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!!!
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."
How is that even a good idea if FDIC only pays up to $250K?