Apple finally released their high yield savings account and is offering 4.15% APY! You do need an apple card in order to take advantage of this though.
Apple card: apple.co/referdailycash
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Already moved all my money in savings from my current bank which is paying 0.02%. Apple is basically giving away free money if you manage yourself properly.
@PainfulWhale that I would take. You must be from Florida
@PainfulWhale I will guess Ohio
@Jeff Gobler I’m from Ohio yes, good guess!
@PainfulWhale I’m good at guessing
Still lower rate than inflation so not really “free” money
I’m glad they kept the name “Apple Card Savings Account” basic and to-the-point. Financial things are intimidating, so making it obvious helps people on the fence about switching.
A note: interest rates are adjusted by the Federal Reserve bank, but they aren’t adjusted federally. The Federal Reserve is no more federal than Federal Express.
Mine didn’t work. The new account set up and I got an email from Apple/Chase telling me the account had been set up, but it never gave me the option afterwards of transferring my current Daily Cash into the new account. There’s no visual evidence in the wallet app anywhere that there is a new savings account.
It’s a nice APY, but still missing my favorite feature from SoFi: unlimited overdraft protection, which allows you to effectively make payments with a $0 checking account balance, pulling from your savings as needed. And SoFi still has a 4% APY if you setup direct deposit.
Just opened mine and transferred Daily Cash into Savings. This will certainly upset some banks just because of the ease of setting it up.
For the first time in my life I now have a savings account! Granted it only has $1.50 in it but hey, it’s a start.
Muchas gracias, Fernando! I opened an account while watching this video and moved my Apple Cash balance into it.
You just made setting this up so easy. Many thanks.
In India, inflation is 5-6%. And savings accounts give around 2-3%. But fixed deposits offer above 5-6%. Some even 7.75 to 8%.
Hey bro. Love your videos. Just a request. Apple Card and savings doesn’t work in many countries other than USA (I’m in Singapore). I was wondering if there are any online only savings accounts that will work outside of USA worldwide that have decent APY