Goldman Sachs increases Apple Card savings accounts balance limit up to US$1 million

Goldman Sachs has increased the Apple Card savings account’s balance limit up to US$1 million; cardholders are being notified by email.

The updated Apple Card cardholder agreement, effective March 1, says “he maximum balance limit for your Account 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 is the maximum amount that the U.S. Federal Deposit Insurance Corporation (FDIC) would cover in the event that Goldman Sachs were to become insolvent. Any deposits above $250,000, up to the new $1 million limit, would not be covered by the FDIC in the event of bank failure.

Starting in April 2023, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY (annual percentage yield) of 4.15% — a rate that Apple says is more than 10 times the national average.

With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet, according to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. 

Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

Users will also have access to a Savings dashboard in Wallet, where they can track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.