Apple Card Savings Account Balance Limit Increased To  Million, Which Is Four Times Higher Than Previous Figure

Veloz Lamma

Apple Card Savings Account Balance Limit Increased To $1 Million, Which Is Four Times Higher Than Previous Figure

Apple and Goldman Sachs were previously reported to have an extremely rocky business relationship, so it is pretty surprising to learn that the investment bank increased the total limit of Apple Card Savings account holders to $1 million. For those wondering, account holders could previously only deposit up to $250,000, so with the latest update, the maximum limit has increased by four times.

Despite the maximum balance limit increased for Apple Card Savings account holders, FDIC will only cover depositors $250,000 in case of insolvency

The statement below that was spotted by MacRumors is a part of the update from Goldman Sachs, informing customers that their maximum balance has increased to $1 million. Bear in mind that just because the maximum limit has increased, it does not guarantee that you will be compensated with the same amount if Goldman Sachs becomes insolvent.

“The maximum balance limit for your Account is $1,000,000, based on your Current Balance (including interest and Daily Cash deposits). We may reject and return any new deposits (other than interest and Daily Cash deposits) if your Current Balance exceeds, or such deposit causes your Current Balance to exceed, the maximum balance limit. You authorize us to return any amount that exceeds the maximum balance limit by check.”

One of the reasons why the Apple Card Savings account was limited to $250,000 was because the U.S. Federal Deposit Insurance Corporation, or FDIC, will cover the depositor with that exact amount if Goldman Sachs goes out of business. In any case, it will be up to the Apple Card Savings account holder to make the best judgment call, but given that they are offered a 4.5 percent APY, it will likely become difficult to ignore such an enticing yield, especially for those who are planning past their retirement.

The service launched back in April 2023, with an Apple Card Savings account offering tons of convenience by being managed in the Wallet app on the iPhone, with no additional fees, minimum deposit, or minimum balance requirements. Of course, there are some conditions involved before opening an account, such as being a U.S. resident, having an Apple Card, and being at least 18 years old.

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