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

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Mark Reese // Credit & Finance

Mark Reese // Credit & Finance

Күн бұрын

Пікірлер: 248
@MarkReese
@MarkReese Жыл бұрын
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@SpencerJohnsonOfficial
@SpencerJohnsonOfficial Жыл бұрын
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!
@MarkReese
@MarkReese Жыл бұрын
💯
@harambethegorilla6361
@harambethegorilla6361 Жыл бұрын
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 Жыл бұрын
Indeed, enjoy it! 💵
@kasemfarhat-du3uf
@kasemfarhat-du3uf Жыл бұрын
What do u mean by sit around?
@hisdesciples
@hisdesciples Жыл бұрын
@@kasemfarhat-du3uf same
@2023byoml
@2023byoml Жыл бұрын
@@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 Жыл бұрын
What’s considered a high APY ?
@montanamike53
@montanamike53 Жыл бұрын
A clear and concise presentation. Following along with you on screen was great! Thank you for posting this video!
@MarkReese
@MarkReese Жыл бұрын
Glad it helped you, Mike!
@350GTxSiTH
@350GTxSiTH Жыл бұрын
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 Жыл бұрын
Right on! Great that you've got a focus on growth 📈
@ImStillStealingSteel
@ImStillStealingSteel Жыл бұрын
I love my Apple Card Savings Acct :) Already saving a good amount of cash 😊
@callmeNeno
@callmeNeno Жыл бұрын
Oh really Dannee Boy!!!
@ImStillStealingSteel
@ImStillStealingSteel Жыл бұрын
@@callmeNeno - Oh yes. Plus I setup my daily cash to go directly to the savings acct :)
@MarkReese
@MarkReese Жыл бұрын
Great to hear! 💵
@callmeNeno
@callmeNeno Жыл бұрын
@@ImStillStealingSteel sounds awesome make sense
@ImStillStealingSteel
@ImStillStealingSteel Жыл бұрын
@@callmeNeno - Once u complete ur trifecta, u can get ur Apple Card again :) Its pretty much my 2% card. Lol
@x1928
@x1928 Жыл бұрын
Absolutely banger breakdown my man. Appreciate the content. I think I’ll be setting this up myself
@MarkReese
@MarkReese Жыл бұрын
Glad it was helpful 👊
@simonblanco6716
@simonblanco6716 Жыл бұрын
step 5 set up next to savings, is not showing up for me,
@MarkReese
@MarkReese Жыл бұрын
Do you have the latest version of iOS? It requires 16.4 or later. I didn't see it until I upgraded.
@shellyshamsul6112
@shellyshamsul6112 Жыл бұрын
Loving it! Opened with 1K. Saw the interest deposit exactly a month later. Added 25K:-)
@MarkReese
@MarkReese Жыл бұрын
Awesome! Glad to hear you're liking the account 💯
@deandawiz
@deandawiz Жыл бұрын
How much interest did they give you for the 1k?
@LivinLoudwithAndy
@LivinLoudwithAndy Жыл бұрын
@@deandawiz 4$ a month roughly
@robertmercado4298
@robertmercado4298 Жыл бұрын
Wouldn’t that be 1%?
@KC-xj8de
@KC-xj8de Жыл бұрын
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 Жыл бұрын
It means the interest you earned is added to your savings balance at the end of the month (i.e. income for you)!
@cazarilolsen4630
@cazarilolsen4630 Жыл бұрын
It took me a couple of tries, but finally got it to work. So easy to use.
@MarkReese
@MarkReese Жыл бұрын
Glad you got it working!
@pythonprogrammer8989
@pythonprogrammer8989 Жыл бұрын
I don’t even have the savings option.
@MarkReese
@MarkReese Жыл бұрын
@@pythonprogrammer8989 - Do you have iOS 16.4 or later installed?
@numbswmd
@numbswmd Жыл бұрын
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 Жыл бұрын
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
@kaeleehubbard333
@kaeleehubbard333 Жыл бұрын
Great video! Very informative! Do they have a limit of withdrawals? Most savings do
@MarkReese
@MarkReese Жыл бұрын
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.
