Why You Shouldn’t Get The Apple Savings Account...

[@NolanMatthias]

The rich are getting richer - Truth About the Great Wealth Transfer: Rich Get Richer kzbin.info/www/bejne/eZqwYZ-pqc2VeLs

[@syntheticnature]

The real concern with the apple savings account is if your iPhone is lost or stolen. Your savings account is only accessible through the iPhone apple wallet and your funds could be stolen if a thief knows your passcode.

[@NeoAndersonReloaded]

What if u lose ur debit card?

[@onth3hous3]

If you’re REALLY that worried about it just wipe your phone from findmy 🤷🏻‍♂️

[@JohnSmith-lf9fi]

So what about me I opened the account put 5k in the savings account havent spent a penny on the apple card dont even know where the physical card is. I spend my chase credit card its not designed to keep me poor I have self control and only want the 4.15% apy

[@OkiDingo]

The guy is assuming everyone is irresponsible with credit.

[@Poorboyforever]

You are 3 steps ahead of everything with that philosophy! Nice

[@InstructorWest]

Interesting criticisms but for the most part they apply to all banks/cards.Banks are businesses designed to earn money- it should not be a surprise that Apple's card and savings do the same. And while rapid feedback about cash back can encourage spending, Apple's upfront costs of interest charges is pretty unique and can serve to dissuade spending. People need to be responsible for understanding the system but in the end the Big Banks offering 0.03% APY are doing far more harm to savings clients than Apple.

[@jlomamba5663]

I use my Apple card to pay my recurring bills that I normally would pay via debit. I don’t use it for spending leisure items or travel. I pay off the entire card before the month ends. So its win-win situation for me because i get cash back incentive from the spending (via daily cash) transferred to the savings account which i already have most of my savings. Thus, it compounds the daily cash i get monthly through the spending i do each month. It helps my credit score by having low utilization. I also set aside a budget for savings when i get paid so thats just adds more to the compound interest. It’s literally free money the bank is giving you. We just have to stay disciplined and not spend more than what we are earning.

[@DocRock]

This is the nature of money and pretty much all banks. Maybe I missed it but there was no mention of the folks who do pay off their cards every month, and don't fall into arrears. Personally I love my Amex and Apple Cards as I get killer rewards for all my business travel and coushy lounge relaxation but they key is learning to not spend money you don't have to spend. I totally effed up coming outta college but after college in Japan and learning how to properly use credit It has been nothing but a blessing. I heard a little contrabass at the end but it could have been a little more clear. Great advice not totally knocking jus point out the the view from the good light

[@Mustash-Tony]

Don't you pay yearly fees for those Amex benefits?

[@DocRock]

@@Mustash-Tony I pay $700/year and get well over $3k in benefits not to mention all the points from running my business though it. My new Apple Vision Pro was basically 78% off. I easily pay $1k because I’d still be in the positive by more than $2k

[@Mustash-Tony]

@@DocRock Nice! You're in a much higher tax bracket than I. Hopefully I'll get there soon.

[@DocRock]

@@Mustash-Tony you got it. Took me a while and a lot of hard work but I'd say worth it

[@Sapphireleadershipadvisors]

Credit cards are not dangerous if you are responsible. I charge thousands a month and pay it back every month and enjoy the cash back. Since I have started I have made $5,000 in cash back.

[@therealyumyumravioli]

Same. I pay in full every month and just walk away with the cash back plus a healthier credit score. The source of people’s problems are their desires without the means. Not the card itself

[@reyc8736]

Wow! Everything you say is non-sense, it is not Apple Savings fault or any other Bank institutions, but it is up to the individual person on how he/she manages their finances.

[@carlossalazar3325]

I’m watching this video 8 months late but after reading Apple and Goldman sachs are parting ways because Apple actually did good to the consumers this time I don’t think is such a bad thing having both

[@brainscott]

Seems we just need to use our credit cards responsibly like you would any credit card. As far as savings, you can deposit money normally from other accounts and paychecks and not rely on the daily rewards, therefore less temptation to use your Apple Card.

[@KeltonTitan]

In summary, why you shouldn’t get an Apple savings account… If you can’t pay off your Apple Card.

[@NolanMatthias]

🤣 nailed it. I’d add, and if you’re capable of being honest with yourself.

[@Daniyoyo]

I love my apple savings.. it is extremely convenient, user friendly, 2% auto going to my savings , and FDIC insured. Far as I’m concerned , if apple savings is “ bad “ then I guess you can go with the big banks that are riddled with scandals, over charging fees , opening up fake accounts in your name and not paying you your rewards earned.

[@jesuslightsmyway]

How do you set up 2% to automatically go to your savings?

[@Zayn0880]

it is done automatically. no need to set up anything.@@jesuslightsmyway

[@dwaal2408]

@@jesuslightsmywayApple Card use . 3% on Apple Pay and Apple products 2 percent back on other retailers when you use Apple Pay and 1% back when you use the card itself

[@MikesGarageReviews]

Try pulling money out to transfer to Apple Pay or the 10 day wait to transfer back to your checking praying it will go back in. If you ever default on a credit card of theirs they will take it from your savings. You signed a agreement saying they can deny any transfer for any reason without explanation. Piss on Apple! I don’t trust a company that locks Chinese people it labor camps and definitely don’t trust Tim Cook. He’s a slimy prick

[@OkiDingo]

This guy assumes everyone is bad with credit, making apple predatory for making you have the credit card and savings account. I have $50,000+ in available credit and 0% credit utilization at the end of the month. I love any credit card perk and it’s free stuff for me. My apple card APR is 19.24% and I don’t intend to ever pay a penny of it!

