To quote Homer Simpson:
“I have 3 kids and no money. Why can't I have no kids and 3 money?”
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Apple Card Savings Account's Balance Limit Increased to $1 Million
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“I have 3 kids and no money. Why can't I have no kids and 3 money?”
I was thinking similar. Surely if someone has so much money they have a million dollars in Apple Cash, they have somewhere more profitable/useful to keep it.
Crikey I can't imagine someone with that kind of money even keeping their own books. Not just having a million dollars, but a million dollars in Apple Cash.
The 250K per account applies to different ownership accounts. Your advice is misleading.
To be more precise, deposits at Marcus are only insured against Goldman Sachs Bank USA/Marcus becoming insolvent. The other parts of GS, including the investment bank which is regulated differently and takes on a lot more risk than GSBUSA, do not have any bearing on the FDIC insurance for Marcus' depositors.
I was just wondering this morning where to park all my coins from the couch!!
This nonsense is worthless when shtf. When the bank run happens, no one is going to be covering depositsThe 250K per account applies to different ownership accounts. Your advice is misleading.
The 250K per account applies to different ownership accounts. Your advice is misleading.
It didn’t seem misleading to me, but then I‘m familiar with ownership categories which is how I interpreted it.
Are we sure they're not using sweep accounts on this?
Would require consumer disclosures (which makes me wonder if they're not - I haven't read the T&Cs) but that's the typical approach to insure over $250k.
But bank runs did happen. It just happened. It hasn’t even been a full-year yet since it happened.
But annyway: Bank runs did happen in 2023. And all FDIC insured deposits were covered. Heck, even some of the non-insured deposits over the FDIC limit ended up being covered as well.
The FDIC insurance worked. It worked so well that you seemingly never noticed (or have since forgotten) that all of this happened less than 12 months ago, lol.
Bank failures occur regularly.
Or had you put your money into the T. Rowe Price Global Technology Equity your return would have been 51.6% for 2023. And that’s just one in a long list of better places to put your money than a savings account.
What was its return in 2022?
That’s an excellent question, fhall1.
And the answer to that question is why a savings account is perfectly-fine for saving a portion of your money.
No one claimed it isn’t. But keeping that kind of money in Apple Cash is absurd sounding. Most people with a million dollars lying around have a MUCH better option for investing it than the Apple Wallet for goodness sake.
I know it’s hard to envision a use case where someone would need to keep up to a million in cash, but there are situations where it makes sense. I currently have $800K spread out over 4 high-yield savings accounts with one of those being a maxed out Apple Savings account. I am in a state of transition and want that money available to me inside of a week’s notice for a possible real estate purchase, should the right one come along.
It’s not a long-term solution, but I need the money to be highly liquid and available.
It’s not a long-term solution, but I need the money to be highly liquid and available.
Dystopian fantasies make for poor decision making.
If the US defaults, the stocks in your index fund are toast anyway.
Why do you (and others) keep saying “Apple Cash”?
And that’s a rhetorical question. I know why. It’s because you have mistaken the Apple “Savings” product (provided by Goldman Sachs Bank USA) with “Apple Cash” (provided by Green Dot Bank).
This article is about “Savings”, not “Apple Cash”.
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I mean... historically that’s not true. The United States has defaulted on its debts and stocks didn’t turn into slightly-burnt bread. Not only has America defaulted on its debts once, but it’s happened a number of times. But for some reason everybody pretends that none of those times have ever happened. It’s weird and it makes me a little sad (as someone who loves to study history).
Also, those stocks in that index funds are companies. And those companies make products and services. And those companies, products and services don’t turn into browned-bread just because the United States Congress is dysfunctional. The United States Congress is often dysfunctional, yet Apple still releases a new iPhone every year, McDonalds sells French fries every day, and (insert here any company, product and service that continues to do whatever it does).
I’m not saying there wouldn’t be any consequences to default (because there definitely would be consequences). But companies have operated through the absolute worst of times (WWI and WWII, for example) while continuing to pay their shareholders dividends.
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Exactly. People don’t seem to get this. You sell a house nowadays, you have a LOT more than 250k in many situations. I would still feel wierd having that much in a single account, because of insurance, but you need to have that money liquid to most effectively purchase a house. I don’t just buy the first thing that comes along either. Sometimes we rent for a year in a new place to figure out what we are looking for and time the purchase as best we can.
In the near future this may be the boat we are in again…
Even more interestingly, in the interim, the interest of your home cash out could pay for a rental for a year while you hunt for something. At 4.5%, that would give someone with 800k a 3k monthly check. Thats usually rent and some walking around money where I’m from. Not bad for doing nothing while needing it available at a moments notice.
Lol. You people are so cute to think “it’ll never happen here!” Hilariously sad.