@Trucker762
@Trucker762 Жыл бұрын
Does the money have to sit for any period without penalty or can it be pulled whenever like a regular savings
@MarkReese
@MarkReese Жыл бұрын
You can pull funds whenever you want just like a regular savings account. Exception = if funds you just transferred are still 'pending.'
@MrBrewman95
@MrBrewman95 Жыл бұрын
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.
@Brantastic07
@Brantastic07 Жыл бұрын
Hey Is it possible to have the virtual Apple Card only and not the physical card?
@MarkReese
@MarkReese Жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
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: kzbin.info/www/bejne/ZoG6o5SbmbyEbNk Starting at 6 min 7 sec, you can see the option 👍
@MarkReese
@MarkReese Жыл бұрын
@@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 Жыл бұрын
@@MarkReese Thanks
@dongillum2265
@dongillum2265 Жыл бұрын
The default account names are very long. How can I change them? Thanks
@MarkReese
@MarkReese Жыл бұрын
What are you referring to?
@chillmuddy
@chillmuddy Жыл бұрын
is there an credit inquiry to open this account if youve had the apple credit card for a long time ?
@MarkReese
@MarkReese Жыл бұрын
Nope ✌
@FranciscoJNarez
@FranciscoJNarez Жыл бұрын
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 Жыл бұрын
make sure ypur iphone is updated to ios 16.4
@oaktree1628
@oaktree1628 Жыл бұрын
@@phouthavadyminakhom thanks! I had the same problem, but updating to 16.4 solved it!
@MarkReese
@MarkReese Жыл бұрын
You'll need to update to the latest version of iOS. I didn't see it either until I updated.
@oaktree1628
@oaktree1628 Жыл бұрын
@@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 Жыл бұрын
@@oaktree1628 - Agreed. I only see 1 mention of it in the footer section 😂
@Raul69
@Raul69 Жыл бұрын
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 Жыл бұрын
It works for both Daily Cash and funds transferred into the account.
@Raul69
@Raul69 Жыл бұрын
@@MarkReese what about money just sitting there without adding anymore??
@MarkReese
@MarkReese Жыл бұрын
@@Raul69 - Same thing. Deposit money once, let it sit, and it earns interest every month 👍
@Raul69
@Raul69 Жыл бұрын
@@MarkReese thank you sir 😀
@kyledorn2502
@kyledorn2502 Жыл бұрын
Can you transfer funds out of apple account back to your traditional bank at anytime?
@MarkReese
@MarkReese Жыл бұрын
Yep. I've already transferred out from Apple Savings to my Schwab checking account with no problem 👍
@johnnyle3049
@johnnyle3049 Жыл бұрын
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 Жыл бұрын
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
@michaelarndt3823
@michaelarndt3823 Жыл бұрын
When I click on the 3 dots(more) from the Apple Card there is no option for daily cash…
@MarkReese
@MarkReese Жыл бұрын
Are you using the latest version of iOS?
@sfomann
@sfomann Жыл бұрын
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 Жыл бұрын
Not that I'm aware of. If you're hesitant, consider doing several transactions over time.
@joedaddy12300
@joedaddy12300 Жыл бұрын
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.
@waelsalahuddin4062
@waelsalahuddin4062 Жыл бұрын
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.
@MarkReese
@MarkReese Жыл бұрын
Boom! 🌟
@gustavorojas4595
@gustavorojas4595 Жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
Excellent rates for those with direct deposit! 💵
@joec1920
@joec1920 Жыл бұрын
@@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.
@AyoBrenden
@AyoBrenden Жыл бұрын
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 Жыл бұрын
Do you have iOS 16.4 or later on your phone?
@reyc8736
@reyc8736 Жыл бұрын
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 Жыл бұрын
No. There aren't any credit card use requirements.
@reyc8736
@reyc8736 Жыл бұрын
@@MarkReese Thanks.
@JoseMoreno-qn3cs
@JoseMoreno-qn3cs Жыл бұрын
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 Жыл бұрын
Hi Jose - The interest should be added to your account around the last day of the month.
@MacAutomationTips
@MacAutomationTips Жыл бұрын
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.
