Goldman Sachs today increased the balance limit for Apple Card savings accounts to $1 million, notifying cardholders via email.
From the updated Apple Card cardholder agreement effective March 1:
The maximum account balance limit 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 was the maximum amount that the Federal Deposit Insurance Corporation (FDIC) would cover if Goldman Sachs went bankrupt. Deposits exceeding $250,000 and up to the new limit of $1 million will not be covered by the FDIC in the event of a bank failure.
Some other high-yield savings accounts in the U.S. have balance limits of more than $250,000. For example, Marcus, another high-yield savings account from Goldman Sachs, allows balances of up to $1 million per account and up to $3 million total.
Apple partnered with Goldman Sachs to launch savings accounts in April 2023. The account can be opened and managed on the iPhone’s Wallet app and has no fees, minimum deposits, or minimum balance requirements. To open an account, you must have an Apple Card, be a U.S. resident, and be at least 18 years old.
This account allows Apple Card holders to earn interest on their Daily Cash cashback balance and on funds deposited through a linked bank account or Apple Cash balance. Apple’s Savings Account now offers a 4.5% APY following an increase in late January.
To open a savings account in the Wallet app, tap your Apple Card, tap the three-dot circle at the top of the screen, then tap[Daily Cash]Tap[Set Up Savings]Choose.
Goldman Sachs is reportedly planning to end its partnership with Apple, but it’s unclear how this will affect Apple Card and savings accounts.
(Thank you, Jose Perez Jr.!)
