Apple Savings Account May Bite Into Big Banks
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- Опубликовано: 3 июн 2024
- 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
www.cnet.com/personal-finance...
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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.
Good way to get your account hacked.
@@do9138 Apple has one of the best security set up. On top of that, if someone stole your credit card, they can immediately start spending it. Or if they stole your debit, they can withdraw from ATM. With a virtual card, even if someone stole your phone, they can’t use your cards unless they managed to unlock your phone.
@@Aliens1337 I don't put ANYTHING about my finances on any spyphones. I never even open the browser.
@@do9138well then you’re just a paranoid schizophrenic and don’t understand how encryption works
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.
Where I live Walmart is always a zoo anyway. 20 person lines on each register and self checkout. Plus literal cart traffic. Worse than driving on the highway. Not to mention I've been falsely accused of theft by an employee once (she swore she saw me eat a peach from produce 🤦♂️) I'd rather shop anywhere else.
Literally what happened to me!!! I now use anything else but walmart!!!
Same! My Wal-Mart always has ridiculous lines and wait times. I only go there when it’s early super early or if it’s nearby a current errand. Other than that, I avoid at all cost.
This is why I avoid shopping at Walmart.
Can relate….
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.
Come to Canada. Everything is tap to pay…even at Walmart
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.
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.
They already have it but for like 5 States only
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…
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🤑💰
Fantastic video. I’ve been using Apple Pay since the startup. It’s easy and more convenient providing the vendor uses it. I wish more stores, apps and websites get onboard. The sent and request feature is great too.
This is extremely informative. Thank you for sharing. 👍🏾💯
I have the Apple card but I don't use it as much, I mostly use my rewards miles card. But the savings account does sound tempting. I may wait to see what bugs people encounter.
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.
7*
Paying using Apple Watch is lot more convenient than scanning QR Code.
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!
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.
Interested to see if this will come to the UK. Great video as always!
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.
Apple Pay needs to be launched in more countries, especially in my region (LATAM). In my country, we don’t have Apple Pay yet.
It just launched in Guatemala
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.
Apple can’t find a secure way to work everywhere like Samsung Pay did, because Samsung didn’t find a secure way to do that either - they just blasted your credit card track over the air with an electromagnetic signal strong enough to reach the electromagnetic stripe read head inside the credit card reader. What this means is that, with sensitive enough electronics, anyone nearby could fairly easily skim your card without ever having possession of it or even having to install a reader in the credit card machine. They can just stand nearby and read it over the air. It’s a _terrifying_ system, and that’s why Apple won’t ever do it.
Chip is very secure. It's basically like a constantly changing code that only the card and the bank knows. Think of it as a secret handshake that changes every second and the transaction will only go through if both match at the same time lol.
I think Apple Pay is basically the same thing.
Just got the savings and going to try it this month
I like this coverage.
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.
This news was interesting.I will keep watching. I would like to learn more about the saving acct. I have been using Apple Card (AC) for the beginning. I like the ease of use.
Do you know if this new Apple Savings can be linked/connected to Mint? thanks a bunch!
I don’t have this feature?
Really insightful work. Thanks for this. Apple!
It's been great for me i use it all around the world when i travel and at home . The usual holdouts (homedepot and the other home improvement store) .
Great explainer 💙💙
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 🤷🏻♂️
I’d do the same in a heartbeat if Apple could bring the card and account to Canada, but monopoly regulation up here is awful so it’ll never happen
If Apple was really smart they would raise cash back percentages. Apple products 4%, apple pay 3%, and apple card 2%. This is what I want Apple to do.
bank of america is a rip off
I do wish it had a full website experience though, we shouldn’t have to use the app.
@@Ultrajamz lol why? I’m the complete opposite. I don’t use websites or services that don’t look good on mobile, because I live out of my phone and refuse to use a computer if I don’t absolutely need to.
Thanks, Bridget. Love the financial updates.
Have had it for a while. Out of all my accounts its the one with the lowest % APY. The other problem is that I have had a lot of issues trying to connect my other bank accounts for some reason, they also love to decline transactions and you have to end up calling GS all the time.
The only good thing I see from it is that it is very simple interface. But im considering closing it soon, the low APY and the issues im having with external banks linking is not worth the hassle.
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 😊
I use it constantly via my watch, except when shopping at Sam’s Club or Costco. One issue though is my credit limit is X but my available balance is a grand less because of how they bill the watch Ultra I recently bought on installments.
I’ve been using Apple Pay nearly a year & I rarely use my actual debit card as I prefer to use my Apple Watch, but being disabled & in a wheelchair I am forced to use my card as sometimes the card machines are situated in such a difficult position that I’m unable to stretch & contort my wrist to reach it. I haven’t yet gotten an Apple Card but it’s something to think about considering the great savings percentage compared to other bank accounts. Also really great to see more superb content from Bridget
I’ve been using the Apple Credit Card since it was first launched in 2019. I did it initially to get the metal card. Since then I’ve used it as my main credit card for the rewards in Apple Cash used as my budget for apps and app upgrades. It’s been reliable since day one. With most online retailers implementing Apple Pay as an option I get the 2% cash back instead of 1% standard.