@MarkReese
@MarkReese Жыл бұрын
Enjoy! 💵
@PETERLINNAH
@PETERLINNAH Жыл бұрын
How much money can I put in from my regular bank when I sign up for this?
@MarkReese
@MarkReese Жыл бұрын
Anywhere from $0 up to $250,000.
@angelfieseler5358
@angelfieseler5358 Жыл бұрын
Can you add cash rewards from other cc
@MarkReese
@MarkReese Жыл бұрын
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.
@MannyCovington
@MannyCovington Жыл бұрын
I think people with the Apple Card who want a seamless setup should go for it!
@MarkReese
@MarkReese Жыл бұрын
💥💳
@PbandJelly17
@PbandJelly17 Жыл бұрын
Will it hurt my credit since I have to open a new credit card with Apple?
@MarkReese
@MarkReese Жыл бұрын
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.
@stevemccollum2011
@stevemccollum2011 Жыл бұрын
Thanks I did not know where the savings account was lol Now it is opened and set up
@MarkReese
@MarkReese Жыл бұрын
Enjoy! 💵
@chrisbrown8748
@chrisbrown8748 Жыл бұрын
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 Жыл бұрын
Ahhh I think I need to update iOS👍🏽👍🏽
@MarkReese
@MarkReese Жыл бұрын
@@chrisbrown8748 - Yep, I didn't see it until I upgraded.
@chrisbrown8748
@chrisbrown8748 Жыл бұрын
@@MarkReese Yup that did the trick and I was able to set up the savings account👍🏽👍🏽
@kristineximeno6739
@kristineximeno6739 Жыл бұрын
Not seeing the saving options
@MarkReese
@MarkReese Жыл бұрын
Do you have iOS 16.4 or later?
@monaturals9315
@monaturals9315 Жыл бұрын
FYI: the dividend yield is 4.07% monthly which is lower than 4.15% APY
@MarkReese
@MarkReese Жыл бұрын
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 Жыл бұрын
@@MarkReese I spoke to a Goldman Sacks representative to identify the monthly dividend amount. Its also compounded which is a huge plus...
@goodflowerfarm4424
@goodflowerfarm4424 Жыл бұрын
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 Жыл бұрын
It applies to all funds transferred into the Apple Savings account, including funds from another bank.
@JAM-vu3ol
@JAM-vu3ol Жыл бұрын
Is apple saving account CD ? Or just regular savings account that you can access any time ?
@MarkReese
@MarkReese Жыл бұрын
No, it's a regular high-yield savings account you can access at any time.
@JAM-vu3ol
@JAM-vu3ol Жыл бұрын
It’s weird, Mine looks different When i clicked Daily Cash , it didn’t show me savings option
@MarkReese
@MarkReese Жыл бұрын
@@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 Жыл бұрын
@@MarkReese yes, that’s the reason. I updated the latest version and I can see the savings option Thank you 🙏
@slickbill9488
@slickbill9488 Жыл бұрын
fastest way to make aa deposit it is to transfer from a debit to apple cash, no wit times its an instant transfer
@MarkReese
@MarkReese Жыл бұрын
Legit! 💯
@libertyg.6817
@libertyg.6817 Жыл бұрын
Hi Mark, any idea if I have to unfreeze my credit reports before opening this saving account?
@MarkReese
@MarkReese Жыл бұрын
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 Жыл бұрын
@@MarkReese thanks. I remember having issues opening a saving account with Amex because they couldn’t verify my identity.
@MarkReese
@MarkReese Жыл бұрын
@@libertyg.6817 - Was the reason due to a credit freeze?
@joshrogan7253
@joshrogan7253 Жыл бұрын
Hi When will this card be launched in UK
@MarkReese
@MarkReese Жыл бұрын
No info on that at this time 🇬🇧
@8ballMarcucilli
@8ballMarcucilli Жыл бұрын
Easiest Bank account I’ve ever opened. Transaction went smoothly
@MarkReese
@MarkReese Жыл бұрын
🏦💯
@misaelmartinez7969
@misaelmartinez7969 Жыл бұрын
I just opened my account with them but there is not savings option🙃
@MarkReese
@MarkReese Жыл бұрын
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.
