Apple Card Savings accounts can now hold a cool $1 million — or you could buy 285 Apple Vision Pro headsets instead

Apple Savings
(Image credit: Apple)

If you are an Apple Card user with a Savings account, you're now able to save up to $1 million for the first time. The news means that the previous $250,000 savings limit has been expanded considerably, giving people more room to save if they'd like to go that route.

However, those who are looking to save such sums should note that only the first $250,000 will be covered by the U.S. Federal Deposit Insurance Corporation should Goldman Sachs become insolvent, something that seems unlikely but is nevertheless to be considered.

However, those who would rather find a different use for their $1 million can of course choose to spend it on new Apple gear — including 285 Apple Vision Pros at the base $3,499 configuration. And you'd still have some money left over, too.

Save all the money

We're obviously joking here, and saving money for a rainy day, retirement, or any other reason is an exceptionally good idea if you're able to. The new $1 million limit was confirmed in an email sent to Apple Card Savings account owners, as reported by MacRumors.

"The maximum balance limit for your Account is $1,000,000, based on your Current Balance (including interest and Daily Cash deposits)," the email read. Savings accounts currently offer a 4.5% APY after increasing the rate a number of times in recent months.

Opening a new savings account is as simple as opening the Wallet app, choosing your Apple Card, and then choosing Daily Cash from the menu at the top of the screen. The option to set up a new savings account should be presented and you'll be walked through the process there.

More from iMore

Oliver Haslam

Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.

Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.