Yep. I moved my entire savings over there. 4.15% APY beats 0.01% APY any day of the week.
- Does not work with budgeting apps yet (Mint.com in particular)
- No web interface yet, no easy way to do transfers without your phone. Having my life savings tied to a phone... a bit odd. It's a regular ACH account, but it needs more conveniences around it that other banks already have.
I love my Apple Card. I'm a huge fan of their app-first approach for everything, but a bank account is different. It should be easily accessible from any device.
Other banks are doing this excellently and have been for years, just without the fantastic app factor. Discover Bank's savings is at 3.75%. Ally is at 4%. Both with good apps, decent web interfaces, work with budgeting apps, excellent support and high interest rates.
Personally I see it being tied to my phone as a positive, I don't really need to think all that hard about it, signing into an antiquated banking website, doing 2FA, etc etc etc.
Hopefully over time Apple adds these things, but they're certainly not a blocker for me.
That fantastic app factor goes a long way for me.
Because if so, then any other online banking apps on the device aren’t safe. So just about equal security to any other mobile banking service.
- I have far more faith in Apple's security model than a traditional bank's model.
- I assume Goldman Sachs has a decent policy for fraud/hacks (though someone can fact-check this).
- I'm not a millionaire, if I was I'd be using many different bank accounts, is someone going to exploit a likely-already-patched zero-day in one of the most locked-down operating systems to get my five-figure account?
Seems to be just transfers to an Apple Cash account, which is primarily used for free Venmo-like peer to peer payments. Venmo has a similar $20k limit. I think if you're trying to transfer this much money, there are plenty of other transfer methods available.
https://www.goldmansachs.com/terms-and-conditions/Deposits-A...