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Apple Card Savings Account's Balance Limit Increased to $1 Million (www.macrumors.com)

submitted 8 months ago by [email protected] to c/[email protected]

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[–] [email protected] 3 points 8 months ago (2 children)

Am I missing something or is there simply no recourse if you lose your money over $250k (the FDIC limit)? The article mentions the FDIC limit but doesn't mention any kind of equivalent guarantee from Goldman Sachs (as if there would be one...).

[–] [email protected] 3 points 8 months ago (1 children)

I believe that’s correct, yeah. 250k is the limit, per bank per account type. So if you have 250k on a chase savings account, 250k in a chase checking, you’re covered. Open another savings or checking, and they WONT be covered.

That is my understanding anyway.

[–] [email protected] 3 points 8 months ago

This is correct to my understand as well.