Apple Savings Users Complain of Delays Withdrawing Money

Apple Card customers who have opted to create a high-yield Apple Savings account through Goldman Sachs have been experiencing issues attempting to withdraw their money, according to a report from The Wall Street Journal.

apple card savings account
Multiple customers who transferred thousands of dollars to the Apple Savings account have had to wait weeks for money transfers in some cases, and some customers have also had money disappear. Kevin Smyth from Minnesota, for example, attempted to transfer $10,000 from his Apple account to U.S. Bank in mid-May, but Goldman Sachs would not complete the transfer.

Customer representatives suggested he contact U.S. Bank, but U.S. Bank said there was no incoming transaction. Later, he was told that Goldman Sachs had placed his account under a security review. Another customer, Nathan Thacker of Atlanta, tried to transfer $17,000 from his Apple Savings account to JPMorgan Chase on May 15, and it took more than two weeks for the transaction to complete.

In a statement to The Wall Street Journal, Goldman Sachs said some customers had experienced delays due to security processes designed to protect customer deposits.

"The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations. While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts."

According to The ‌Wall Street Journal‌, transferring large amounts of money that make up much of a newly-opened account's balance can trigger anti-money-laundering alerts, resulting in delays that last around five days. Some of the issues may be caused by the newness of the Savings account.

Apple Savings account users who have had issues and who have contacted Goldman Sachs have said that the customer service has been poor, with customers receiving varying information with each call.

Opening a high-yield Apple Savings account requires an ‌Apple Card‌, and it offers a competitive 4.15 percent interest rate. Opening up a new savings account takes just minutes to do, and it is also designed to aggregate all Daily Cash earned through the ‌Apple Card‌.

Popular Stories

New Things Your iPhone Can Do in iOS 18

10 New Things Your iPhone Can Do in iOS 18.2

Thursday October 31, 2024 9:42 am PDT by
Apple is set to release iOS 18.2 in December, bringing the second round of Apple Intelligence features to iPhone 15 Pro and iPhone 16 models. This update brings several major advancements to Apple's AI integration, including completely new image generation tools and a range of Visual Intelligence-based enhancements. There are a handful of new non-AI related feature controls incoming as well. ...
M4 Pro on Blue

M4 Pro Chip Benchmark Results Reveal an Extremely Impressive Performance Feat

Thursday October 31, 2024 7:06 pm PDT by
The first Geekbench 6 benchmark results for the M4 Pro chip surfaced today. Impressively, the results that are available so far show that the highest-end M4 Pro chip is faster than the highest-end M2 Ultra chip in terms of peak multi-core CPU performance. Here is a comparison of the results: Mac mini with M4 Pro (14-core CPU): 22,094 multi-core score (average of 11 results) Mac Studio...
Apple iPhone SE 4 5G Modem 1

iPhone SE 4 First to Get Apple-Designed 5G Modem, iPhone 17 Pro to Add Custom Wi-Fi 7 Chip

Friday November 1, 2024 4:04 am PDT by
The iPhone SE 4 that's set to come out early next year is expected to debut Apple's first in-house 5G modem, according to Jeff Pu, an analyst who covers companies within Apple's supply chain. In a research note this week with Hong Kong-based investment firm Haitong International Securities, Pu said Apple is expected to roll out its custom-made 5G modem starting with the next-generation...
Apple MacBook Pro M4 Cinema 4D Slack Finder Xcode 1

Apple Announces MacBook Pro Models With M4 Pro and M4 Max Chips, Thunderbolt 5 Support, and More

Wednesday October 30, 2024 8:01 am PDT by
Apple today announced new 14-inch and 16-inch MacBook Pro models featuring M4 Pro and M4 Max chips, alongside a new entry-level 14-inch MacBook Pro powered by the M4 chip. Subscribe to the MacRumors YouTube channel for more videos. The new M4 Pro and M4 Max machines come with a minimum of 24GB of Unified Memory as standard, up from 18GB in the previous models. Both models feature three...
M3 Pro Max vs M4 Pro Max Feature

Here's How Much Faster M4 Pro/Max Are for Graphics vs. M3 Pro/Max

Friday November 1, 2024 8:04 am PDT by
Apple's new M4 Pro and M4 Max chips are impressively fast in terms of CPU performance, topping the M2 Ultra, but what about graphics performance? The first Geekbench 6 results for GPU performance are now available for the M4 Pro and M4 Max, and the Metal scores reveal some impressive year-over-year gains. Based on the Metal scores that are available so far, the M4 Pro and M4 Max are up to...
best early black friday deals

The Best Early Black Friday Apple Deals

Friday November 1, 2024 8:21 am PDT by
We're officially in the month of Black Friday, which will take place on Friday, November 29 in 2024. As always, this will be the best time of the year to shop for great deals, including popular Apple products like AirPods, iPad, Apple Watch, and more. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment,...

Top Rated Comments

technopaul Avatar
19 months ago
Goldman called me earlier this week (on Memorial Day actually!) to inform me they were cancelling a withdraw because I didn't transfer the money back to the account it originated from. It had been sitting on pending in the Apple Savings app for 6 days. The agent said it was only his second time making this kind of call and cited a 90 day hold on new accounts transferring money to accounts outside of where the money was deposited from originally. Once he cancelled the previous withdrawal I initiated a new withdrawal to the original account and it took less than 1 business day to arrive. I hope this helps.
Score: 21 Votes (Like | Disagree)
no_idea Avatar
19 months ago
Thanks early gen 1 adopters. I’m waiting for the gen 3 savings pro max
Score: 20 Votes (Like | Disagree)
vegetassj4 Avatar
19 months ago
Ahem...*cough*...*cough*


Savings? What savings? I can see it now.


https://forums.macrumors.com/threads/apple-card-savings-account-available-starting-today-with-4-15-interest-rate.2387038/post-32104076



Attachment Image
Score: 18 Votes (Like | Disagree)
Andres Cantu Avatar
19 months ago
Stopped reading at “Apple users complain” ?
Score: 17 Votes (Like | Disagree)
Ethosik Avatar
19 months ago

Wow, good to know. I was planning to transfer a large amount next week.
This is a terrible PR issue if it's widespread. Get you sh.t together Apple and put your weight on GS to make things right.
It’s not really Apple or GS. These protections are in place in a lot of areas. Which is why I keep my transactions below $10,000.
Score: 14 Votes (Like | Disagree)
Ethosik Avatar
19 months ago

Stick to real banks, folks. Don't put your life savings in stuff like this.
Happens with real banks too. Happened to me years ago when I transferred $15,000.
Score: 12 Votes (Like | Disagree)