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Apple 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. Some are arguing that having savings tied to credit card, payments app could tempt some users into overspending.
But stashing money for big purchases or with the same app used to buy things each day could prove a little too convenient, tempting users to spend instead of save, financial advisers say. Charlotte Geletka, a financial planner with Silver Penny Financial in Atlanta, says Apple saving accounts can be a great way to manage short-term savings for things such as travel and smaller purchases. But for others, the instant access could lead to mindless spending. “Will you treat it like a savings account and not just like an easy trigger checking account?” she said.
https://www.wsj.com/articles/apple-card-savings-account-spending-bea0da1e?st=z7d028z6sx2wpxw
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