[@andrewwinders-mk6um]

So basically, this is like every other bank! And I use my credit card for necessities I don’t have the luxury to the incentivize spending. The only thing I do like about the Apple Card actually is it is so much easier to get your interest back as cash either pay off the credit card or put it into your savings account normal banks, take forever, transferring money or getting points off your credit card and they actually have made that part easy I did and that probably self-control is needing to be exercised. And of course it’s a business so they have an angle that they are going to make money on as well, so is everyone else out there in the world.

[@Qqxx22]

Very well argued 👏

[@NeoAndersonReloaded]

1. I dont mind having a apple phone. 2. I have about 100x mine monthly CC balanced saved. 3. I earn about 4x my yearly expenses. So,😮

[@hulkincredible222]

That’s goooooood! More positive appreciation in apple earnings and thereby stock price 🎉

[@NolanMatthias]

👍

[@sidharth.kavalu]

Fortunately or unfortunately this isn't available for Canadians.

[@NolanMatthias]

No, it is not 🙁

[@TheAshdan81]

Wealthsimple is similar to Apple saving account though...

[@NolanMatthias]

@@TheAshdan81 good to know!

[@Baasta]

I really love using Apple credit and getting that 2% cash back. That cash back goes to my saving account ❤ best credit card I ever had.

[@NolanMatthias]

Awesome!

[@MikesGarageReviews]

Wait until you try to pull money out of it 😂 and I’m talking about more then a couple bucks. Wait until you do a 100k transfer. Post your review then

[@THExKINGxKINGx]

@@MikesGarageReviewsYou post this with no context 🤦‍♂️😂

[@Mustash-Tony]

I did find it pretty complicated to open the saving account. You have to jump through hoops, like make sure you have an apple Credit Card first, then make sure the credit card is in your apple wallet. There's a few other steps as well. One thing should have nothing to do with the other. It seems they want to force you to use your iPhone. You literally can't access your savings account without it. This is concerning. Once all of this is set up however, you can activate your savings account and make a deposit is seconds. That was so bazar. Also....was I the only one tricked into thinking that if you use your Apple card in the Apple store there's no interest. if you also thought that well think again. We got duped. Apparently "monthly payment instalments" is not the same as monthly payment instalments. Basic trickery 😂😂

[@bradleyallison]

Jokes on them, I don't spend much money so I maxed out the savings for fun since it was sitting in another account making nothing.

[@creekboie3277]

Ok we all know how credit card companies make their money Apple Card is no different weather I use my credit card or debit card I’m spending money I don’t have.

[@RedLeo-pf9yo]

Huh ?

[@nerad1994]

All about credit unions 🔥

[@chrissybabyist]

I absolutely love my credit union.

[@jorgechidote]

I appreciate the video and the ideas you put in here but take away the apple savings account, then you could say that majority of your ideas can be replicated to any other high yield savings account... I personally always pay my balance every month but if I am getting the high savings then I would just prioritize utilizing my Apple Card over others. This is just because I am not going to change my spending habits but rather try to spend on only one card (Apple Card). I will stay behaving in spending the same but I would only spend on my Apple Card and that's it.

[@Justsayingthat]

Don't think I would use it either

[@NolanMatthias]

👍

[@zenzei_305]

Spoke too soon.. Sachs already looking to pull out and AMEX taking over?

[@KlaudiusMalinowski]

Oh Nolan… you didn’t actually watch that Graham Stephan video or read his video description, did you? He says in the video description “Note: This is an April Fools Joke…” and at 8m 52s of that video he explains it’s an April Fools joke 🤣

[@NolanMatthias]

😉

[@KeyWestMangoAddict]

You have to be completely irresponsible to not have this savings account benefit you.

[@Grok-AI]

I disagree w/ your opinion, None of this applies w/ someone that has discipline.. If you have none, your screwed no matter what...

[@RedLeo-pf9yo]

He’s talking to the 99% of people in this world that don’t have discipline.

[@mmm-mq3zr]

Respectfully, this is the first smart thing I've heard on this channel.

[@NolanMatthias]

Lol. Well thanks for coming back.

[@dyingpentas]

Same thing with Wealthsimple Cash. 4% interest with a prepaid MasterCard attached. I actually like it a lot

[@NolanMatthias]

Nice!

[@johnhennessey5]

Glad I read the comments. Downvoteeee

[@chrissybabyist]

I have the apple card, I use it sparingly. So i am able to pay it off each month. This is the kinda video I was looking for on the apple savings account. Thank you, I won’t be investing in the apple savings account.

[@BumblebeeTheAutobotScout]

I didn’t get a warning sign were I can’t afford the purchase and now I’m in debt because of it 😭 THANKS APPLE 😡now I can’t download apps