Goldman Sachs Raises Apple Card Savings Account Limit to $1 Million

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Earlier today, Goldman Sachs announced an update to the maximum balance allowed in an Apple Card savings account, now set at one million dollars. Cardholders were notified about this change via email.

According to the updated cardholder agreement for Apple Card, effective from March 1:

Taking into consideration your existing balance, which includes interest and daily cash deposits, the maximum balance limit that can be accommodated in your account is one million dollars.

Previously, the balance limit for the account stood at $250,000, the amount covered by the Federal Deposit Insurance Corporation (FDIC) in case of Goldman Sachs facing insolvency. In case of bank failure, the FDIC would not insure deposits exceeding $250,000, up to the new ceiling of $1 million.

Other high-yield savings accounts in the United States may have balance restrictions higher than $250,000. Marcus, another high-yield savings account offered by Goldman Sachs, permits a maximum balance of one million dollars per account, with a total account limit of three million dollars.

In April 2023, Apple launched its savings account in collaboration with Goldman Sachs. The Wallet app on the iPhone enables users to open and manage the account. There are no fees, minimum deposits, or balance requirements associated with the account. To open an account, applicants must be at least 18 years old, hold an Apple Card, and be U.S. residents.

The account provides Apple Cardholders the opportunity to earn interest on their Daily Cash rewards, as well as on funds deposited from a linked bank account or an Apple Cash balance. The annual percentage yield (APY) for Apple’s savings account was increased to 4.5% in late January.

To set up a savings account on the Apple Card, tap on your Apple Card, then select the three dots at the top of the screen, tap Daily Cash, and finally choose Set Up Savings within the Wallet app.

There have been reports about Goldman Sachs ending its partnership with Apple; however, the potential impact of this on the Apple Card and the savings account remains unclear.

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