Amber Neely
Goldman Sachs has contacted Apple Card owners to inform them that the bank has now raised savings account limits to $1 million, up from the previous $250,000.
According to the updated Apple Card agreement, any deposits that bring the account over $1,000,000 will be returned via check.
There was a good reason for the old limit. As per rules set by the Federal Deposit Insurance Corporation (FDIC), anything above $250,000 is not insured.
FDIC insurance limits also includes the sum total any other accounts a person may hold with Goldman Sachs.
Apple launched its Apple Savings account program in April 2023. It currently has a savings APY of 4.35%
In January, it was learned that in 2023 alone, Apple Card cardholders earned over $1 billion in Daily Cash from using Apple Card. They also reached over $10 billion in deposits to Apple Savings "in just a few short months."
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11 Comments
Finally!!!
Well fudge, I was hoping to drop $2 million in that account - oh well.
Current APY is 4.50%.
4.35% is not that great.
Fidelity Investments has been offering 4.97% for a long while now.
Personally, I wouldn't keep more than $250k in any cash account because of the lack of FDIC insurance. Banks can and will fail and you should never assume they are "too big to fail."