If you're living check to check, you shouldn't put the money you need to live on in a savings account.
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Apple Card Warning for Apple Card Savings Account users - 5-day limbo
- Thread starter rhaezorblue
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If you're living check to check, you shouldn't put the money you need to live on in a savings account.
Kinda sorta on topic...but different.
I recently remote deposited a personal check for $26,360 into my CHECKING account. USAA made $10K "immediately available", with the rest of the funds "on hold" for 7 days. That kind of thing is fairly standard.
I recently remote deposited a personal check for $26,360 into my CHECKING account. USAA made $10K "immediately available", with the rest of the funds "on hold" for 7 days. That kind of thing is fairly standard.
I know I've said this before, but here it is again in this thread: If you're trying to withdraw money from a Savings account on even a remotely regular basis, you're "doing savings wrong."
One size fits all advice is silly. I withdraw from my savings account regularly (once a month). Better to leave money sitting in a HYSA where it makes interest than a checking account.
It's not in limbo. If you go to account details, you will see there are two separate lines, one is for "Current Balance" and another is for "Available Balance".
Maybe you have a different idea of what a Savings Account is supposed to do. It's not an account for frequent transactional uses, hence the word "Savings".
I have never experienced a bank account in which you do a mobile deposit and the money is available almost instantaneously for withdrawal.
Typically it takes several days for the cheque to clear and then it can be withdrawn.
I think it was pretty clear that after using an external account to add money to the Apple Savings, details in the transaction actually indicate clearing the transaction could take up to 5 days. It's right there if you click into the transaction details.
About the only time I have actually experienced instantaneous deposit availability is transferring from one account to another within the same bank. For example, I have checking and savings with ABC Bank. If I move money to/from checking to/from savings in ABC , the money is available immediately. That's to be expected though. The money is simply moving between accounts WITHIN the same bank.
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Worth mentioning that until recently, savings withdraw frequency was limited. That rule is suspended, but if it goes back into effect, one will need to be in compliance or else....
The fact that such withdraws are limited under that rule speaks volumes about what banking authorities "intend" savings accounts to be used for.
You need a better bank.
It's the norm at USAA. Usually all of the money is available instantly, whether you remote deposit a check or transfer money from another bank via ACH when initiating that from USAA.
Recently I remote deposited a check for $26,360. Of that amount, $10K was available for withdraw or transfer elsewhere immediately. The remainder was available a week later.
Yup! For my husband who also has Apple Savings as do I, his cleared within 3 days. Mine cleared in 5. It's all within the realm of reasonable.
Agreed! Plus, if money were to be available immediately that way, I can imagine how much fraud would be occurring! The bank has to go through some process to verify that the money actually does exist and is transferred to itself before releasing.
Interesting experience with USAA. I don't dispute your experience. I would also say that it is also not out of the ordinary to have to wait for 1 to 5 days for external deposits to clear. It's all within the realm of reasonable.
And that said, it looks like for Apple Savings it may not even 1 to 5 business days. It's just 1 to 5 DAYS, in my experience. For example, I made a deposit and while it wasn't available on Friday, it was available on the Saturday! I was surprised. I thought I'd had to wait until at least Monday.
Sure, but even that rule was six per month. I use one. I'm not saying you should use it for every transaction. I'm just saying the regular withdrawals from savings can be part of a healthy financial strategy.
Transferring money from my Chase savings account to my Chase checking account, and vice versa, leaves that money instantly available. Very convenient. Also, Chase gives me 0.01% interest on that money. Apple’s interest is a tad higher, so take the good with the bad. Also, you are earning interest right away.
Now what I may be interested in is parking money in my Apple savings account and withdraw it monthly to pay my Apple credit card balance. I use my Apple Card to pay for nearly everything so I could leave money in savings, take the interest, then withdraw what I need to pay my card balance.
Now what I may be interested in is parking money in my Apple savings account and withdraw it monthly to pay my Apple credit card balance. I use my Apple Card to pay for nearly everything so I could leave money in savings, take the interest, then withdraw what I need to pay my card balance.