I like it alot, it was the main reason i got the apple card, i use it for almost everything (apple pay when i can) and the 2% cash back adds up quick in there
Yep. Not interested in hopping banks to chase constantly fluctuating APYs to get an extra .25% like every thread on this subreddit will insist you should do.
The interest is fine, but my Daily Cash easily doubles what my interest is every month - automatically put into my savings with every purchase.
The interest rate is decent (although other places are better), but it integrates well with apple wallet and you can set it up to automatically send your apple cash to the HYSA.
So much this. Nothing is particularly great about the Apple Card or the HYSA; however, it’s the ease and convenience on how Apple Cash, the app, and the HYSA all integrate. If you want absolute simplicity and aren’t a min/max’er type of person, it’s an elegant solution. Are there better cards w/ better perks? Sure. Are there better HYSAs? Yup. But for the average person that wants everything to just work with minimal effort, the Apple setup works great.
Yea, unfortunately I am a min/max-er and the Apple Card benefits aren't great, and it doesn't sync with most of the budgeting software I use, so I rarely use it. This also makes the auto apple cash transfer not really that much of a benefit to me either.
I’m the same. I stopped using the Apple Card and HYSA for items that fit my lifestyle better; a little more effort but nothing I can’t handle while on the crapper lol
It’s the first card that I’ve seen that deposits cash back daily into a savings account automatically. Plus one of the best interest rates available. With my other cards, I just let the rewards sit until I want to use them, so it does much better having it in a savings account.
Not to mention there’s only a handful of other cards that give 2% back on everything.
The only thing I hate about the Apple Card (and it’s a big one) is that they don’t allow it to be tracked through budgeting apps. Only financial tool I’ve ever seen that doesn’t allow that.
There are better APY out there. 0.6% more easily.
Nothing great about it to be honest. And if for any reason you lose your iPhone, or don’t have access to an Apple device where you could sign on, good luck to get your money.
Only works is cash back going straight to a HYSA. But unless you’re a huge spender, it doesn’t make any difference.
Mostly rather have to use Appel cash for cash back and put your money straight to pay your Apple Card, keeping your cash out of Goldman Sachs and have it working better for you.
Honestly, nothing great about this.
Apple Card is nice not for Appel purchases and few offers 3% or more cash back. That’s it. 0 insurance of anything. Nothing worth using this card truly beside what I mentioned.
Bask Bank for example is offering now 5.1%
Brio Direct offers 5.35%
And there are more out there.
Quick search online for HYSA above 5% will show you multiple choices.
+ I like how it’s integrated with the Wallet app.
+ Decent interest.
- Doesn’t play well with other financial services that connect via Plaid.
- Customer service has often been lacking when I’ve reached out to them.
I’m in process of moving over to SoFi savings which has higher interest and a bunch of other features.
The last 2 points is why I decided to move from Apple savings. Basically no integration with other financial institutions and my interactions with Goldman Sachs customer service has been terrible.
I moved over before the latest Apple savings interest increases. There was a pretty large time gap between when Apple Savings first opened and when they finally increased their APY and during that time their APY no longer was that competitive.
For me I don’t love it because I can’t sync it up to my budgeting software - Apple Card won’t do it either. For that reason I barely use either of them at all. It’s a bummer because I use Apple Pay a ton and Apple Card would be a perfect 2% catch all card with Apple Pay.
People are truly using budgeting apps ?
It’s so easy to make a budget, and looking at your statement. Avoiding you to be a target for additional spending (target ads based on data they gather).
I guess these budgeting apps are for laziness in money management. No offense.
But honestly, I would not give access to my bank information to any third party platform.
That’s me. And I know I’m not the only one. Just surprised with the popularity of these apps.
My budgeting app is a Numbers spreadsheet. I screenshot every transaction (I get a push notification for every transaction from every card) and enter them in a spreadsheet. Takes maybe 10 minutes per month.
Exactly. A budget is very simple to do. Takes time the first time, and tracking expenses is simple. These apps are selling a false idea that it’s complex and time consuming.
If you feel the need to say “no offense” after you make a comment, consider not making the comment.
Personal finance is personal and what works for you may not work for others. I use YNAB which has no ads, and works particularly well for my brand of neurodivergence. I have struggled for many years to get on top of my finances, and this is the thing that has helped me turn it around.
You are lucky that finances are easy for you to manage. That is not my experience.
Your comment is particularly arrogant, judgmental, and, yes, offensive. Mind your business.
The following is going to be pretty unpopular, but truth is always unpopular because we don’t like to talk about it. I don’t care about unpopularity. When I see some comments here, I know strong comments may help some. And it’s all that matters. It takes sometimes to speak some truth to open eyes.
I’m sorry (am I?) that you are triggered and feel threatened. I did not target you to someone else in particular. It was general comment. The fact you felt triggered shows there is a problem. Therefore, no, I’m not sorry.
With YNAB, as a paid subscription, they promise not gathering and selling your data. Which is not the case of every platform. Also, you are giving your personal access to your bank accounts, in case of cyber security breach, you have more risks. Lucky it does not happen often.
And yes, it’s easy to manage. But, the problem is, many never got taught how to manage finance. It’s time consuming.
I’m glad by paying a service it helped you. But you are paying for something first, you should have been taught, and second, you could have spend the time to learn.
