Apple Card Savings Account's Balance Limit Increased to $1 Million

[MacRumors]

Goldman Sachs today increased the Apple Card savings account's balance limit to $1 million, with cardholders being notified by email.

From the updated Apple Card cardholder agreement, effective March 1:

The maximum balance limit for your Account is $1,000,000, based on your Current Balance (including interest and Daily Cash deposits).

The account's previous balance limit was $250,000, which is the maximum amount that the U.S. Federal Deposit Insurance Corporation (FDIC) would cover in the event that Goldman Sachs were to become insolvent. Any deposits above $250,000, up to the new $1 million limit, would not be covered by the FDIC in the event of bank failure.

Some other high-yield savings accounts in the U.S. offer balance limits above $250,000. For example, Goldman Sachs' other high-yield savings account Marcus allows a maximum balance of $1 million per account, up to a total of $3 million.

Apple launched its savings account in April 2023, in partnership with Goldman Sachs. The account can be opened and managed in the Wallet app on the iPhone, and it has no fees, no minimum deposits, and no minimum balance requirements. You must have an Apple Card, be a U.S. resident, and be at least 18 years old to open an account.

The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. Apple's savings account currently offers a 4.5% APY following an increase in late January.

To open a savings account in the Wallet app, tap on your Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings.

Goldman Sachs reportedly plans to end its partnership with Apple, but it is unclear how this might impact the Apple Card and the savings account.

(Thanks, Jose Perez Jr.!)

Article Link: Apple Card Savings Account's Balance Limit Increased to $1 Million

 

[benz240]

It's about time! Glad I have a place for all my Apple Card daily cash.

 

[vegetassj4]

Did someone say ONE MEEELION DOLLARS?

Obligatory: Tim Apple, how much do you want to get allow the suckers customers to pre-spend save



kidding...kidding - down/angry votes incoming

 

[aj_niner]

Finally! I can get 4.5% APY for my $1 million! Yipee!

Why is Apple doing? A major reason is "cheap" or "free" money. They know they're good for it so why not have people like us "give" Tim more money?

 

[Hogswarts]

GS is welcome to test the maximum deposit with my account.

 

[alexandr]

Great — transferring now.

 

[TheDarkAngel]

Now I just need a million dollars to put in there 😖

 

[Hogswarts]

Remember, the FDIC insurance limit is $250K per depositor at a given institution. If you care about this insurance, never put more than $250K in one account. You can have multiple fully insured accounts at a single institution, as long as the name (or combination of names) differ.

 

[TheDarkAngel]

Remember, the FDIC insurance limit is $250K per depositor at a given institution.

I wish more banks did the same as SoFi where they have higher fdic limits.

 

[Plutonius]

I wouldn't want to be the person who had 1 million on their credit card.

 

[ghanwani]

Like a said a million times already -- just buy t-bills instead. Higher rates, no limits (even for those of you with billions), and no state tax.

 

[AppleMega]

Yawn. Wake me when we're talking about real money.

 

[msackey]

I wouldn't want to be the person who had 1 million on their credit card.

They mean the savings card, not the credit card.

 

[GeoStructural]

Great! Only $995.000 to go.

 

[Godspeed8230]

I wouldn't want to be the person who had 1 million on their credit card.

If they give you a credit card with a 1 000 000 limit you probably have the financial ability to pay it off.

 

[barkomatic]

I'm not sure why someone would go over 250K when we don't know what institution is going to take over your account.

 

[Brandon42]

Fun fact: with $1m in your account you get enough interest every 29 days or so to buy an Apple Vision Pro.



Fixed typo: 29 days not 20 days.

 

[Surf Monkey]

What brilliant genius is keeping $1 million in Apple Cash?? Weirdly, this kind of sounds like a money laundering scheme to me.

 

[Wsbateven]

Fun fact: with $1m in your account you get enough interest every 29 days or so to buy an Apple Vision Pro.



Fixed typo: 29 days not 20 days.

Math checks out

 

[k1121j]

Cool... Not sure if i had a mill it would be in Apple savings . I'm no finance expert but i think there would be better places to put it.

 

[miniyou64]

Lol useless FDIC insurance.

 

[aj_niner]

What brilliant genius is keeping $1 million in Apple Cash?? Weirdly, this kind of sounds like a money laundering scheme to me.

Old farts who cashed out and dont want to deal with the volatility of stocks.

They're at their last years of life so dont care as muc hif Apple Card Savings Account topples over.

 

[RalfTheDog]

Like a said a million times already -- just buy t-bills instead. Higher rates, no limits (even for those of you with billions), and no state tax.

Treasuries are fantastic when you need to park a large amount of money for a very short time. With the resent history in the United States, I would not trust them for more than a few days. The U.S is always talking about defaulting on their debt. Just the threat can drastically reduce the resale value. On top of that, the return is not all that great. Other than being high risk and returning very little money, I don't see much good about them. A good index fund is a great place for a person to put cash when they are not a sophisticated investor.

 

[RalfTheDog]

You would be shocked at how manic some banks can get when your cash in hand goes much over the FDIC limit. In general, it is good to keep your money in a safer platform with a higher return. Sometimes, you just need to have a bit more cash in an account than is healthy.

 

[tonywalker23]

My interest deposit yesterday was six cents.

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