joint account authorized for her, too. That may be the key to unlock her ability to move money to/from the Apple Cash Card.
I got the movement between the Apple Cash card to Apple Savings working. What I did was
a) Go into Wallet on her iPhone
b) Go into the Apple Cash Card
c) Go into the three-dot menu and select Card Details
d) Select Verify Identity down the screen a bit. This was not done previously
After that, “Apple Cash Card” appeared as a possible destination for Apple Savings withdraw and add money.
I still don’t know how to make it so our shared credit union account that is attached to her Apple Cash card can be used with her Apple Savings. Both Apple Cash and the credit union account work fine on my iPhone.
Adam - I don’t see any replies to your question “will it be easy to integrate into your personal finance app?”. The reason I don’t use the Apple Card very much is because it does NOT integrate with eMoney like all my other credit cards do. I don’t want to download and upload which seems to be the only suggested workaround. If Goldman Sachs doesn’t integrate the Apple Card with personal finance apps, I highly doubt they will do so with a savings account. I use my 3% cash back Amex for everything because it integrates with eMoney.
Unfortunate bug: After transferring all my Apple Cash to the savings account, my Wallet continued to show the full balance in Apple Cash. It wasn’t until I quit the app and restarted it that the correct Apple Cash balance showed.
That didn’t occur here. Cash went to zero immediately with no need to restart anything.
1 Like
Now that April has ended, we have an answer. You can indeed download PDF statements and transactions.
Are the downloads in QFX and OFX formats as well as PDF?
Yes. The process is the same as the credit card.
1 Like
Do you have to download to the phone and then transfer to your computer if you are using a Mac based financial package?
Diane