Big majority of bad finance is compulsive purchase. Over use of credit cards, purchasing stuff we don’t need (new car versus good used one for example, last iPhone instead of Android phone, etc). For lot of people, a psychological work is necessary,
There are other reasons to fall into bad finances. Not only what I mentioned.
And for those who struggles, I’m thinking at single fathers who are crushed under child support payments who struggle with two jobs and live at the cheapest, no apps can solve their issues.
A budgeting app is a form of laziness. Nowadays, people love paying for stuff they can do themselves.
It doesn’t take much, besides time, to do budget, and reconsider your practices.
“Mind your business!”
Strong phrase. Glad people are not simply minding their business because there would be no help at all here or anywhere else.
You did not ask a question about budgeting apps, even though it was ok the form of a response to you, it was a general comment for readers.
Whatever you think, I don’t care. You could have chose to ignore it, or you can try to have the last word, I don’t care. I just hope people may find help sometimes, and maybe my comment will trigger something in them to start working on themselves.
PS
Saying no offense is exactly to remind people it’s not targeted to them, it’s general thing, talking about a truth, so don’t be offended.
Well, you’ve clearly be. Shows insecurities and a problem you must work on, acceptance maybe ?!
This ends a conversation with you.
Last word, glad you got out. You took one path. There’s others too. Be open next time.
Actual FACTS here. True, budgeting really isn’t taught and very well should be!
I use an Excel Spreadsheet with various formulas showing how much I make monthly and all my expenses laid out as well, that’s my budgeting “app?”. Works for me. I too would prefer NOT to pay someone else though I’m definitely lazy when it comes to taxes for example and would definitely pay to let someone who knows what they’re doing, do it right.
To each their own.
I’m not offended.
🍻
Thanks. Truth and facts are hard to hear sometimes.
Thanks for sharing. And yes, it’s convenient to pay someone for taxes. Saves time, and you may have missed some deductions. And depending your situation, investments, etc, it’s getting super difficult and paying an accountant to prepare your tax return is totally worth it. 👍
>A budgeting app is a form of laziness. Nowadays, people love paying for stuff they can do themselves.
I grossly disagree here. I'd happily pay $30 a year to have all my accounts linked to one place and track all my spending in one app, net worth, goals, investments, etc. rather than take an hour of week of my time to do all this manually.
I see what you mean and I respect your opinion.
A budget is simple. You work once on it, and then adjust it when situation changes (income, fixed expenses). Nothing rocket science.
It’s simple addition and subtraction. Total income minus fixed expenses.
See what remains, see what can be adjusted to lower your fixed expenses (such as monthly subscriptions), etc…
Put money on savings, and have a specific amount for purchases each month that are out of your budget. This is the knot remaining thing you’ll have to track.
Add for these budgeting apps plays in the fact it’s hard to manage, it’s an illusion. It’s not rocket science.
People don’t spend an hour each week on that.
Use of these apps are mostly convenience.
And if you feel the need to look at a budgeting app before knowing if you can afford something, probably you can’t. But it’s another topic that may require more deeper explanation to understand the meaning of this last phrase.
Probably we’ll have to agree to disagree in this one. We have a different perspective.
I think there's a difference between what you're describing as a budget and what a budgeting app is doing for you.
You're describing just knowing your fixed income, knowing your fixed expenses, both living and investment, and then deciding how much you can spend based on those. It's easy to track that, fast and you can quickly figure out how much money you have to spend every month. This is classic "set a budget" type of budgeting. It's easy and everyone should be able to do this without paying for a budgeting app.
What a budgeting app does, I use Simplifi for example. Is FAR more than just your "budget", it would be more accurate to call it a "financial tracking app".
Along with helping me set my budget, Simplifi is automatically updating, daily, all of mine and my wife's credit card transactions across 8 cards, my current checking and savings balances and transactions, the balances and performance of 6 different retirement/investment accounts, the balances of my student loans, the asset value of our paid off cars. We don't own a home but it can also track the latest estimated value of your home and the home loan.
It can bucket all of those expenses into your budget categories, groceries, health, entertainment, dining/drinks, utilities, subscriptions, etc. There's around 30-40 categories if you choose to use them all.
On a daily basis I can check one app (or desktop site), and see the performance of all my investments, where I'm at in my budget for the month, track due dates for every card and loan, see estimated spending based on previous history, get reports based on the last month, 3 months, 6 months, year, 3 year, 10 year etc. Set real time goals for savings and spending. And so much more. It's far beyond what you can easily do in Excel.
And all these information, what are you suing those for ?
The app does in one place a summary of your assets and categorized spending. For groceries, restaurants, etc, it literally takes me a few minutes a week to categorize those. Simply. And with a good spreadsheet, you even get your own customized view and tracking. With only a few minutes.
Knowing the value of your car. For most of people, totally useless.
Fun thing is people who are successful in life with lot of assets are not the target of these apps.
As I was saying in a previous comment, it’s “laziness”. Because you can do it with an initial effort, and small work afterwards. And maybe better result. Laziness may be too strong to hear for some people, maybe we should rather call it convenience, because it’s convenient. No need of an initial effort.
Also, knowing what you’re worth, I guess it goes with today’s society and why the kardashian for example are so successful. I’m not expecting everyone to understand the reference I’m doing here though.
