Joe Rossignol
Goldman Sachs today increased the Apple Card Savings Account balance limit to $1 million, with cardholders notified via email.
From the updated Apple Card Member Agreement, effective March 1:
The maximum balance limit for your account is 1,000,000 USD based on your current balance (including interest and daily cash deposits).
The previous account balance limit was $250,000, which is the maximum amount allowed by the Federal Deposit Insurance Corporation (FDIC). The FDIC) would cover if Goldman Sachs were to become insolvent. Any deposits exceeding $250,000 (up to the new $1 million limit) will not be covered by the Federal Deposit Insurance Corporation (FDIC) in the event of a bank failure.
Some other high-yield savings accounts in the US offer limits balances exceeding US$250,000. For example, another Goldman Sachs high-yield savings account, Marcus, allows a maximum balance of $1 million in the account, and the total can be up to $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 iPhone and has no fees, minimum deposits or minimum balance requirements. To open an account, you must have an Apple Card, be a U.S. resident, and be at least 18 years of age.
This account allows Apple Card holders to earn interest on their Daily Cash Cash Back balance and funds . deposited through a linked bank account or Apple Cash balance. Apple Savings Account currently offers a 4.5% APY after an increase in late January.
To open a savings account in the Wallet app, tap your Apple Card, tap the circle with three dots at the top . on the screen, tap Daily Money and select Set Up Savings.
Goldman Sachs is reportedly planning to end its partnership with Apple, but it is unclear how this might affect the Apple Card and savings account.
(Thank you, Jose Perez Jr.!)
Tag: Apple Card Guide[ 92 comments ]
