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Apple savings account customers face problems due to Goldman Sachs

Banking And Finance

Apple savings account customers face problems due to Goldman Sachs

Apple’s savings account customers, launched in April with Goldman Sachs, reported they find it hard to get their money out.

The users complained that they had issues transferring money from their fresh Apple accounts. They claimed that customer service agents at the bank holding the deposits, Goldman Sachs, occasionally provided inconsistent instructions. Their money would occasionally seem to have simply disappeared, not appearing in their Apple account or the account they were attempting to transfer it to.

Although Goldman said it couldn't speak to any specific clients, it did add that they took their responsibility to safeguard clients' deposits very seriously.

The new savings account for Apple Card users has received excellent and above-average customer response, according to a bank statement. While the vast majority of customers experienced no delays when transferring their funds, a user may occasionally encounter a delay as a result of procedures set up to help protect their accounts.

According to experts in the field of anti-money laundering, transfers that make up a significant portion of the total balance on new accounts, like Apple's, may result in anti-money laundering alerts or other security concerns that demand further review. They claimed that these delays typically last five days or less.

It can also be a warning sign when a client tries to transfer a sizeable sum of money from a recently opened account into a different account from the one where the money was initially held.

People looking for yield have been drawn to the Apple savings account. According to, it offers a 4.15% interest rate, which is higher than the average rate for savings accounts at the moment, which is 0.25%.

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