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

[Guacamole]

in my dreams I'm there already 😄

 

[switz]

No one is getting interest on their money while the FDIC works through the issue. One hopes to get the balance that was on the account at the close of the day of the failure.

 

[skeptech]

That would certainly work. A perfectly-fine strategy to spread out the risk of bank failure.

That said… bank failures are a relatively-rare occurrence. We’re all here talking as if a bank failure happens every other day, lol.

The USA has thousands of banks. Bank failures happen at varying rates for lots of reasons, but there have been periods of time within living memory of lots of banks failing in a given year. For the full history since the nearly century-ago founding of the FDIC, see

Failed Bank List | FDIC.gov

This list includes banks, which have failed since October 1, 2000.

www.fdic.gov

Quick finger-counting shows: 5 failures in 2023, 0 in 2022 & 2021, 4 in 2020, 4 in 2019, 0 in 2018, 8 in 2017 …