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

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21 Comments

George H.

Really insightful work. Thanks for this. Apple!

Put Armstrong

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.

    Phillip James

    The initial required deposit must be ten dollars or more.

    Justin W

    Had the same thing. I just transferred cash to linked account, then back to Apple savings

becoming dean.

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 😀

Marty Martin

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!

Don Day

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🤑💰

Jeremy

Now my personal banking data can be stored in 2 different places! 😃

Gregorio

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

Lamont Peterson

Apple Pay is really going to hit $1B in revenue in no time soon.

D S

Is it FDIC?

Pablo Arieu

This is great. I love Apple Pay and I use it for almost everything.

Adam R

My Kroger in Columbus, OH still isn’t accepting Apple Pay (as of last night). One day it will. 😅

Aldo Reyes

I 90% of the time use the Apple Wallet and so far so good

Michael Shafer

What would be most amazing is if they were able to get above the $250K limit. For now, Wealthfront does 4.3% and up to $3M FDIC-insured. If Apple can match that, I’m blown away.

Michael Shafer

I’ve been using Apple Pay for many years and I started using the Apple Card about two years ago. I love it. I only have that card and my Amazon Visa card, just in case some place doesn’t take Mastercard (like internationally). The integrated experience of Apple Pay with the Wallet app and its light analytics are great, and once you start using Apple Watch for Apple Pay it’s even better. The fraud detection is good, annoying sometimes but I’m happy it’s there. Nowadays I only bring my wallet with me and the physical cards if I’m going into a physical restaurant since we still have to usually drop our cards at the end of the meal, but most days when I’m off to Whole Foods or some local coffee shop I always pay with just my watch. I find the watch + apple pay to be a killer combo because the watch is on me all day long and I never have to think about where is my wallet or phone.

Christian King

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.

SteveV

PAZE isn’t going anywhere. And if banks start limiting use of their Cards in ApplePay or GooglePay, then I’ll just close their accounts. Sure, there are other banks with higher APY for savings, but those banks make it really hard to move money in or out of their accounts. All with their own unique web or app UI that make every transaction unnecessarily difficult. But as people become familiar with their phone’s UI (Apple or Android) that will become the face of their bank.

a5193

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.

TechGeek 

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.

R Krish

Apple has earned a lot of trust. People might open an account with Apple.

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