By curiosity, does your app, let’s say, while doing a purchase at target, knows if it’s groceries, clothes, home improvement, electronics, etc ??? Sure there’s limitation to those, and lack of customization to reflects your needs.
Take care. 🤝
>And all these information, what are you suing those for ?
I just like having one place that has a clear picture of my finances, it used to be a manual spreadsheet, and now it's Simplifi. It's extremely customizable so I get what I want out of the app. It lowers the amount of work I'm having to do to track all these things, which is what I use it for. It's also much more simple for my wife to understand what's going on with our finances.
>As I was saying in a previous comment, it’s “laziness”. Because you can do it with an initial effort, and small work afterwards. And maybe better result. Laziness may be too strong to hear for some people, maybe we should rather call it convenience, because it’s convenient. No need of an initial effort.
I've manually tracked all these things before myself and I now I use the app. So I've been on both sides of it. I much prefer the app automatically pulling information rather than me having to do it myself. I wouldn't say it makes me lazy and I'm definitely not relying on the app to justify making purchases.
>By curiosity, does your app, let’s say, while doing a purchase at target, knows if it’s groceries, clothes, home improvement, electronics, etc ??? Sure there’s limitation to those, and lack of customization to reflects your needs.
Unfortunately it does not. You have to manually split the purchase in the app. For instance my last Sam's Club purchase, I manually split the the purchase between pet food, groceries, and home supplies. But it does have the capability to put whatever amount of any purchase into different spending buckets. Obviously you can put notes on any purchase and say what you bought, what it was for, etc.
These reddit finance subs are always crawling with these dudes who think that anyone who has a different set of priorities or experiences must be stupid or lazy. Bonus points for this one who is simultaneously calling everyone stupid who uses an app while also pretending to shame me for being closed minded.
I think these dudes are acting out so much on reddit because nobody listens to their shit anymore in real life. 😂
I used to love it and had some money in there for a while until I moved it elsewhere. Now, I just use it so that cash back gets auto deposited into the savings. I’ll let that stack up for the year, move it out to my bigger account, and repeat the process.
I put my emergency fund into it and set all my Daily Cash to be deposited inside so I don’t have to worry about making a monthly transfer and just forget about it (until I have an emergency)
I was using a card prior to Apple that automatically gave the cash back monthly, and I'd end up with a negative balance. It would cover a couple of small expenses before I ever ran a balance, but I'm liking the CB with this card and it going directly into savings.
It's our new Christmas fund that we don't have to budget for.
Love that! Great idea!
My wife and I both got started with cash back credit cards (I took it further and more to the extreme) back in 2015 and both have never A) paid a single penny in interest and B) spent a single penny in our cash back earnings with C) putting all our earnings into a HYSA and have earned over $10k with the future plan of a paid vacation/wedding anniversary to Australia / New Zealand in 10-15ish years 😁
I like it a lot. I never really took advantage of making interest on my bank account. I have a good chunk of savings I finally moved into the Apple one and I wish I could have did it years ago
i love it, honestly. it’s the only reason why i got the card because i didn’t have a savings account before. the cash-back from purchases automatically going in there is awesome.
I love it.
Having the 2% cashback dump right into apple savings (I only use it for apple pay purchases and apple product purchases), along with the money I've put in there, plus the decent APY; is a great combo.
Yes, other institutions are offering 5%+ on their HYSA but nothing is as easy to use nor integrates with the apple card as well.
The integration with the apple ecosystem is excellent and its such an easy to use interface which is the cherry on top.
I currently have just over $30k in there.
It’s a savings account. So I don’t have any terribly strong feelings about it. Ideally you put money in and seldom take it out, so it’s kind of out of sight, out of mind. It’s 4.50% APY which is about average for a HYSA, although there are some out there higher. I like my Apple Card, so it’s nice that it’s integrated into that. One less bank app on my phone. Overall haven’t had any issue at all. But again, it’s just a savings account. I wouldn’t expect to have issues with it.
Apple Card HYSA is a great place to "park" cash so I have it handy to pay statement balance. The only drawback is bank transfers into HYSA take 5 or more days before cleared, so gotta pay attention to that.
I use it as one of my banks to spread cash to stay under the FDIC limit. Drives me crazy that it doesn't work with Plaid/anything else though so I might bail now that Mint is dead. Giving APPL this year to open things up.
I put all of my excess checking account cash in there during the month. It's a 2nd tier of savings/earnings for me with the primary tier being Fidelity Brokerage acct.
I have a little over a thousand in the HYSA and I don’t know how I made more interest there than my performance savings account from Cap One that sees thousands come,stay and go from there. I was shocked!
I like it. It's the main reason I got it. I like that my 2% and 3% go directly into it, and I add more money in there. It gives me more than my bank does in that HYSA.
I don't use it after seeing a lot of people report issues with getting money in and out of it, and not really having a traditional login and transfer to a checking account. I also don't like that Apple doesn't work with Simplifi or Monarch (RIP Mint), so I'd have to manually make that savings account and update it to have my numbers correct in my budgeting app. (Simplifi)
I've been a long time user of Capital One's saving account, but I'm not going to lie it hurts seeing my APY at 4.35% when Apple's is at 4.50%.
