Why I will not get the Apple Savings Account (Apple Savings Review)

Discover the truth about Apple's new savings account in this comprehensive review. With a degree in finance, I break down the Apple Savings Account, its pros, and cons, and provide my honest review. Explore the 4.15% APY, no fees, FDIC insurance, and more. Find out why you need the Apple Card and if it's worth it. Learn about alternative high-yield savings options. Join me as I analyze the Apple Savings Account and share my thoughts on its value. Subscribe for more finance insights.

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Chapters
Intro 0:00
How did Apple become a bank? 0:32
Apple Savings Pros 2:02
Cons 3:29
Why did Apple make a savings account? 4:40
My Thoughts 5:45

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[howard]

They have Direct deposit, I have it and deposit weekly.

[croaker]

I have the Apple Card and the Savings account. I use my Apple Card for pretty much everything I buy, and the cash back goes into the savings account automatically. The key is paying off the card every single month. If you are not doing that don’t bother with the savings account.

[robbglow]

The interest rate is the only con here I see, but it doesn't apply if you just pay your bill on time.

[JoeCole_social]

Clarification, even though you have to sign up for the credit card to get the savings account, you don't have to use it. I just leave an empty balance on the credit card and opened up the savings account because the money is liquid at that rate. The traditional bank that I use forces me to lock the money up in a CD which forgoes my interest earned should I need the money before the CD matures.

[tweedygosling]

i just found your channel i thought it was a 100k+ subs channel and was surprised with the quality of the videos!!

[initium]

This account fits me well, I have deposited 200k into my account. All of the devices I buy are purchased with their 0% pay over time, this year virtually all of my devices will be paid for with the interest from the savings account. This wouldn’t be that great in the past since I was heavy in assets but it’s a nice bonus since over gone pretty cash heavy over the past year. I also believe apple is trying to instill a more proactive way to promote sound money managing foundation for younger users and almost gamifying theirs Apple Pay and guiding people to pay less interest.

[gulong]

Open Apple Credict card cost you what?

[Vigneshswara]

I like the apple savings account. Movement of money to/from other bank accounts is quite fast (next day). My only concern is that it doesn't allow joint accounts. Unless I am mistaken

[lilaubkilla]

So I opened a card just so that I can get the savings. I like that It’s not easy to access because I use to just move money from my savings to my checking. Now I have to take an extra step just to achieve that. So it’s not that easy for me. Now I have a saving of 6k plus because I don’t touch it

[TheParot]

I was able to easily transfer money from my regional bank to the savings account.

[thejidenskys]

Man I was really hoping this wasn't another corny click bait video whereby you say you won't get it but end up trying to convince people to get it- those videos make my headache. Anyway, I'm glad I watched this video, I learned something about the new rave concerning the Apple Card. I will not be getting it because of the credit card- makes no sense. You did well.

[theodorehaskins]

So if you’re already an apple customer, meaning you already have an apple iPhone, I see no reason why you wouldn’t want to have the Apple credit card. I also don’t see a reason why you wouldn’t want to open an Apple savings account either.

So haven’t said that, I don’t think Apple is all that concerned about trying to attract customers from other banks/credit card issuers, because you can install any credit card in the Apple wallet, and so I think what they’re doing is simply taking advantage of their existing platform on their best selling product, the iPhone, and making it better in terms of it’s features and the benefits of owning the iPhone, and being an apple customer, is like that old adage of a bird in hand is worth any number in the bush.

So adding another feature is simply a benefit of being an apple customer, and that’s not a bad thing, and as an apple customer, I use the Apple credit card to buy everything, and I’m lovin it. Cheers 🥂

[amazingmeow]

Thank you for your time and effort 🙏❤
I really enjoy the way you deliver information. Easy for me to follow and understand ❤
Keep it up 🎉🎉

[techandtravelz]

I like your content. Good job on explaining in detail. Thank you! 🙏

[Audacious_TV]

I thought they said monthly interest rates?!

[joegabba]

What are your thoughts on GS wanting to end their relationship with Apple? How do you think it will affect the Apple Card and savings?

[brayan]

Apple is probably not doing much with the money from these savings account. They seem to be targeting people with Apple Cash from the Apple Card. This way Goldman Sachs can reinvest the money they are having to pay out. With the high cost of borrowing from the FED any amount of borrowing elsewhere helps.