Apple Card customers have recently received an email telling them that their Apple Card savings account maximum balance limit has been set to $1 million.
The email specifies that on March 1, the maximum balance limit is $1,000,000 based on the customer’s current balance which includes Daily Cash deposits and interest. Before the limit to $1 million the maximum was $250,000. It’s worth noting that this amount is only what the US Federal Deposit Insurance Corporation will cover if Goldman Sachs becomes insolvent. In the event of a bank failure, only $250,000 will be covered.
Goldman Sachs is not the first bank to offer balance limits above $250,000. Marcus, a high-yield savings account from the same company allows a $1 million maximum balance per account. Apple Savings launched in April last year in partnership with the financial institution and can be viewed in the Wallet app.