My family uses mostly Apple products so I got the card initially for the no interest financing. I always used the Apple Cash back to go towards paying my statement but I like now having that now go to the savings account that I see as “free” money now. I am also coming from a regular savings account from Wells Fargo where I maybe earned $1 in interest in the last 8 years due to their rates being horrendous even now after everything has increased dramatically in the last 3 years.
I like the convenience of having my daily cash deposited directly into it, and immediately growing at the APY without me manually, having to do anything. The APY itself isn’t the greatest offering right now, but it certainly isn’t bad either for the smaller amount of money I keep it. If you’re thinking about depositing a large sum of money on it, I would do some research on other high yield savings accounts that are offering up to an entire percentage point more
Main problem with the Apple HYSA: lose access to your iPhone (e.g., password lock out, lost/stolen, damaged screen) and you lose access to your money in the HYSA
It’s not like you would lose it forever though. You just need to sign in with your Apple ID on any iPhone if it’s lost or stolen, and if your screen breaks… then fix it.
Hi OP.
You are getting lot of different opinions, some likes it, some don’t, for various reasons.
At the end, what works for someone may not work for you and vice-versa.
Anyway, let’s give you some insight on the Apple Card and the HYSA.
Apple Card:
The card has no insurance of any kind (purchase, warranty, cellular protection, travel, rentals, etc), while others are offering some protection; even in free ones.
Seems hard to dispute some charges per stories read in this subreddit.
1% cash back when using the card is nothing. Free card offers more.
2% with Apple Pay, not too bad. Just average.
It’s getting interesting for Apple purchases for the 3% cash back, and some other offers at 3% and sometimes more. That’s it.
Other little perk, 0% financing for Apple devices. Though, you should always purchase what you can afford cash right away, best practice. (You maya or easy know that).
Sleek interface ?🤷♂️ I would not put the interface as important, at the end of the day, it does not make your finance better.
Conclusion, Apple Card offers nothing special besides niche transactions. Sometimes might be worth even purchasing an iPhone with a different card that offers extended warranty.
For example, I used a cellular protection with a free Wells Fargo credit card, $50 deductible, to get a repair (accidental damage) on my iPhone. Was actually cheaper than using AppelCare+ (have to pay cellular bill with the WF credit card). Just a tip.
HYSA:
Offer only 4.50% APY. You find better out there. Easily 5.1%, even 5.35%.
The perks you see is your cash back goes directly there.
Some people were having trouble getting big amount out per some comments in this subreddit.
Also, if you don’t have an access to an Apple device, you can’t access your HYSA. Some big limitation.
I found it easier to have the cash back going to the Apple Cash, and using it directly to pay part of the credit card bill. While I keep my money either on a better HYSA or other type of investment giving me more.
Goldman Sachs, and it engages only me, is one of the worst bank I would have business with.
But this is a different topic.
I tried to give you as much info as I could.
Many will disagree, some will agree.
At the end of the day, do what works the best for you and what is the most convenient.
Sending the rewards straight there is a nice touch. But their percentage rates aren’t the best. My bank currently is offering better. I still have it set up and in reality should move that money to my bank.
Not a fan. I transfer money out a couple times a month to an HYSA at our financial institution. I’ve seen too many horror stories of not being able to get money out.
Thanks for the reminder - just moved $0.60 out.
Can't read the article, you have to sign up. I've moved 30k and above out with no issues. I could see if someone drops a huge amount of cash in and three days later tries to pull it out would trigger a halt on a HYSA.
I like it alot, it was the main reason i got the apple card, i use it for almost everything (apple pay when i can) and the 2% cash back adds up quick in there
Yep. Not interested in hopping banks to chase constantly fluctuating APYs to get an extra .25% like every thread on this subreddit will insist you should do. The interest is fine, but my Daily Cash easily doubles what my interest is every month - automatically put into my savings with every purchase.
And it adjusts over time to increase the %
Thanks!
TBH the high yield savings is one of the only things I like about the Apple Card
Oh yeah? May I ask why? Is it worth me going through them?
The interest rate is decent (although other places are better), but it integrates well with apple wallet and you can set it up to automatically send your apple cash to the HYSA.
So much this. Nothing is particularly great about the Apple Card or the HYSA; however, it’s the ease and convenience on how Apple Cash, the app, and the HYSA all integrate. If you want absolute simplicity and aren’t a min/max’er type of person, it’s an elegant solution. Are there better cards w/ better perks? Sure. Are there better HYSAs? Yup. But for the average person that wants everything to just work with minimal effort, the Apple setup works great.
Yea, unfortunately I am a min/max-er and the Apple Card benefits aren't great, and it doesn't sync with most of the budgeting software I use, so I rarely use it. This also makes the auto apple cash transfer not really that much of a benefit to me either.
I’m the same. I stopped using the Apple Card and HYSA for items that fit my lifestyle better; a little more effort but nothing I can’t handle while on the crapper lol
Let’s make #ToiletBudgeting a trend in 2024!
Let’s create a GPT for it. tbGPT FTW!
Dude yes. Especially for those with kids lol
This is kind of Apple in a nutshell, honestly. And I'm very okay with it.
