Apple Card savings limit increased to $1 million
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Goldman Sachs contacted Apple Card owners to inform them that the bank has now increased the savings account limit to $1 million from the previous $250,000.
Under the updated Apple Card agreement, any deposits exceeding $1,000,000 will be refunded by check.
There was a good reason for the old restriction. According to the rules set by the Federal Deposit Insurance Corporation (FDIC), anything over $250,000 is not insured.
The FDIC insurance limits also include the total amount of any other accounts a person may have with Goldman Sachs.
Apple launched its Apple Savings Account program in April 2023. The company currently has an annualized yield of 4.35%.
In January, it was reported that Apple Card holders earned more than $1 billion in daily cash through the use of Apple Card in 2023 alone. They also made more than $10 billion in Apple Savings deposits “in just a few months.”
