As Apple launches a new savings account for Apple Card holders, we look at the company’s growing financial products and the state of Apple Pay today. Big banks may have reasons to be worried about Apple’s finance moves — but Apple hasn’t conquered the wallet just yet.
0:00 Apple Announces Savings Accounts
1:29 Apple Pay’s Growing Pains
3:32 Banks Aren’t Big Fans of Apple Pay
4:07 How Apple Savings Accounts Work
5:10 Making Apple Card More Appealing
6:27 Apple Pay Later Joins the Team
7:13 Apple Pay Still Has Some Kinks
Read the CNET article:
Is Apple’s High-Yield Savings Account Worth It? See How It Compares
https://www.cnet.com/personal-finance/banking/is-apples-high-yield-savings-account-worth-it-see-how-it-compares/
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38 comments
Wealthfront has a 4.3% FDIC backed $3M in total coverage savings account. They do $3M by partnering with 12 independent banks and spread the normal $250,000 coverage.
In the UK, use of Apple Pay among iPhone owners is almost completely ubiquitous. Never seen an issue with adding one of my cards – debit, credit and store loyalty. You can use them everywhere without an issue so adoption and ease of use is much better than the USA where the payments infrastructure is fragmented. I never cards. Ever! Banks here would never think about trying to compete with Apple Pay because they know they have zero chance of success. Apple has a lot of opportunity to expand its financial service offerings outside the USA and it should, coz they’d have far fewer impediments
only thing I don't like about the apple wallet is the limit to how many cards you can have! other than that, I love Apple Pay!
Be careful keep your money in a bank do not trust big tech with it
It took me a minute to apply for Apple credit card and then two minute to open Apple savings including transferring money from my wells Fargo and Chase bank accounts. Now my money is getting 4% interest instead of getting pennies from other banks.
Going WeChatized😊
The apple wallet is becoming full circle especially with being able to add a state ID in it
Trust me it is not any close to UPI in India 😂
This chick with her exaggerated facial expressions and gesticulations is really annoying. Her voice too.
I live in NYC city too, and ride the subway, and I have my transit benefit card, which is also a Mastercard, in my AppleWallet on my iPhone, so I don’t know what the problem with hers is.
Food for less and Walmart need to add Apple Pay, these the only two place I pull up my wallet when I go there
Apple credit card is ok. It’s weak on the non Apple Pay, or Apple Store rewards. I got a Wells Fargo Active cash card that gives me 2% cash back on every purchase. That includes places that does not accept Apple Pay.
I also got Ally Bank and Lending Club high interest savings accounts and getting 4% interest.
It’s insane how much money in interest people can get.
I may get an Apple Card later though as a secondary card. It’s good to increase the Credit limit one can have as long as you are capable of not buying stuff you can’t pay back in the next statement. The increased credit limit is actually a positive for credit score when you consistently pay off the cards on time every month.
Will this go outside of the U.S. ? No sign of when it will come to Canada.
so, basically, in the possible future, we are going to have all our money invested into individual companies we prefer
The savings account needs more security. It’s super easy to access, add a rogue bank account, and withdraw funds. There should be Face ID to access it just like using the Apple Card.
It's been great for me i use it all around the world when i travel and at home . The usual holdouts (homedepot and the other home improvement store) .
I refused the iphone from the get-go. You remember you're tied with AT&T for tow years, then tied up with actual iphone in order to use the iOS….. No no no, I went with android and got my freedom switching phone brands the way I like. I'm living my freedom not tying myself with a payment method. I use my gas apps to pay for gas with the card of my choice. I switch cards depending on which one can get me the best cash back.
Anyone realise her voice piss me off
As a Canadian it’s less fragmented… I can go pretty much anywhere and not need a physical card in the city. Since none of my transactions are in cash the only reason I still carry my wallet is for my id and my transit card.
other than that I pretty much rely on my phone as it has all my cards and even all my membership and points cards.
Goldman Sacks also has a co-branded Amex Platinum card that's been out for years.
I left Apple. I still have old iPhone s4 case wallet. Canada dont do Apple Cash. Bank of Canada is controlled Bank Physical. One Network POS and Credit/Debit Card.
Paypal has a savings account.
Maybe google may follow suit
Apple Pay needs to be better at drive through restaurants. Many accept it, but employees don’t have it ready, and have to grab a scanner and stretch out toward your car, then you stretch your phone or wrist out… It’s awkward, and in some cases they just want you to hand over your phone because it won’t reach.
Once that’s fixed, and Kroger accepts it, I’ll stop needing a physical card for any regular use case.
I worked at CVS for 10 years. My last year was the first year Apple Pay came out. It didn’t make sense to me that we took google wallet for the time being but when Apple Pay started they wouldn’t take it. I know they were going to do something else, I forget what it was going to be called, but it failed miserably.
Have used Apple Pay since the beginning, and not have closed my Wells Fargo accounts and moved all cash from Schwab into Apple Savings. I also use Robinhood's cash sweep since it beats Apple Savings by a bit at 4.40%, but these are now my main two places to earn interest. IMHO, the big banks have much to worry about. At least for me, they no longer offer anything interesting.
The fact that Apple users can double click the side button and get apple pay instantly is already an advantage over anyyy service/app that is trying to replicate it or offer that competes with apple pay.
How old aru
Your money is surely secure here vs risky banks
Apple savings limits the amount of a transfer to $20k over a 7 day period. So if you needed funds to make a large purchase or put down a large down payment, it could present a problem. “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.”
I’ve had the Apple Card since it was available for me which I believe was August 2019. The main thing I use it for is to get 3% cash back on Apple purchases like my Apple Music and in app purchases. When I got my iPhone 13 I used the card and got the 0% interest 24 month financing and got 3% back on that which was really nice. I also have the physical titanium card because who doesn’t want a titanium credit card, but I hardly ever use it because you only get 1% with the physical card. If it gave you say 2% like the Citi Double Cash card or higher it would be my new default card and I would use it all the time. You can get 2% with Apple Pay, but there are still very few places I go to that have Apple Pay. The main places I go are grocery stores and restaurants and I already have cards that give me more than 2% anyway. It would be great if they had more retailers for the 3% categories also because I don’t go to any of those places.
Why the heck won’t Home Depot or Lowe’s take Apple Pay
Been using the card since launch and I love it. The ease and increasingly widespread acceptance is fantastic. I just opened the Apple Savings account without a hitch. My favorite feature of the actual physical card is its lack of account information which gives me a worry free experience when someone takes my card in the back to swipe it and they can’t “swipe” my account information. That’s especially true when traveling abroad. Anytime the card is swiped I get a notice literally within seconds (and before leaving) so I know right away what’s being charged. And yes, I am an unapologetic Apple fan boy.
Its literally through Goldman Sachs. The first or second biggest bank. Idiots
Can they bring the Apple Card finally to Canada please? I NEED this!
She is so bad.
Of course there are smaller banks with higher interest. But there is the chance that these banks bust. The chance that apple busts is lower than the chance of a collapse of the USA.
If you're having issues with getting your EdenRed transit card on Apple Wallet, you have to do it like 5-10 times for it work.
When will we be able to withdraw money from an ATM with apple wallet? Now that’s impressive