So starting today you can open an Apple savings account if you have an Apple Card. The cash rewards you earn can be sent to your savings account instead of needing to be applied to a payment or spent. The account will have a 4.5% yield.
So starting today you can open an Apple savings account if you have an Apple Card. The cash rewards you earn can be sent to your savings account instead of needing to be applied to a payment or spent. The account will have a 4.5% yield.
Interesting. I do not use Apple Pay or have an Apple Card. Need to investigate those more.
Well, I can’t find the option to opt into this. Not sure if they’re controlling the roll out. On the bright side, I just found out that I have over $600 of unredeemed cash back. I thought they just applied it to my balance, but I guess not.
Make sure you have installed all of the software updates from Apple. Then you just need to click on your card, the 3 dots in the upper right and then Daily Cash. You should then see the savings account option.Originally Posted by JJohnSind
It was an update issue. The option appeared after my last update and my unredeemed cash back automatically transferred there. I get that the rate is variable, but 5% for your cash just sitting there, with no risk and no term commitment, is not bad at all.
I had the same issue and it was driving me crazy. Yeah earning any interest on cash back is a big perk in my opinion. Even if it is temporary it is earning more than what it did in Apple Cash.
https://gizmodo.com/apple-savings-ac...iel-1850391385
Certainly not helping the banking issues
Thanos was the hero
What will hurt the economy even more is that Apple doesn't make loans with those deposits, so it will further restrict liquidity in the banking system and further constrict the money supply and credit markets. This could get really ugly, really fast....
1994 Ranger 492VS
2004 Optimax 225 - 0T920364
6" Hydro Dynamics Manual Jack Plate
24p Fury 4
24v 47" Lowrance Ghost / Lowrance HDS
Although it is an Apple savings account I believe the account is actually with Goldman Sachs.
Goldman Sachs is just the custodian and must hold the money per Apple's direction. It isn't counted towards GS deposits and it isn't their money to lend out. Potentially billions and billions of dollars are going to be removed from the banking/lending system....
1994 Ranger 492VS
2004 Optimax 225 - 0T920364
6" Hydro Dynamics Manual Jack Plate
24p Fury 4
24v 47" Lowrance Ghost / Lowrance HDS
That is what the Fed wanted though. They may succeed beyond what they originally intended.
When I opened the account the Deposit Agreement was with Goldman Sachs so the deposits are with Goldman. Apple is just the technology and conduit through which the funds flow into the savings account. 1 billion is not much of a problem. The real problem is with money market accounts and money market mutual funds. The money at banks have been moved into brokerages to get higher yields. I did this months ago with my cash. No real reason to leave it in a bank account paying nothing.
I do not have an Apple savings account, but I have a financial advisor that uses GS for holding deposits. The money is at GS through Folio, but they are the custodial account. I'm not completely sure how Apple has set this up, but as more people make deposits to get 4%+ risk free, I can assure you that GS is not loaning that money out or counting it towards their deposit reserves for lending...
1994 Ranger 492VS
2004 Optimax 225 - 0T920364
6" Hydro Dynamics Manual Jack Plate
24p Fury 4
24v 47" Lowrance Ghost / Lowrance HDS
Solomon added that the Apple offering “is a way for us to try to open up another deposit channel” and said “it’s always good for us to broaden our deposit base.”
I have an account from Ameriprise that uses Wells Fargo as a clearinghouse. But Apple is not a financial company so I don't see how they can custody assets at another company. In addition if they are paying 4.15% interest then somebody has to use that money to earn that interest rate in order to pay it. They may not be loaning it out but Goldman may be buying treasuries, MBS or something else to generate the income. A financial advisor may hold assets at a bank that are separate from the banks assets but the deposit agreement I signed was not with Apple but with Goldman Sachs. I never signed anything with Wells Fargo when I opened an account at Ameriprise. Apple is not calling the shots in regards to how that interest rate is generated, Goldman is calling the shots on the use of those deposits.
In my situation, I signed the deposit agreement with GS, but all the money is controlled by my financial adviser. Not sure how this works with the Apple deal, but it's definitely something to follow because I think it will grow to become a behemoth if the rates stay where they are or rise a bit in the short term...
1994 Ranger 492VS
2004 Optimax 225 - 0T920364
6" Hydro Dynamics Manual Jack Plate
24p Fury 4
24v 47" Lowrance Ghost / Lowrance HDS
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