The maximum amount that the U.S. Federal Deposit Insurance Corporation (FDIC) would cover in the event that Goldman Sachs went insolvent was $250,000, which was the account’s prior balance limit. In the case of a bank failure, the FDIC would not insure any deposits over $250,000 up to the new $1 million maximum.
There are additional high-yield savings accounts in the US that have balance caps higher than $250,000. For instance, the Marcus high-yield savings account from Goldman Sachs allows up to a $1 million maximum amount per account, for a total of $3 million.
In April 2023, Apple and Goldman Sachs jointly introduced their savings account. There are no fees, minimum deposits, or balance requirements associated with this account, which may be started and maintained with the iPhone Wallet app. To open an account, you must have an Apple Card, reside in the United States, and be at least eighteen years old.
This account allows Apple Card holders to earn interest on their Daily Cash cashback balance and on funds deposited through a linked bank account or Apple Cash balance. Apple’s savings account now offers a 4.5% annual interest rate following a price increase in late January.
In the Wallet app, tap your Apple Card, then tap the three-dot circle at the top of the screen, select Daily Cash, and finally tap Set Up Savings to start a savings account.
According to reports, Goldman Sachs intends to sever ties with Apple, however it’s unclear how this will affect the savings account and Apple Card.