Apple Card savings account balance limit increases to $1 million
This savings account allows card holders to accrue interest on their Daily Cash cashback balance, as well as on funds deposited from a linked bank account.
- Tech News
- 2 min read
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Apple Card savings account: Goldman Sachs has increased the balance limit of the Apple Card savings account to $1 million according to an email notifying the cardholders about the update. Effective March 1st, according to MacRumors citing the revised Apple Card cardholder agreement, the maximum balance limit for the account now stands at $1,000,000.
This adjustment marks a strong increase from the previous limit of $250,000. The US Federal Deposit Insurance Corporation (FDIC) covers deposits up to $250,000 in the event of bank insolvency. Deposits exceeding this threshold, up to the new $1 million limit, would not be protected by FDIC insurance in such a scenario.
Comparable high-yield savings accounts in the United States also offer balance limits exceeding $250,000. For instance, Goldman Sachs' Marcus account permits a maximum balance of $1 million per account, with a cumulative limit of $3 million.
The Apple Card savings account, introduced in April 2023 in collaboration with Goldman Sachs, can be conveniently managed through the Wallet app on iPhones. This feature boasts no fees, minimum deposits, or balance requirements. To be eligible for this account, individuals must possess an Apple Card, be at least 18 years old, and reside in the United States.
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This savings account allows Apple Card holders to accrue interest on their Daily Cash cashback balance, as well as on funds deposited from a linked bank account or an Apple Cash balance. Notably, the current annual percentage yield (APY) offered by Apple's savings account is 4.5 per cent, following a recent increase in late January.
To initiate a savings account within the Wallet app, users can navigate to their Apple Card, tap on the circle with three dots at the top of the screen, select Daily Cash, and then proceed to Set Up Savings.
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While reports suggest that Goldman Sachs intends to terminate its partnership with Apple, the potential ramifications for the Apple Card and the associated savings account remain unclear.