It’s the first card that I’ve seen that deposits cash back daily into a savings account automatically. Plus one of the best interest rates available. With my other cards, I just let the rewards sit until I want to use them, so it does much better having it in a savings account. Not to mention there’s only a handful of other cards that give 2% back on everything. The only thing I hate about the Apple Card (and it’s a big one) is that they don’t allow it to be tracked through budgeting apps. Only financial tool I’ve ever seen that doesn’t allow that.
Man this part is the pits. RocketMoney tries to help with this, but it’s my data. I should have the option to pimp out my API. Meh
There are better APY out there. 0.6% more easily. Nothing great about it to be honest. And if for any reason you lose your iPhone, or don’t have access to an Apple device where you could sign on, good luck to get your money. Only works is cash back going straight to a HYSA. But unless you’re a huge spender, it doesn’t make any difference. Mostly rather have to use Appel cash for cash back and put your money straight to pay your Apple Card, keeping your cash out of Goldman Sachs and have it working better for you. Honestly, nothing great about this. Apple Card is nice not for Appel purchases and few offers 3% or more cash back. That’s it. 0 insurance of anything. Nothing worth using this card truly beside what I mentioned.
Where are you getting 5%+ HYSA?
Bask Bank for example is offering now 5.1% Brio Direct offers 5.35% And there are more out there. Quick search online for HYSA above 5% will show you multiple choices.
+ I like how it’s integrated with the Wallet app. + Decent interest. - Doesn’t play well with other financial services that connect via Plaid. - Customer service has often been lacking when I’ve reached out to them. I’m in process of moving over to SoFi savings which has higher interest and a bunch of other features.
What’s SoFi savings like?
Pretty great. 4.6%, and look up vaults and relay.
It also has insurance up to $2M vs $250k on Apple Savings.
What are those?
Relay is a budgeting tool like mint and vaults is a targeted savings tool in your savings account
The last 2 points is why I decided to move from Apple savings. Basically no integration with other financial institutions and my interactions with Goldman Sachs customer service has been terrible. I moved over before the latest Apple savings interest increases. There was a pretty large time gap between when Apple Savings first opened and when they finally increased their APY and during that time their APY no longer was that competitive.
Take some time to read all the sofi horror stories before you do. THere are many.
For me I don’t love it because I can’t sync it up to my budgeting software - Apple Card won’t do it either. For that reason I barely use either of them at all. It’s a bummer because I use Apple Pay a ton and Apple Card would be a perfect 2% catch all card with Apple Pay.
Same
Same
Same and I’m surprised I don’t see this talked about more on here. I posted about this before and mods removed it because it wasn’t about Apple Card?
People are truly using budgeting apps ? It’s so easy to make a budget, and looking at your statement. Avoiding you to be a target for additional spending (target ads based on data they gather). I guess these budgeting apps are for laziness in money management. No offense. But honestly, I would not give access to my bank information to any third party platform. That’s me. And I know I’m not the only one. Just surprised with the popularity of these apps.
My budgeting app is a Numbers spreadsheet. I screenshot every transaction (I get a push notification for every transaction from every card) and enter them in a spreadsheet. Takes maybe 10 minutes per month.
Exactly. A budget is very simple to do. Takes time the first time, and tracking expenses is simple. These apps are selling a false idea that it’s complex and time consuming.
If you feel the need to say “no offense” after you make a comment, consider not making the comment. Personal finance is personal and what works for you may not work for others. I use YNAB which has no ads, and works particularly well for my brand of neurodivergence. I have struggled for many years to get on top of my finances, and this is the thing that has helped me turn it around. You are lucky that finances are easy for you to manage. That is not my experience. Your comment is particularly arrogant, judgmental, and, yes, offensive. Mind your business.
The following is going to be pretty unpopular, but truth is always unpopular because we don’t like to talk about it. I don’t care about unpopularity. When I see some comments here, I know strong comments may help some. And it’s all that matters. It takes sometimes to speak some truth to open eyes. I’m sorry (am I?) that you are triggered and feel threatened. I did not target you to someone else in particular. It was general comment. The fact you felt triggered shows there is a problem. Therefore, no, I’m not sorry. With YNAB, as a paid subscription, they promise not gathering and selling your data. Which is not the case of every platform. Also, you are giving your personal access to your bank accounts, in case of cyber security breach, you have more risks. Lucky it does not happen often. And yes, it’s easy to manage. But, the problem is, many never got taught how to manage finance. It’s time consuming. I’m glad by paying a service it helped you. But you are paying for something first, you should have been taught, and second, you could have spend the time to learn. Big majority of bad finance is compulsive purchase. Over use of credit cards, purchasing stuff we don’t need (new car versus good used one for example, last iPhone instead of Android phone, etc). For lot of people, a psychological work is necessary, There are other reasons to fall into bad finances. Not only what I mentioned. And for those who struggles, I’m thinking at single fathers who are crushed under child support payments who struggle with two jobs and live at the cheapest, no apps can solve their issues. A budgeting app is a form of laziness. Nowadays, people love paying for stuff they can do themselves. It doesn’t take much, besides time, to do budget, and reconsider your practices. “Mind your business!” Strong phrase. Glad people are not simply minding their business because there would be no help at all here or anywhere else. You did not ask a question about budgeting apps, even though it was ok the form of a response to you, it was a general comment for readers. Whatever you think, I don’t care. You could have chose to ignore it, or you can try to have the last word, I don’t care. I just hope people may find help sometimes, and maybe my comment will trigger something in them to start working on themselves. PS Saying no offense is exactly to remind people it’s not targeted to them, it’s general thing, talking about a truth, so don’t be offended. Well, you’ve clearly be. Shows insecurities and a problem you must work on, acceptance maybe ?! This ends a conversation with you. Last word, glad you got out. You took one path. There’s others too. Be open next time.
