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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.
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.
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.”