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.
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.
I would rather tote my wallet, than tote my heavier phone everywhere.
@@Bat_Boy You are in the minority. Everyone has their phone at all times.
Great video
I’m in Canada so I don’t have Apple’s credit card. But I absolutely love Apple Pay and have been using it for years. I only carry my wallet around for ID, but I haven’t touched my physical cards or cash in over 3 years.
We need this in uk
Thanks 🙏
Wish the services become available in Costa Rica.
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.
I have been using it for a couple of months. and I really like the one or two or 3% cashback option.
Will this go outside of the U.S. ? No sign of when it will come to Canada.
Just waiting for something in canada...
I spent 5 weeks in Australia in February and March 2023. I converted precisely $0 in currency. I used Apple Pay for every transaction!
Good video
Wonder how long the 4% apy will be here to stay?
What about PayPal or Google pay?
Got both awesome experience
I've been using Apple Pay since it's inception, but have not used or applied for the Apple Card. I've never had an issue with adding any of my bank issued debit/credit cards to the wallet, and try to use the digital payment as often as possible when out in physical locations. Gas stations are one major hurdle though. While many are adopting Apple Pay at the pump, many have the readers but haven't activated "the system." Once gas pumps are all on board (notorious for having card skimmers), I think it's game/set/match for physical cards.
I signed up soon as Apple Card was available back in 2019 and been using it as my default payment method. I bank with bank that supports Apple Pay so I can directly pay my card in Apple wallet. Looking forward to using Apple Savings updating my phone now. One of the features that stands out to me is that my wife and I are both linked to shared account we have one payment account and we can see how each other spends in one easy to app. Thanks for posting this video always enjoy your videos.
I use Apple Pay and love using my Apple watch to pay. I started using the savings one day after it came out.
I 90% of the time use the Apple Wallet and so far so good
I will use this savings account. have had my apple card since the release
This is great. I love Apple Pay and I use it for almost everything.
When I eat out at restaurants, I'm still pulling out the card as most don't accept Apple Pay far as I know. You have to give your card to the waiter or waitress.
when it is going to be in india ????
This is awesome. Just signed up. I put in $10 to start and in less than 2 days it’s up 75 cents. It’s a no brainer
I use Samsung Pay and is really good.
Yoooo, man I like how she is reporting more than the news itself 😅
paypal saving is also matching that 4.15 APY as of 4/21/23. backed by synchrony bank and also FDIC insured.
paypa freezes accounts, not good
@@ARUchannel1 and what makes you think Apple wont freeze theirs in the future.. if you are in the banking system, any bank is capable of that..
I have been using Apple Pay since day 1. I hardly carry my wallet except when an ID is needed. Majority of the stores I shop at use Apple Pay. It's perfect for me. I bank with Capital One so all their cards are supported. I have a high yielding savings with Capital One but I will put some money into Apple savings as well.
Just opened my savings account after getting the Apple Card yesterday. It’s super easy to setup and have! This is truly the future of banking!
In my part of the world we got Pay only last year. I can only imagine how long it’ll take before we get Card, Pay Later and Savings.
I used apple all the time and I left Walmart to go target! I don’t need my physical credit card these days as I mostly buy online or use Apple Pay at stores.
I wish Apple’s fintech products were available in Australia. We have ApplePay, but not the credit card etc.
Very interested on the 4.15% rate but not an iphone user and not about to switch haha
Please Bridget explain in your next video that all the Apple Card goodies are only available in the U.S. here in Europe there is only Apple Pay and no Apple card
I almost exclusively use Apple Pay. It's just so fast and easy! Also, this whole thing that has been popping up with credit card skimming made me want to use Apple Pay even more.
I live in Australia and haven’t used a physical wallet in years. All my credit cards have ended up in apple wallet so I’m good to go.
I never pay with a physical card anymore. I primarily use Apple Pay on my watch
I’m generally paranoid about card skimmers so I use Apple Pay/Samsung Pay whenever I can especially in public locations like petrol stations & transit stations. Apply Pay also works with tap in tap out parking garages and I can leave my physical card safe in my RFID protected wallet. Despite the bugs, I really do appreciate whenever I can pay online with Apple Pay though, something Samsung Pay doesn’t offer. I feel much more secure having another layer of security instead of keying in my actual card number online.
My Kroger in Columbus, OH still isn’t accepting Apple Pay (as of last night). One day it will. 😅
I have been using Apple Pay for a few years now. I have had Apple Card for two years now, and I have already opened a saving account and transferred all my savings to it.
Apple Pay and Apple Card have been an amazing experience and I rarely pull out my physical card
The fact that you are not inhibited by standard contactless payment limits when using Apple pay in the UK is a real advantage. Presumably it is allowed because you have to unlocked your phone or watch to use it so there is an extra line of security than when using a card for contactless payment. I am not sure if this is the case with Google pay or Samsung pay?
Same in Costa Rica, by a new law the banks will start asking for pin on certain transactions but Apple Pay and similar will be excepted because it’s considered that the phone’s authentication is way better than the card one. Even my cards that would ask for pin all the time when abroad don’t do so over Apple Pay anymore.
