I've been hesitant to do this for multiple reasons:
- 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.
These are all valid points, personally I don't plan on touching these savings for a long time (nor do I really need to track it using apps like Mint/RocketMoney/etc), but if you do then the Apple Savings account really isn't a good choice.
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.
- 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.