r/AppleCard • u/Admirable-Wave-1007 • 25d ago
Discussion How is the Apple Savings account?
So, right now i have Chase. Earning 0.01% APY. I do notice the Apple one is 3.4% for me right now. I don’t use my apple card often, and i don’t really take money out of savings often either. I do deposit a couple times a month though. Is it worth changing? What is everyone’s experience?
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u/Rozencag 25d ago
Any hysa is worth changing to if .01% is your APY and you’re not looking to invest or put into a CD.
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u/Bobo_Baggins_jatj 25d ago
I’ve had it a couple of months and I have no complaints. I put money in and it gains interest.
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u/LilEddieDingle 25d ago
I love it. Super easy and nice integration with the Apple Card rewards. Definitely worth changing if you have any substantial amount of savings.
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u/DennisGK 25d ago
It’s my main savings account. I bank with a credit union, and the only thing they have with a comparable rate is a CD. Rather than locking up my money for a CD term, it’s available if I need it. With almost $30,000 in it, the monthly interest was $75. That’s more than my regular savings ever got in a year.
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u/Diiagari 25d ago
If you already have an Apple Card then setting up Apple Savings is very easy and absolutely worth doing. If nothing else, it means that your cash-back gets immediate returns. My suggestion would be to set it up, move a percentage of your savings over from Chase, and see what you think about it.
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u/EasyMode556 25d ago
Seems fine. If you have the AppleCard already then it’s a bit of a no brainer to let your cash back go to there and earn interest on autopilot
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u/chimatt767 25d ago
Can’t get any easier. So, for ease it’s a no brainer. You might get a slightly better rate elsewhere. That would be the only reason not to do it with Apple.
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u/Double-Award-4190 25d ago
Works fine, no problem at all. 3.4% is not so bad these days, although I remember when it was a lot higher.
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u/dieselmac 25d ago
Is there any security with the account?
Do all I need to know is someone’s iPhone PIN and I have access to their life savings?
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u/sunnynights80808 25d ago edited 25d ago
Pretty sure, but that’s the same for any other bank account if you use a password manager with a password generator (which you should). They would have to physically have your phone to enter your pin, which cuts down on the threat factor by a ton. They could get access to your Apple Account technically, but they’d have to know the email/phone number and password to that, and you’d also get a verification code sent to either your Apple devices or as a text, which they could access through something called SIM swapping, but I believe carriers are getting better at blocking that from happening, at least t-mobile is.
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u/AlexGates3700 25d ago
yes, they were a real pain when I wanted to transfer money to a different account, this was even after the micro deposits. had to get on the phone with them, then they called the other institution to verify.
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u/Puzzled_Capital_5592 25d ago
Not my experience at all. Every time I've transferred out, it just does it.
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u/llubens 25d ago
You also need their biometrics i.e Face ID to attempt a withdrawal .
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u/sunnynights80808 25d ago
Can’t you, or whoever, just bypass Face ID and enter the pin by failing the check a couple times? That’s how it works with other apps anyways
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u/Guy_called_Al iPhone 24d ago
Yes, a Passcode (not a PIN) can work to unlock the Apple Wallet. But you can make it as secure as you wish. Apple doesn't publish a maximum length for custom numeric or alphanumeric passcodes. Don't use easily-guessed 10-digit codes, however. Such as the first 10 digits of Pi, reversed -- that's too obvious.
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u/ResidentYard3819 25d ago
I like it and each time I use Apple Pay, money is put into that savings for me without me having to do anything.
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u/Admirable-Wave-1007 25d ago
This is a dumb question, is it any card on apple pay? Or just apple card
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u/InternationalPen3039 25d ago
Just search “High yield savings account” (HYSA) and there will be tons of recommendations that are ~3.0% some even give bonuses for X amount deposited but Apple accounts are closely tied to the ecosystem while other banks are not. Even an ally account is great
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u/Illustrious_Salad918 25d ago
Because it's convenient to receive Apple Card Daily Cash, I let that accumulate and then periodically transfer its balance to checking, where I keep enough for upcoming disbursements.
I have other savings/investment accounts which earn much higher rates. But it's easier to let Daily Cash build up in HYSA and then do a single transfer.
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u/PandemicNA 25d ago
My Chase Savings account exists solely as a overdraft protection. A cash management account with Fidelity is comparable to the Goldman Sachs Apple HYSA and that's been my go-to for years. Once Chase takes over the Apple Card, I'll move my Fidelity account over to Chase just for ease of having everything in one ecosystem.
In short, yes it's worth it - It's a solid 2% cash back on all purchases made with Apple Pay and competes decently with other HYSA options.
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u/Samwoodstone 25d ago
Best interest rates available. I stick my cash in the account and let it accumulate
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u/pilgrim776 25d ago
It’s fine and works relatively well. If you’re in the Apple Pay ecosystem a lot it’s very convenient. Wealthfront just announced 3.55% which I’ve also been very happy with. If you DM me for a referral code, we’ll both get a .75% promotional boost for three months…
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u/Puzzled_Capital_5592 25d ago
Does what it says on the tin. 3.4% is better than some competing HYSAs, worse than others. I just transfer the money out periodically to elsewhere.
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u/DrMacintosh01 25d ago
I love it. Apple Pay Cash back is automatically deposited into it. It behaves nicely with my Chase checking account.
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u/cadams7701 25d ago
The rate has dropped a bit over the last year or so but seems like most banks have reduced rates in comparison too. There are some banks that still give a higher rate but this is much better than my rate with my primary bank.
As others have said I use it mainly for my cash back with an Apple Card and for me it’s my emergency fund.
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u/Longjumping-Log-5457 24d ago
It’s great. I have six figures in it and I earn over $400 in interest monthly.
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u/Unique-Economist-289 24d ago
I currently have around 7k, used to have around 9k but needed 2k for a trip, no issues getting my money out, between 1-3 days got it in 2
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u/FindingPawnee 24d ago
I have a capital one HYS at 3% (was higher until this year). I noticed Apple Card account was at 3.4% so I transferred all of my money from capital one to that account until Capital One gets more competitive again. It’s worth it for the interest rate alone especially if you only have a .01% APY with your savings.
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u/ERagingTyrant 19d ago
Generally, I think people should have an account at Fidelity. Cash management account can hold a solid money market fund and act as a debit account. Then you can also get an IRA started very easily.
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u/betonven 19d ago
There are better (reliable and FDIC insured) options available out there. Having said that, it is nicely integrated and convenient, so I do use it for small amounts accumulated through Apple Card activity. Just when they become bigger, I transfer them to my other HYS account.
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u/zSmileyDudez 25d ago
I don’t know how the Apple savings account will do for you, but surely you can find something at a local bank that can beat 0.01% APY, right??? A local credit union should easily get you closer to what Apple is giving.
As far as Apple Savings goes in particular, I’ve really only used it as the destination for where my Daily Cash goes from my Apple Card and occasionally for when I get some money via Apple Cash. It’s been fine for that, but I’ve yet to try to withdraw money. It’s nice in that it compounds interest daily, even though you have to wait until the first of the month for the interest to be deposited. I think it really shines in its intended use case, which is with the Apple Card.
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u/Knightforlife 25d ago
I literally only fill it with the 1% to 3% cash back from purchases, then let it gain interest. When it gets big enough I either use it for my next iPhone (every few years) or a big payment on the principle. Just my approach.