Published On: Thu, Apr 27th, 2023

Apple’s New Savings Account Is Convenient. Is That a Good Thing?

Apple Inc. turned millions of iPhones into piggy banks with the

launch of its new high-yield savings accounts. The savings account is unusual in another way, too: It is attached to Apple Card, a credit card.

Savings accounts and credit cards are usually kept separate. In traditional wallets, debit and credit cards keep spending accounts at your fingertips, but it is rare to have similar access to savings on the go. The allure of putting them together is the ability to seamlessly transfer money between them and more easily use savings money to pay off debt.

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