Apple Card High-Yield Savings Account balance limit increased to $1 million
Apple Card users can easily set up and manage Savings directly in their Apple Card in Wallet.
Goldman Sachs today increased the Apple Card High-Yield Savings Account balance limit to $1 million, up from $250,000.
Joe Rossignol for MacRumors:
From the updated Apple Card cardholder agreement, effective March 1:
The maximum balance limit for your Account is $1,000,000, based on your Current Balance (including interest and Daily Cash deposits).
The account’s previous balance limit was $250,000, which is the maximum amount that the U.S. Federal Deposit Insurance Corporation (FDIC) would cover in the event that Goldman Sachs were to become insolvent. Any deposits above $250,000, up to the new $1 million limit, would not be covered by the FDIC in the event of bank failure.
Some other high-yield savings accounts in the U.S. offer balance limits above $250,000. For example, Goldman Sachs’ other high-yield savings account Marcus allows a maximum balance of $1 million per account, up to a total of $3 million.
MacDailyNews Note: Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.50 percent — a rate that’s more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.
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