@Paul Topping it's the same with Google pay, it always prompts me to use my finger print as well
I had no idea. I have been getting robbed by Robinhood this whole time thinking that was an amazing return😅. I figured the economy was in a down turn and the 4.4 APY Robinhood was offering was a Win, but the $5 fee they charge every month is not. Thanks for this video. Definitely switching my money over.
Reinvest the money into stocks in Robinhood
@@LA.Black. the market is horrible right now. I pulled it out so the money could make and not lose.
I rarely have my wallet on me so if a store doesn’t have Apple Pay they’re dead to me.
wil this come to other countries
Well i would assume they would either use goldman sachs branches that are in other countries or partner with other banks in said countries.
Unless apple makes their own bank lol
I live in NYC city too, and ride the subway, and I have my transit benefit card, which is also a Mastercard, in my AppleWallet on my iPhone, so I don’t know what the problem with hers is.
Still, sometimes i dont got the specific info on payment eventhough i don’t subscribe to apple .. they need to fix that..
I am open to the apple savings account, if they get the details right
I've been using Apple Pay for several years now. I'm at the point where I only fill up with Shell or Exxon (Supreme or V-Power) because I can activate the pump on my phone through their app and using Apple Pay to cash out. Last year or the year before, my local bank that had Apple Pay got bought out by a bank that didn't have Apple Pay, so I had lose it,... and I left. Went to a bank that did support it. I use Apple Pay just about everywhere except Walmart, however I am one of the few who enjoys the benefits of Walmart Pay (easy checkout and easily accessible E-Receipts). I have been looking forward to the Apple Savings account since they announced it last fall, and I threw all of my savings into it when it became public. I enjoy the experience and the perks that comes with it vs conventional savings accounts.
Home Depot doesn’t have Apple Pay either. They did in the beginning, but then they switched out of it. I still have to carry my card! Also, when I use the Apple Pay button on eBay, I do not get my 2% cashback from Apple. It’s only 1 %.
Even though I can’t have or use AppleCard because I live in Europe I am avid ApplePay user anyway. At least 75% of my payments are ApplePay payments and I would be strongly considering using Card too as a main card.
I feel like this was recorded on the SNL Weekend Update set
I literally never use my cards unless they don’t take it… which is super rare. But then again I live in nyc and everything here, from transit to the bodega takes Apple Pay.
The gas pump is the only place I use a physical card. If it’s not w/ my phone or Watch you can keep it.
I’d love to get Apple Card if it ever comes to Canada
Do make a video on Google product and services.
Also the security implications of this is pretty high. Loosing everything because someone gets hacked.
Should I drop my Ally bank to Apple pay savings
I’m 50/50 on the Apple Wallet/Apple Pay idea. I often like the feel of my physical cards better and as a force of habit I still default to my credit cards. I’ll use Apple Pay if I remember to or I need a specific card that I don’t carry every day but for the most part I like using the physical cards, especially the metal ones 😅
You are slowly becoming the old man who still pays with a a physical card. Reminds me of old ppl who still went into a bank branch to withdraw cash instead of using the ATM
Just an FYI - if you’re paying with an Apple Card and you’re using the card itself instead of Apple Pay from your phone or Watch, you’re handing Goldman Sachs an extra 1% (and up to 2%) interest on everything you buy. The physical card only gives you 1% cash back - Apple Pay gives you 2% cash back (and 3% at the Apple Store and sometimes at other select vendors).
@@brokeloser I also still prefer to pay with a physical card if I'm physically at a store. But I have my Amazon CC attached to my Amazon account, and I do use Apple Pay here and there if I'll be doing an online transaction. So I can be in both worlds, just those old habits... :)
@@bryansproles2879 Apple Pay is more secure too. Your old habit could expose you to credit card skimming/fraud
I wonder if Apple credit card will ever come to the UK
I always use apple pay whenever possible but never got the apple card but since they tied 4.15% savings account to apple card… boom no brainer for me! Using apple card as default apple pay and put every penny into that saving account inside the wallet app! I know there are many higher yield saving accounts on line available but they do not offer ease and convenience of transactions that you can constantly put money into your savings account like what Apple offered this one! So easy to use and clearly stated how much you get and cash back go straight to savings, the best.
I don’t go to Walmart that much.
It’s interesting how Apple Pay is not as widespread in the US. I live in Costa Rica and often go to Colombia (I was born there) and ever since Apple Pay was adopted by local banks you can pay with Apple Pay literally anywhere that accepts contactless payments. Which I’d say more than 90% of merchants accept contactless payments. I guess we are not that behind in new technologies
Question, but the US has more completion than the countries you mentioned.
Have used Apple Pay since the beginning, and not have closed my Wells Fargo accounts and moved all cash from Schwab into Apple Savings. I also use Robinhood's cash sweep since it beats Apple Savings by a bit at 4.40%, but these are now my main two places to earn interest. IMHO, the big banks have much to worry about. At least for me, they no longer offer anything interesting.
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 ..
That’s the advertised rate. The actual rate will in all likelihood be the 3.9 we’re seeing now at other high yield spots, including Marcus Goldmansachs