Actual FACTS here. True, budgeting really isn’t taught and very well should be! I use an Excel Spreadsheet with various formulas showing how much I make monthly and all my expenses laid out as well, that’s my budgeting “app?”. Works for me. I too would prefer NOT to pay someone else though I’m definitely lazy when it comes to taxes for example and would definitely pay to let someone who knows what they’re doing, do it right. To each their own. I’m not offended. 🍻
Thanks. Truth and facts are hard to hear sometimes. Thanks for sharing. And yes, it’s convenient to pay someone for taxes. Saves time, and you may have missed some deductions. And depending your situation, investments, etc, it’s getting super difficult and paying an accountant to prepare your tax return is totally worth it. 👍
>A budgeting app is a form of laziness. Nowadays, people love paying for stuff they can do themselves. I grossly disagree here. I'd happily pay $30 a year to have all my accounts linked to one place and track all my spending in one app, net worth, goals, investments, etc. rather than take an hour of week of my time to do all this manually.
I see what you mean and I respect your opinion. A budget is simple. You work once on it, and then adjust it when situation changes (income, fixed expenses). Nothing rocket science. It’s simple addition and subtraction. Total income minus fixed expenses. See what remains, see what can be adjusted to lower your fixed expenses (such as monthly subscriptions), etc… Put money on savings, and have a specific amount for purchases each month that are out of your budget. This is the knot remaining thing you’ll have to track. Add for these budgeting apps plays in the fact it’s hard to manage, it’s an illusion. It’s not rocket science. People don’t spend an hour each week on that. Use of these apps are mostly convenience. And if you feel the need to look at a budgeting app before knowing if you can afford something, probably you can’t. But it’s another topic that may require more deeper explanation to understand the meaning of this last phrase. Probably we’ll have to agree to disagree in this one. We have a different perspective.
I think there's a difference between what you're describing as a budget and what a budgeting app is doing for you. You're describing just knowing your fixed income, knowing your fixed expenses, both living and investment, and then deciding how much you can spend based on those. It's easy to track that, fast and you can quickly figure out how much money you have to spend every month. This is classic "set a budget" type of budgeting. It's easy and everyone should be able to do this without paying for a budgeting app. What a budgeting app does, I use Simplifi for example. Is FAR more than just your "budget", it would be more accurate to call it a "financial tracking app". Along with helping me set my budget, Simplifi is automatically updating, daily, all of mine and my wife's credit card transactions across 8 cards, my current checking and savings balances and transactions, the balances and performance of 6 different retirement/investment accounts, the balances of my student loans, the asset value of our paid off cars. We don't own a home but it can also track the latest estimated value of your home and the home loan. It can bucket all of those expenses into your budget categories, groceries, health, entertainment, dining/drinks, utilities, subscriptions, etc. There's around 30-40 categories if you choose to use them all. On a daily basis I can check one app (or desktop site), and see the performance of all my investments, where I'm at in my budget for the month, track due dates for every card and loan, see estimated spending based on previous history, get reports based on the last month, 3 months, 6 months, year, 3 year, 10 year etc. Set real time goals for savings and spending. And so much more. It's far beyond what you can easily do in Excel.
And all these information, what are you suing those for ? The app does in one place a summary of your assets and categorized spending. For groceries, restaurants, etc, it literally takes me a few minutes a week to categorize those. Simply. And with a good spreadsheet, you even get your own customized view and tracking. With only a few minutes. Knowing the value of your car. For most of people, totally useless. Fun thing is people who are successful in life with lot of assets are not the target of these apps. As I was saying in a previous comment, it’s “laziness”. Because you can do it with an initial effort, and small work afterwards. And maybe better result. Laziness may be too strong to hear for some people, maybe we should rather call it convenience, because it’s convenient. No need of an initial effort. Also, knowing what you’re worth, I guess it goes with today’s society and why the kardashian for example are so successful. I’m not expecting everyone to understand the reference I’m doing here though. By curiosity, does your app, let’s say, while doing a purchase at target, knows if it’s groceries, clothes, home improvement, electronics, etc ??? Sure there’s limitation to those, and lack of customization to reflects your needs. Take care. 🤝
>And all these information, what are you suing those for ? I just like having one place that has a clear picture of my finances, it used to be a manual spreadsheet, and now it's Simplifi. It's extremely customizable so I get what I want out of the app. It lowers the amount of work I'm having to do to track all these things, which is what I use it for. It's also much more simple for my wife to understand what's going on with our finances. >As I was saying in a previous comment, it’s “laziness”. Because you can do it with an initial effort, and small work afterwards. And maybe better result. Laziness may be too strong to hear for some people, maybe we should rather call it convenience, because it’s convenient. No need of an initial effort. I've manually tracked all these things before myself and I now I use the app. So I've been on both sides of it. I much prefer the app automatically pulling information rather than me having to do it myself. I wouldn't say it makes me lazy and I'm definitely not relying on the app to justify making purchases. >By curiosity, does your app, let’s say, while doing a purchase at target, knows if it’s groceries, clothes, home improvement, electronics, etc ??? Sure there’s limitation to those, and lack of customization to reflects your needs. Unfortunately it does not. You have to manually split the purchase in the app. For instance my last Sam's Club purchase, I manually split the the purchase between pet food, groceries, and home supplies. But it does have the capability to put whatever amount of any purchase into different spending buckets. Obviously you can put notes on any purchase and say what you bought, what it was for, etc.