@juanperez3989
@juanperez3989 Жыл бұрын
Can u add an authorize person into ur Apple credit card ?
@eltipo223
@eltipo223 Жыл бұрын
Yes, a co-owner
@MarkReese
@MarkReese Жыл бұрын
Yes, you can add Co-Owners and Participants. Here's a link to more info: support.apple.com/en-us/HT212020
@wendyn8081
@wendyn8081 Жыл бұрын
Great video Mark.
@MarkReese
@MarkReese Жыл бұрын
Thank you!
@BrosephtheAsian
@BrosephtheAsian Жыл бұрын
Just applied and received an Amex card. Should I wait before applying for an Apple Card?
@MarkReese
@MarkReese Жыл бұрын
There's no required wait time between an Amex card & the Apple Card.
@jennaglavan
@jennaglavan Жыл бұрын
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 Жыл бұрын
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.
@braskabani8011
@braskabani8011 Жыл бұрын
You can take out money from apple saving account anytime?
@MarkReese
@MarkReese Жыл бұрын
As long as the funds aren't pending, then yes.
@PracticeMakePerfectMuslim93
@PracticeMakePerfectMuslim93 Жыл бұрын
Thank for the step for applying apple card
@MarkReese
@MarkReese Жыл бұрын
You're welcome!
@sarahwilson1924
@sarahwilson1924 Жыл бұрын
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 Жыл бұрын
Bizarre, I haven't seen that. Have you tried both wifi and cellular data?
@patricknabozny7433
@patricknabozny7433 Жыл бұрын
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 Жыл бұрын
Hopefully more features will be forthcoming.
@noahcash
@noahcash Жыл бұрын
is there a desktop app?
@MarkReese
@MarkReese Жыл бұрын
Not that I'm aware of.
@williamllambelis3254
@williamllambelis3254 Жыл бұрын
I’m a little confused. You get 4% a month ?
@MarkReese
@MarkReese Жыл бұрын
APY = *Annual* Percentage Yield, meaning per *year.* The monthly rate = 4.15% ÷ 12 = 0.3458%
@mhar0319
@mhar0319 Жыл бұрын
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 Жыл бұрын
I'm not aware of any web interface available at this time. Only the Wallet app for now.
@spritemanplus4700
@spritemanplus4700 Жыл бұрын
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 Жыл бұрын
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?
@EricsonHerbas
@EricsonHerbas Жыл бұрын
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 Жыл бұрын
Not sure about that.
@dustinnguyen5901
@dustinnguyen5901 Жыл бұрын
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!
@Rayray-pe2wy
@Rayray-pe2wy Жыл бұрын
Am I the only one that doesn’t see the option for the saving account in their card
@MarkReese
@MarkReese Жыл бұрын
Are you using the latest version of iOS? You need to have version 16.4 or later.
@Rayray-pe2wy
@Rayray-pe2wy Жыл бұрын
@@MarkReese this must be it updating now! thank you
@khanscombe619
@khanscombe619 Жыл бұрын
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 Жыл бұрын
Not sure. I'd ask Apple directly. Her score should not affect yours unless you become an authorized user on her account.
@tomlandry932
@tomlandry932 Жыл бұрын
Great video clear and easy to follow and understand thanks much.
@MarkReese
@MarkReese Жыл бұрын
Thanks, glad it helped!
@BW7085BW
@BW7085BW Жыл бұрын
Is there a way to access your account on a computer?
@MarkReese
@MarkReese Жыл бұрын
Not that I'm aware of at this time.
@Raul69
@Raul69 Жыл бұрын
Can you show us how much interest you earned in a month already with those $1000 you deposited.
@MarkReese
@MarkReese Жыл бұрын
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.
@joshmanners6217
@joshmanners6217 Жыл бұрын
Thanks so informative !!!
@MarkReese
@MarkReese Жыл бұрын
You're welcome!
@justy085
@justy085 Жыл бұрын
Goldman Sachs ??? the money laundry bank ?
@MarkReese
@MarkReese Жыл бұрын
@KennethFKlein
@KennethFKlein Жыл бұрын
Screw that. I have a HYS with AMEX no stupid credit card required.
