Apple Savings Account May Bite Into Big Banks
CNET,Technology,tech,apple,apple pay,apple card,apple savings,apple savings account,apple credit card,apple banking
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
Subscribe to CNET:
Never miss a deal again! See CNET’s browser extension 👉
Follow us on TikTok:
Follow us on Instagram:
Follow us on Twitter:
Like us on Facebook:
#Apple #Savings #Account #Bite #Big #Banks
Big Banks,
bite
Looks like Apple’s taking a slice out of the big banks’ pie with this new savings account. Interesting move.
Wonderful
Really insightful work. Thanks for this. Apple!
It has a limit of $250K USD… 👨💻🤦♂️ at 4.5% is only $11,250 profit
No all they need is Apple Stock account. To take on stock trading.
I signed up for the savings account. It would not allow me to transfer my existing Apple Cash to the new savings account, only new transactions.
0:52, “fustrated”? 🤷🏼♂️
I’m glad I got into crypto when I did because it was a turning point for me financially, and it was the best decision I’ve made so far..
I’m living in Germany and using Apple Pay now for about 5 years since it’s available here. I pay everything with my iPhone and Pay haven’t used real cash since last summer haha. Hope that Card is coming to Europe as well, even if I don’t believe this is going to happen 😀
🙄🙄🤑🤑🤑
Would you list those bank accounts that offer the high interest rates?
Both my PNC and Mellon savings account’s pay more.
Earn about 10x more than other banks?
It’s still not good when inflation is at a 40-year high.
When Apple started offering banking services, that was when Apple had become a big bank.
Why?
Apple has become the most valuable company ever.
Apple will win. Resistance is futile.
All in on Apple Pay from the start…. Use it like ATM, transfer payments daily and the cash back funds splurge purchases…. Signing up for the 4% savings immediately!
My brother passed away last year in 2022. He had an apple card. It took longer to get that card shut off than all the other cards he had combined. Goldman was awful to deal with. I would never get a card until they change the people they have managing their card. Cash holding investment accounts are making 4% like you mentioned. Nothing special…
I’ve been using the Apple Card for a year now. It’s the best Credit Card I’ve ever used. Why? Because I can clearly see all my transactions and see how much interest I’m paying or not paying. When making payments, there’s a slider, you can move to adjust the payment and it shows you how much interest you’ll be paying. So you can move the slider to make a payment amount to pay no interest.
You get cash back every day that you can use anywhere. Plus the physical credit card is great. No numbers on the card and a great design. Because of this card my credit score has improved dramatically! And with this new savings account I’ll be able to save more money this year than ever before.
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🤑💰
The only problem I’ve encountered thous far is not being able to pull a deposit into my Apple savings account from an external bank monthly.It’s only allowing one time transactions, so I have to go to my extra bank and set up automatic deposits if I wanna have that feature. I would have to push deposit into my account. I can’t pull deposits into my account Regularly
Now my personal banking data can be stored in 2 different places! 😃
Their is better option online my go to is ally bank . I don’t have Apple credit card it doesn’t offer better cash back then my 2% Citi card ..
Me and my wife have Apple Pay might go down the savings account rabbit hole
Goldman has lost roughly 3 billion in its venture into consumer banking, a lot of it coming from the Apple Card I’d say they got the short end of the stick
Apple Pay is really going to hit $1B in revenue in no time soon.
Is it FDIC?
This is great. I love Apple Pay and I use it for almost everything.
i sell potatoes
Ahhh capitalism