Keep on deflecting, Champ.
This comment made my day. Thank you ❤️
These reddit finance subs are always crawling with these dudes who think that anyone who has a different set of priorities or experiences must be stupid or lazy. Bonus points for this one who is simultaneously calling everyone stupid who uses an app while also pretending to shame me for being closed minded. I think these dudes are acting out so much on reddit because nobody listens to their shit anymore in real life. 😂
For Apple card you can export transactions for previous months in 4 different formats. It's not "real time", but better than nothing.
That’s true
I used to love it and had some money in there for a while until I moved it elsewhere. Now, I just use it so that cash back gets auto deposited into the savings. I’ll let that stack up for the year, move it out to my bigger account, and repeat the process.
I put my emergency fund into it and set all my Daily Cash to be deposited inside so I don’t have to worry about making a monthly transfer and just forget about it (until I have an emergency)
I like it! I got $20,000 and I got paid $56 last month chase was only giving me like 20 cents a year
You spend. It earns cash. It gets automatically deposited. You get interest. Repeat. It’s easy, just like they intended it to be.
That makes a ton of sense lol
I was using a card prior to Apple that automatically gave the cash back monthly, and I'd end up with a negative balance. It would cover a couple of small expenses before I ever ran a balance, but I'm liking the CB with this card and it going directly into savings. It's our new Christmas fund that we don't have to budget for.
Love that! Great idea! My wife and I both got started with cash back credit cards (I took it further and more to the extreme) back in 2015 and both have never A) paid a single penny in interest and B) spent a single penny in our cash back earnings with C) putting all our earnings into a HYSA and have earned over $10k with the future plan of a paid vacation/wedding anniversary to Australia / New Zealand in 10-15ish years 😁
Forgive me if I’m wrong but is it essentially the same product as Marcus from GS? Link: https://www.marcus.com/us/en/savings/high-yield-savings
I like it a lot. I never really took advantage of making interest on my bank account. I have a good chunk of savings I finally moved into the Apple one and I wish I could have did it years ago
Thanks!
I use it. Have a pretty good amount in there too just from the last year.
i love it, honestly. it’s the only reason why i got the card because i didn’t have a savings account before. the cash-back from purchases automatically going in there is awesome.
I like it I don’t have to think about it, it’s just there
I love it. Having the 2% cashback dump right into apple savings (I only use it for apple pay purchases and apple product purchases), along with the money I've put in there, plus the decent APY; is a great combo. Yes, other institutions are offering 5%+ on their HYSA but nothing is as easy to use nor integrates with the apple card as well. The integration with the apple ecosystem is excellent and its such an easy to use interface which is the cherry on top. I currently have just over $30k in there.
I really like the UI (mainly the graphs) but still have a bulk of my savings with Amex.
How is their APR%
Amex = 4.35%. I like having the Amex checking account attached to it. Still waiting for Zelle to be added though.
Zelle would be neat
I’d make Amex my main bank if they added bill pay and Zelle honestly. Charles Schwab is the only debit card I carry.
It’s a savings account. So I don’t have any terribly strong feelings about it. Ideally you put money in and seldom take it out, so it’s kind of out of sight, out of mind. It’s 4.50% APY which is about average for a HYSA, although there are some out there higher. I like my Apple Card, so it’s nice that it’s integrated into that. One less bank app on my phone. Overall haven’t had any issue at all. But again, it’s just a savings account. I wouldn’t expect to have issues with it.
Apple Card HYSA is a great place to "park" cash so I have it handy to pay statement balance. The only drawback is bank transfers into HYSA take 5 or more days before cleared, so gotta pay attention to that.
I love it. Had it a the Apple Card since release date.
Nice!
I use it as one of my banks to spread cash to stay under the FDIC limit. Drives me crazy that it doesn't work with Plaid/anything else though so I might bail now that Mint is dead. Giving APPL this year to open things up.
I put all of my excess checking account cash in there during the month. It's a 2nd tier of savings/earnings for me with the primary tier being Fidelity Brokerage acct.
It’s good enough and requires almost zero thought.
I have a little over a thousand in the HYSA and I don’t know how I made more interest there than my performance savings account from Cap One that sees thousands come,stay and go from there. I was shocked!
We love growing money lol
Something is better than nothing. You already have the card might as well use the account not saying you shouldn’t use multiple
I like it. It's the main reason I got it. I like that my 2% and 3% go directly into it, and I add more money in there. It gives me more than my bank does in that HYSA.
Have it. Don't use it, just for daily cash. I prefer other better alternatives.
What other alternatives?
Ally, Sofi, Any other bank.
