What happens when the value of the Apple savings account goes over the $250K maximum?

MAXIMUM DEPOSIT LIMITS

The maximum balance for your Account is $250,000. We will include any funds deposited into your Account but not interest or Daily Cash you’ve earned when determining the maximum balance limit. We may reject and return any funds transfer if your Account exceeds the maximum deposit limit. You authorize us to return any funds that exceed the maximum balance limit by check.

This is from the terms and conditions. Looks like your balance will grow from interest over the 250k but no new deposits allowed after you hit that amount.

*MAXIMUM BALANCE LIMITS

The maximum balance limit for your Account is $250,000, based on your Current Balance (including interest and Daily Cash deposits). We may reject and return any new deposits (other than interest and Daily Cash deposits) if your Current Balance exceeds, or such deposit causes your Current Balance to exceed, the maximum balance limit. You authorize us to return any amount that exceeds the maximum balance limit by check.

Over a year ago, April '23 I made over $250k in deposits then with interest accruing my balance crept up to over $260k. They called me and said you are over FDIC limit and "should" withdraw to under $250k to be safe. I never did till I was ready to move all my money to a different account where I got 5.5apy instead. Apple/Goldman is greedy. They should be paying over 5%. I will say, I love how fast their transactions are and they start paying interest the day you make the transaction. In making a withdrawal your money will be in your account within 24 hours. You won't find that with any other financial institution. They slow walk it to keep you from getting interest on your money. At least that's how I feel. Over all I love Apple/Goldman just wish they'd pay more interest.

Betterment. 5.5 % APY, which should be 5.41% daily. They only want to offer it to new customers for the 1st 3 months then take you back down to something stupid like 5% apy which is like 4.84% daily interest or less. I’ve asked them to keep me there or I’d leave. Sometimes they do and I stay. Sometimes they don’t and I leave. Then they ask me to come back a month later and give it back to me again. Forbright Bank .com has 5.30% apy thats 5.16% daily currently. Just gotta shop around.

There are multiple factors to consider when considering a HYSA. I’ll put a quick list up of most of the major factors.

• Is a minimum balance required?
• Is direct deposit required?
• Is is minimum deposit required?
• Are there any service fees?
• Does it link to accounting software?
• How much FDIC insurance is offered?
• Is a signup bonus offered?
• Do they offer ATM withdrawals?
• What is the online experience?
• What is the mobile experience?
• Can you do mobile scans of checks for deposit?
• How many physical locations?
• Is customer support 24/7 365 or limited?
• Are checking services offered?
• Is a debit card offered?
• What is the interest rate?

Just shopping rate can lead to a poor experience and frustration. I’ll give up a few basis points for some of the conveniences. Your mileage may vary.

Can I ask what bank you went with after apple/goldman Sachs?

I’d also like to know what bank gave you such a high apy on a saving account if you don’t mind sharing.

Apple Savings Account are limited to $250,000 at this time. Only one savings account per Apple Card Savings Account.

This is covered in the Terms & Conditions in your Savings Account section of your Apple Card in your Wallet, Account Details > T&C. You can print, share etc. from that location.

How do you plan on adding over $250K when that would be over the stated limit. This is from the Apple Savings Account Deposit Agreement I referenced in my post above,

>> MAXIMUM DEPOSIT LIMITS

The maximum balance for your Account is $250,000. We will include any funds deposited into your Account but not interest or Daily Cash you’ve earned when determining the maximum balance limit. We may reject and return any funds transfer if your Account exceeds the maximum deposit limit. You authorize us to return any funds that exceed the maximum balance limit by check. <<

Yes, you’re correct. You’ll notice the replies above (except yours) are from April, just a few days after the account became available. Goldman Sachs edited the T&C for greater clarity in June or July.. Thank you for updating the post with current information.

Thanks a lot.