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