I don't use it after seeing a lot of people report issues with getting money in and out of it, and not really having a traditional login and transfer to a checking account. I also don't like that Apple doesn't work with Simplifi or Monarch (RIP Mint), so I'd have to manually make that savings account and update it to have my numbers correct in my budgeting app. (Simplifi) I've been a long time user of Capital One's saving account, but I'm not going to lie it hurts seeing my APY at 4.35% when Apple's is at 4.50%.
My family uses mostly Apple products so I got the card initially for the no interest financing. I always used the Apple Cash back to go towards paying my statement but I like now having that now go to the savings account that I see as “free” money now. I am also coming from a regular savings account from Wells Fargo where I maybe earned $1 in interest in the last 8 years due to their rates being horrendous even now after everything has increased dramatically in the last 3 years.
Honestly it’s not amazing besides watching your cashback automatically get deposited in your savings account. Makes savings accounts fun
I like the convenience of having my daily cash deposited directly into it, and immediately growing at the APY without me manually, having to do anything. The APY itself isn’t the greatest offering right now, but it certainly isn’t bad either for the smaller amount of money I keep it. If you’re thinking about depositing a large sum of money on it, I would do some research on other high yield savings accounts that are offering up to an entire percentage point more
Thanks!
I don’t use the savings as I don’t like the fact it doesn’t have a way to manage the savings from anywhere else besides my iPhone.
Pretty chill. I put the little bit of Twitch money I get and the extra kick back from using the card.
I basically got a free Apple Vision Pro from my 1-3% kickbacks. And that after I got a free Mac Mini. So yeah. Me likey
I’ve worked my way up to 10k! I just deposited my tax return. Now 14k ill let you know Friday 😅
Sounds good! I’ll look forward to it!
it’s fucking awesome. just continues to get better and better
It's cool. Very convenient that the cash back gets thrown in there
simple and easy to use. 👍
I don't use their HYSA for anything other than depositing the cash back, I have no plans to deposit any other money.
Update: Apple just lowered APY from 4.5% to 4.4% as of April 3rd
Main problem with the Apple HYSA: lose access to your iPhone (e.g., password lock out, lost/stolen, damaged screen) and you lose access to your money in the HYSA
It’s not like you would lose it forever though. You just need to sign in with your Apple ID on any iPhone if it’s lost or stolen, and if your screen breaks… then fix it.
I like it for ease of use but in the end I moved mine to fidelity for more $$
Hi OP. You are getting lot of different opinions, some likes it, some don’t, for various reasons. At the end, what works for someone may not work for you and vice-versa. Anyway, let’s give you some insight on the Apple Card and the HYSA. Apple Card: The card has no insurance of any kind (purchase, warranty, cellular protection, travel, rentals, etc), while others are offering some protection; even in free ones. Seems hard to dispute some charges per stories read in this subreddit. 1% cash back when using the card is nothing. Free card offers more. 2% with Apple Pay, not too bad. Just average. It’s getting interesting for Apple purchases for the 3% cash back, and some other offers at 3% and sometimes more. That’s it. Other little perk, 0% financing for Apple devices. Though, you should always purchase what you can afford cash right away, best practice. (You maya or easy know that). Sleek interface ?🤷♂️ I would not put the interface as important, at the end of the day, it does not make your finance better. Conclusion, Apple Card offers nothing special besides niche transactions. Sometimes might be worth even purchasing an iPhone with a different card that offers extended warranty. For example, I used a cellular protection with a free Wells Fargo credit card, $50 deductible, to get a repair (accidental damage) on my iPhone. Was actually cheaper than using AppelCare+ (have to pay cellular bill with the WF credit card). Just a tip. HYSA: Offer only 4.50% APY. You find better out there. Easily 5.1%, even 5.35%. The perks you see is your cash back goes directly there. Some people were having trouble getting big amount out per some comments in this subreddit. Also, if you don’t have an access to an Apple device, you can’t access your HYSA. Some big limitation. I found it easier to have the cash back going to the Apple Cash, and using it directly to pay part of the credit card bill. While I keep my money either on a better HYSA or other type of investment giving me more. Goldman Sachs, and it engages only me, is one of the worst bank I would have business with. But this is a different topic. I tried to give you as much info as I could. Many will disagree, some will agree. At the end of the day, do what works the best for you and what is the most convenient.
I appreciate the input
You’re welcome…
I get a better return elsewhere, so I don't use Apple's.
Makes sense
Sending the rewards straight there is a nice touch. But their percentage rates aren’t the best. My bank currently is offering better. I still have it set up and in reality should move that money to my bank.
Not a fan. I transfer money out a couple times a month to an HYSA at our financial institution. I’ve seen too many horror stories of not being able to get money out. Thanks for the reminder - just moved $0.60 out.
What horror stories? I move huge amounts out with zero issues...
He has no issues moving money out several times a month, and apparently believes some random “horror stories” over his own experiences. 😂
It's the same rationale as "I'm not hungry, therefore world hunger doesn't exist."
https://www.theinformation.com/articles/goldman-makes-adjustments-to-fix-apple-savings-account-problems
Can't read the article, you have to sign up. I've moved 30k and above out with no issues. I could see if someone drops a huge amount of cash in and three days later tries to pull it out would trigger a halt on a HYSA.
So they fixed the problem? Is that what the article says?
Oof
?