In a footnote in Apple’s announcement, the company says:
- Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. APY may change at any time. Maximum balance limits apply. Savings is available with iOS 16.4 and later.
That maximum balance limit is $250,000, which is probably to match the FDIC limits for insured accounts. I checked because I wanted to make sure it wasn’t limited in some unusual way.