What happens if you hit the $250,000 limit with Apple Savings account?
Does the interest earned at that point go to the linked bank account?
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Does the interest earned at that point go to the linked bank account?
I talked to Apple support about it. If you hit the $250,000 cap, you can still earn interest and it will post to the savings account. Your balance can go above $250,000 with interest earned, but at that point you are no longer allowed to move additional money into the account, you can only remove money until you are below the $250,000 cap. If you try and add money once you hit the cap it will be refused.
Obviously be aware only the first $250,000 is covered by FDIC insurance, so if you have more than that in your account you are not covered should the bank go south.
I talked to Apple support about it. If you hit the $250,000 cap, you can still earn interest and it will post to the savings account. Your balance can go above $250,000 with interest earned, but at that point you are no longer allowed to move additional money into the account, you can only remove money until you are below the $250,000 cap. If you try and add money once you hit the cap it will be refused.
Obviously be aware only the first $250,000 is covered by FDIC insurance, so if you have more than that in your account you are not covered should the bank go south.
This is the Apple Support Communities. No one here gives financial advice.
Your deposits to Apple Savings account are insured by FDIC (Federal Deposit Insurance Corp) up to $250,000. Interest earned is not insured.
I'm not asking financial advice. The fine print on the Apple Savings account says there is a limit of $250,000 that you can have in your account. (Likely for FDIC insurance reasons).
My question is if you hit that limit or cap, where does the interest go at that point? Do they just stop giving you interest on the money in the account so you don't go over the $250,000 cap? Or is the interest moved to your linked normal bank account? Or into Apple Cash?
What happens if you hit the $250,000 limit with Apple Savings account?