NEW: The Apple SAVINGS ACCOUNT is here

So first of all they came out with the Apple Card, which is made of titanium, but disappointingly isn't bulletproof. So this is the Apple Card, this is made of titanium, look, Goldman Sachs right there. It's a pretty big hole there, so not bulletproof. But the thing about the Apple Card is that you don't use the physical card most of the time anyway, because you only get the higher rewards rates when you use it through Apple Pay. And as you spend in different categories, your card turns into a kind of rainbow. And the unique thing about the Apple Card is that whatever cashback you earn that day, you will get deposited into your Apple Wallet at the end of the day. That's why it's called daily cash. And that is in contrast to most credit cards that will deposit rewards like cashback or points at the end of a billing cycle, so on a monthly basis. To be honest, it isn't that important to me. I can wait a month for my rewards, but Apple considers it a selling point and maybe it's important to some people. Like if you bought a very expensive item, like you spent a thousand dollars on a washing machine, you'd be able to get 20 bucks back that day. And 20 bucks is 20 bucks. You could go to the casino and you could put it all on black and turn it into 40 bucks. That might not work. But anyway, Apple announced a few days ago that it is coming out with a savings account that will be available to Apple Card holders. Now, we've known since April that Apple has this so-called multi-year plan to dominate financial services. We reported on it back then and you can check out this video on our channel about it if you're interested. But now Apple has actually announced their next financial product after the Apple Card, which is this new savings account. Here's what they say about it. In the coming months, Apple Card users will be able to open the new high yield savings account and have their daily cash automatically deposited into it with no fees, no minimum deposits and no minimum balance requirements. So right now, your daily cash goes directly into your Apple wallet where you can spend it. But soon you will be able to opt to have it deposited directly into this savings account where you can earn interest on your cashback and you can choose to switch back to the wallet at any time and then back to the savings account. You can just change them at will. Now, my first question about this was, OK, so you're earning interest on your cashback, but is that really going to be that much? Let's say you spend $10,000 a year on the Apple Card at 2 percent. That's going to be $200 in cashback. You put that in the savings account, what are you going to earn like five bucks over the year? So I was interested to see if you could actually deposit other money, additional funds into this account to top it up. So there's more in it than just the cashback you're earning. And the answer is yes. To expand savings even further, users can also deposit additional funds into their savings account through a linked bank account or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card with no fees. Now, my second question about it was, who is the banking partner going to be and what will the interest rates be? And I'll answer those questions in just a second. But first of all, if you have a lot of credit cards and you're looking for a way to easily pool data on all the cards in your wallet in one place, I recommend the app Max Rewards. It shows you your transactions, your balances, your rewards balances and upcoming bills, even if your cards are from different issuers in one easy to use dashboard. And it'll tell you which card to use where and at which local business for the maximum cashback or rewards points. For example, if you have the Apple card, it knows which places accept Apple Pay so you can get the maximum cashback out of that. And it'll recommend the Apple card accordingly. So you guys can try it out with my link below if you're interested. And also with my link, you can get a free month of the pro version Max Rewards Gold, which activates all your Amex offers and quarterly categories on other credit cards so that you never miss a deal. In fact, you might sometimes even spend some money outside and come back home and get an email saying that you saved $10 or $15 or whatever. So do check that out with my link below, guys. You can either download the free version or get a free month of the pro version. All right. So who is the banking partner that Apple is going to be working with on this savings account? The answer to that is Goldman Sachs, who are the current issuer of the Apple card. And what will the interest rate be? Well, let's have a look at the current savings account product by Goldman Sachs, which is called Marcus by Goldman Sachs. And if you don't know, it's named after Marcus Goldman, the founder of Goldman Sachs. He was a Jewish-American banker who operated in New York City in the 1800s. In 1882, when his son-in-law Samuel Sachs joined the firm that he'd founded, he changed the name from Marcus Goldman & Co to M. Goldman & Sachs. But anyway, fast forward 100 years. It's now just called Goldman Sachs. And let's take a look at what interest rate they are offering on their Marcus account. Now, this isn't the absolute highest rate out there, but it is up there with some of the best. It certainly beats Capital One and it's way higher than the likes of Chase, Bank of America or Wells Fargo, who just don't care anymore. I think their conversation must go something like this. Let's do a savings account. OK, let's offer the lowest rate we can, 0.01 percent. Will people still go for it, though? I don't know. Just throw in a cute cartoon of a piggy bank and people will get excited about it. So anyway, I think we can assume that this new Apple savings account will be something like Marcus from Goldman Sachs with a similar interest rate. Maybe it'll even be a Marcus account with the exact same rate, just incorporated into Apple's ecosystem. And if that is the case, it will be close to the highest rates you can get. Not quite because some banks are currently offering 3 percent, but it'll definitely be up there with some of the top accounts. And that, combined with the convenience of having it integrated into Apple software, will probably make it a really convenient product. So watch out for the release of this in the next few months. We don't have a concrete release date for it yet. Apple is just saying in the coming months. Check out the link below for a free month of Max Rewards Gold. Leave your comments as well, guys. What do you think about this product? I'd love to hear what you think. If you're looking for a wallet, do check out my wallet store below. I think they might currently be on sale. Maybe they are. Maybe they're not. Click below to find out. And we will see you next time. Bye bye.