When it comes to banking, laziness is likely to cost you.
Millions of Apple customers already have an Apple-branded bank account, at Green Dot bank; it houses their Apple Cash, and pays no interest.
Customers also have to stay on top of which money is where: Apple Savings money, for instance, can't be used to pay Apple Card bills. Savers first need to transfer the cash to a checking or Apple Cash account, and thence use it to pay off their credit card.
Why do banks offer separate checking and savings accounts? They sometimes claim it's in response to consumer demand — that customers want a place to keep their savings that is separate from their main transaction account.however, is that the distinction allows banks to pay zero interest on billions of dollars sitting in checking accounts.
After the system was deregulated, some banks moved aggressively into paying interest on checking accounts — with disastrous consequences for their shareholders.
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