Goldman Sachs today increased the Apple Card High-Yield Savings Account balance limit to $1 million, up from $250,000.
Joe Rossignol for MacRumors:
From the updated Apple Card cardholder agreement, effective March 1:
The 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.
Some other high-yield savings accounts in the U.S. offer balance limits above $250,000. For example, Goldman Sachs’ other high-yield savings account Marcus allows a maximum balance of $1 million per account, up to a total of $3 million.
MacDailyNews Note: Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.50 percent — a rate that’s 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.
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That’s pretty kewl. You know what isn’t kewl? Apple sending the monthly “You’re credit card statement is ready” email but there is no statement available, prompting a call to Goldman to find out why and having to endure their horrific auto-system that just won’t shut up telling me everything about my account I don’t need to know at the moment before allowing me to move on. Turns out they didn’t do something right and many people didn’t get theirs. So sure, I’ll throw a million at’em….
Thanks Apple!!
If you’re using a telephone to do your banking in 2024 you’re doing it wrong…
Actually, you’re reading my post wrong.
I called BECAUSE THE STATEMENT WASN’T IN THE WALLET APP!!
Savings had its Feb statement but not the credit card.
I do this every month. Right now it’s 10:30 EST and still no statement even though BS I mean GS said it was a mistake that happened to thousands and it should be fixed by the afternoon. It wasn’t . Not a huge deal but having to deal with their answering system….thats what need to be updated to 2024.
Also like MM said having to use the wallet app is silly. It should at least sync to Quicken, like EVERY OTHER CREDIT CARD, BANK, AND FINANCIAL SERVICE PROVIDER I USE!!!
I have noticed over the months that the savings statement is available on the first and the credit card statement is available on the 2nd of each month.
Go into the wallet on your phone. Choose the Apple Savings Account. When you see the balance chart, choose the three dots in the upper right. From that menu, choose “Documents”. Under documents, you see either statements or tax related.
Under statements, you see all the past months. Choose the month you want. You have the option to save the PDF or Export the transactions. I save both, the transactions to import into quicken and then the pdf to attach to the interest line in the transaction.
I have never had to deal with anyone on the phone
(Same process for Apple Credit Card)
I ABSOLUTELY concur !!! JUdas priest, if my wallet sez I owe $250 & my balance sez $500 who the helll cares about having a statement right then & there. EVERY email I have gotten, my statement has been there. I dont need to download them. They are there forever basically. I can balance my acct without a statement. Do it every day !!
There really need to be a website available to log into. I don’t like doing all of my card/savings account stuff on my wallet app.
Yeah, and I should be able to bring in all of my pennies into the Apple Store to deposit them 🙄
There is no website for the savings account, but you can do some activity from a website with the card account – https://card.apple.com/
This is the reason youre getting the High Yield your getting. Becuse they are allowing US the consumer to make money instead of them having to “use” that extra high yield money to pay someone to do simple math you can do yourself in the Wallet App. Dang I’m 64 yo & can figure all this out.