@MarkReese
@MarkReese Жыл бұрын
💯👍
@sladesurfer
@sladesurfer Жыл бұрын
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 Жыл бұрын
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.
@nk7up
@nk7up Жыл бұрын
Oh Canada!! I want this
@MarkReese
@MarkReese Жыл бұрын
😬🇨🇦
@trevor7258
@trevor7258 Жыл бұрын
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 Жыл бұрын
Definitely seems like a smart business move 💯
@theeverydailyshow
@theeverydailyshow Жыл бұрын
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 Жыл бұрын
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
@theeverydailyshow
@theeverydailyshow Жыл бұрын
@@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 Жыл бұрын
@@theeverydailyshow If its not too much to ask are you able to shed some light on alternative ways to park cash reserves?
@theeverydailyshow
@theeverydailyshow Жыл бұрын
@@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 KZbin that would do a fine job explaining...
@deandawiz
@deandawiz Жыл бұрын
@@theeverydailyshow Appreciate the time brother
@ppham98
@ppham98 Жыл бұрын
Great video. Thank you.
@MarkReese
@MarkReese Жыл бұрын
You're welcome 👍
@callmeNeno
@callmeNeno Жыл бұрын
If I still had my Apple Card, it would have been a no brainer.
@MarkReese
@MarkReese Жыл бұрын
👍
@thedon1570
@thedon1570 Жыл бұрын
Forget Apple!
@MrBrewman95
@MrBrewman95 Жыл бұрын
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 Жыл бұрын
Welcome to a world of much better interest rates 😁
@Unpopularopinion1960
@Unpopularopinion1960 Жыл бұрын
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 Жыл бұрын
@@Unpopularopinion1960 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 Жыл бұрын
You can also put the money in a CD
@mjsabie8517
@mjsabie8517 Жыл бұрын
@@Unpopularopinion1960did 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
@stevenmolina6958
@stevenmolina6958 Жыл бұрын
Apple & Goldman Sachs need a Checking account and a physical Debit Card now😁
@MarkReese
@MarkReese Жыл бұрын
💯
@ColdPotato
@ColdPotato Жыл бұрын
Having your savings account tied to the Apple ecosystem? Guess they can sell APPL shares if there's ever a bank run.
@MarkReese
@MarkReese Жыл бұрын
😬
@YanLuo
@YanLuo Жыл бұрын
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 Жыл бұрын
SoFi has an excellent savings rate with direct deposit set up! 💯
@2023byoml
@2023byoml Жыл бұрын
You can open a CD as well a lot of them have 4%+
@galenfowler8453
@galenfowler8453 Жыл бұрын
Vanguard is paying 4.50% in their savings account
@kazi1
@kazi1 Жыл бұрын
Yo
@MarkReese
@MarkReese Жыл бұрын
Hey!
@b787sotelo
@b787sotelo Жыл бұрын
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 Жыл бұрын
😬
@meganmarie4289
@meganmarie4289 Жыл бұрын
They fixed it. I said the same thing. Both earning 4.15 now.
@SOXGATORS
@SOXGATORS Жыл бұрын
😊
@MarkReese
@MarkReese Жыл бұрын
💥
@rso7269
@rso7269 Жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
Goldman collapsed before. Be careful
@MarkReese
@MarkReese Жыл бұрын
😬
@FamilyGuyMaster
@FamilyGuyMaster Жыл бұрын
It’s 250k insured though right?
@chiefexecutive
@chiefexecutive Жыл бұрын
Bahahaha how’s that savings account working ? 😂
@MarkReese
@MarkReese Жыл бұрын
Really well. Zero issues so far.
@Instakhamz
@Instakhamz Жыл бұрын
Anybody know how to open a savings on an iPad? It’s different then iPhone instructions.
@MarkReese
@MarkReese Жыл бұрын
I haven't tried it.
@steelernation1895
@steelernation1895 Жыл бұрын
Pretty simple to set up as advertised
@MarkReese
@MarkReese Жыл бұрын
Sure is!
@istupid4454
@istupid4454 Жыл бұрын
Very helpful thank you!
@MarkReese
@MarkReese Жыл бұрын
You're welcome!
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