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You can now save up to $1 million in your Apple Card Savings Account

Apple Card Savings limit increased to $1 million

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."