Apple Savings Account May Bite Into Big Banks

As Apple launches a new savings account for Apple Card holders, we look at the company’s growing financial products and the state of Apple Pay today. Big banks may have reasons to be worried about Apple’s finance moves — but Apple hasn’t conquered the wallet just yet.

0:00 Apple Announces Savings Accounts
1:29 Apple Pay's Growing Pains
3:32 Banks Aren't Big Fans of Apple Pay
4:07 How Apple Savings Accounts Work
5:10 Making Apple Card More Appealing
6:27 Apple Pay Later Joins the Team
7:13 Apple Pay Still Has Some Kinks

Read the CNET article:
Is Apple's High-Yield Savings Account Worth It? See How It Compares

#apple #applenews #applecard

[MikeyGaming]

This will 100% have a much larger effect on modern banking. I signed up for an Apple card the day I heard about the savings account on TikTok. I immediately moved money from my main bank to Apple. The whole thing was so easy. Being able to see all your finances on the card is a game changer.

[nowdeconstructed]

So sick of Walmart holding out. Was at the store recently without my physical wallet, drove all the way to the store and had forgotten it, needless to say I realized the error while checking out. Had my phone with Apple Pay, but left the store and just ordered from Amazon when I got home. Walmart is a mess. I just go to target now.

[ADHJkvsNgsMBbTQe]

When visiting Europe recently, the Apple Pay experience was far superior to trying to use the cards. Restaurants and retailers struggled to get the plastic to work but the same cards worked instantly with Apple Pay.

[waltkuiland]

Been using the card since launch and I love it. The ease and increasingly widespread acceptance is fantastic. I just opened the Apple Savings account without a hitch. My favorite feature of the actual physical card is its lack of account information which gives me a worry free experience when someone takes my card in the back to swipe it and they can’t “swipe” my account information. That’s especially true when traveling abroad. Anytime the card is swiped I get a notice literally within seconds (and before leaving) so I know right away what’s being charged. And yes, I am an unapologetic Apple fan boy.

[seanmiller]

Apple Card and Apple Savings user here. Huge fan of both. The feature that will help Apple Wallet succeed the most, in my opinion, will be when they finally implement drivers licenses. At that point, I will finally be able to stop carrying a physical wallet and use my iPhone and Apple Watch exclusively. My car key is already on my phone, plus all my credit cards and metro card, the only hold out is my drivers license. At that point, all I’ll need to leave the house is my phone. No better way to ensure people use Apple Pay than by making it the only option they have.

[ThugByChoice]

Apple pay is amazing. The banks should be very worried. I’ve had the the apple card for a few years now I have never not even once been worried about having to pay any interest fees. So far it’s like getting a discount on everything I purchase because of cash back. It almost seems too good to be true…

[AFD]

Done! Just signed up and added money to Apple Savings Account. Previous bank was offering way less APY. This is a safe, secure, and no brainer decision! Thanks CNET f/this content and thank you Apple for giving consumers a better savings option than traditional brick & mortar banks🤑💰

[anandkanhere]

Good progress to simplify payments. In India, we have been using mobile wallets for more than 10 years. It’s backed by India’s central bank (RBI), the tech ecosystem is called UPI (unified payment interface) to settle inter-bank transactions which is developed by government unit - NPCI (National Payment Corporation of India). Transfer from one bank to any other bank for retail or personal transactions happens literally in seconds. One of its kind in the world. Also, NPCI is backbone for India’s CBDC - central bank digital currency. Per day mobile transactions in India is $260mn, Mar’23.

[JoeyFun]

I've been using Apple Pay since it launched. Like you mentioned in the video, it's a bit rocky. It's nice that the acceptance rate is better than what it used to be, but it's still not everywhere. My favorite thing about Apple Pay has to be my Apple Watch. Not having to pull a phone out to pay for something is NICE!! Also I feel it's more secure than using the chip in my card.

I will say this, I had a Samsung phone for 3 years (Galaxy S8+) and I freakin LOVED being able to pay EVERYWHERE!!! I REALLY wish Apple Would figure out a way to do that securely.

Apple Pay has also saved me many times! One thing I love with Wells Fargo is that if you lose a card and you have Apple Pay setup, when they request a card replacement, your Apple Pay updates to the new card before it arrives, so you still can buy things. You're not stuck.

[Zanagash]

Apple Pay is really amazing. It’s super easy to see what’s in your account, what you owe or make payments. The interface is pretty too. I signed up right away for the savings account and put the $95 I had on my card (Money gained thanks to the cash back reward) on it. I have a savings account with Bank of America, but frankly, it is far more easier to transfer the money to my apple savings account and they don’t have those stupid fees… So… sorry Bank of America I’m canceling my savings account with you 🤷🏻‍♂️

[racsito]

Apple Pay needs to be launched in more countries, especially in my region (LATAM). In my country, we don’t have Apple Pay yet.

[dunej]

I love Apple Pay and I’ve increased my use of it during and after the pandemic. The product in my opinion is better combining it with a savings account and overall managing most things financially in the palm of my hand.

As the Fed rate goes up, I’ve seen online banks offer more competitive rates for deposits unlike brick & mortar banks that are flushed with cash and offer limited incentives. Overall, I hope Apple Pay increase success, which will create checks & balance to banking overall.

[christianking]

Just signed up for the account now. I use my Apple Card and Apple Pay for everything. I have multiple credit cards but only end up using the Apple Card. Not for the rewards, others have better rewards. But for the ease of it all.

[hectorg.]

I wish more consumers were like me. I try to avoid retailers that do not accept digital payments (like Walmart) to send a message. If everyone did this, consumers would get their way. But if people actually did that, there would be some years where Apple would not sell any iPhones.

[Anthony__]

I just got the Apple Credit Card and love the convenience and the savings account interest rates are awesome. Transferred all my savings from my regular bank into that account and daily I get an alert as to how much money has been added to my savings account. As far as Apple Pay I’ve been using since day one and on my Apple Watch too. So convenient I carry my wallet in my car and very rarely ever use it. I wish my state would add the license to it to.

[avres]

I rarely have my wallet on me so if a store doesn’t have Apple Pay they’re dead to me.

[andresate]

95% of the time I use  Pay . I also had 2, 300 in cash back . Now it’s on the savings acct. I like it tho 😊

[Naviss]

Love my Apple Card, and the new Savings account is nice as well. Places that accept Apple Pay in the states has greatly increased over the last 3 years from what I've seen. Still some major hold outs like Walmart, But Canada made Walmart (and others) start accepting it lol. Maybe one day all retailers will give into Apple Pay or face losing business down the road. Apple Pay sure is nice to use, easy and quick. I think new payment methods like Paze is just late to the game at this point. People have their wallet of choice now, Apple, Google, or Samsung pay.

[karamokodiabate]

Early user/fan/promoter of Apple Pay (and iPhone btw), and I am still loving and loving it! Sooo convenient! And it keeps getting better. I love it!

[MarbsMusic]

Love my Apple card, the no interest is cheaper than cash in the current economy when buying Apple products. Signed up for the savings account and moved some funds over the morning it went live.