You can now save up to $1 million in your Apple Card Savings Account

AppleInsiderAppleInsider
Posted:
in iOS

Goldman Sachs has contacted Apple Card owners to inform them that the bank has now raised savings account limits to $1 million, up from the previous $250,000.

Close-up of an iPhone displaying the Wallet app with card balance, payment due notification, and recent transactions.
Apple Card Savings limit increased to $1 million



According to the updated Apple Card agreement, any deposits that bring the account over $1,000,000 will be returned via check.

There was a good reason for the old limit. As per rules set by the Federal Deposit Insurance Corporation (FDIC), anything above $250,000 is not insured.

FDIC insurance limits also includes the sum total any other accounts a person may hold with Goldman Sachs.

Apple launched its Apple Savings account program in April 2023. It currently has a savings APY of 4.35%

In January, it was learned that in 2023 alone, Apple Card cardholders earned over $1 billion in Daily Cash from using Apple Card. They also reached over $10 billion in deposits to Apple Savings "in just a few short months."



Read on AppleInsider

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Comments

  • Reply 1 of 11
    ihatescreennamesihatescreennames Posts: 1,971member
    Finally!!!
    edited March 1 Xeddewmerobin huber
  • Reply 2 of 11
    RDWRDW Posts: 4member
    Well fudge, I was hoping to drop $2 million in that account - oh well.
  • Reply 3 of 11
    macminionmacminion Posts: 29member
    Current APY is 4.50%.
  • Reply 4 of 11
    jdwjdw Posts: 1,450member
    4.35% is not that great.

    Fidelity Investments has been offering 4.97% for a long while now.
    grandact73
  • Reply 5 of 11
    XedXed Posts: 2,880member
    Personally, I wouldn't keep more than $250k in any cash account because of the lack of FDIC insurance. Banks can and will fail and you should never assume they are "too big to fail."
    netroxdewmeforegoneconclusionzeus423macmaverickkCalvinatorjrfunkmuthuk_vanalingamgrandact73
  • Reply 6 of 11
    netroxnetrox Posts: 1,504member
    How is that even a good idea if FDIC only pays up to $250K? 
    foregoneconclusionjrfunkgrandact73
  • Reply 7 of 11
    PancakePancake Posts: 45member
    I’m currently getting 4.5%. They made it 4.35% and then shortly afterwards it upped again to the current rate. 
  • Reply 8 of 11
    iOS_Guy80iOS_Guy80 Posts: 902member
    These are the dates when these two saving accounts opened and their incremental rate increases. 

    Discover
    10/3/22 2.10 APR
    5/18/23 3.90 APR
    6/7/23 4.0 APR
    6/22/23 4.15 APR
    7/27/23 4.30 APR

    Apple
    4/30/23 4.15 APR
    12/20/23 4.25 APR
    1/4/24 4.35 APR
    1/27/24 4.50 APR
    Xed
  • Reply 9 of 11
    JMStearnsX2JMStearnsX2 Posts: 90member
    There are so many better places to have your $1M work for you than a Goldman Sachs savings account....
    jrfunkgrandact73
  • Reply 10 of 11
    CalvinatorCalvinator Posts: 27member
    This is a non-news story, as there is no law saying you can't have $1M in any savings account. It would appear that Goldman is attempting to entice suckers into depositing (i.e., loaning the bank) as much money as possible. It would be no skin off the bank's nose if it fails and you are out the $750K not covered by FDIC.

    Realistically, though, anybody with that kind of cash should be smart enough never to take the bait in the first place. Sheesh.


    h2p
  • Reply 11 of 11
    ApplePoorApplePoor Posts: 305member
    On paper, FDIC sounds good. But it would be a long time after a failure before any folks would get reimbursed and during that time no interest is being paid.

    I use the Apple /GS savings account to catch the daily Apple Card cash back as it is a higher interest rate than any banks pay on checking accounts with small balances. In the past, I got 0.01% at multiple banks where to avoid the service charges one had to have over $5,000 minimum daily on deposit balances.

    Wells Fargo quit paying interest so they now have accounts that $500 minimum daily balances preclude service charges. At 5% interest rates, the forgone $25 for a year's interest is not much in the scheme of things. The other $4,500 can be working to earn 5% or more and I keep those funds.
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