Individual users of Apple’s new financial product, the Apple Card Savings Account, have been experiencing difficulties accessing their deposited money since at least the end of May, according to reports. Customers of the high-interest savings account, who must also be owners of an Apple Card credit card in the US, have reported delays of up to four weeks in some cases, and widespread frustration has led to some cancellations of accounts. Apple’s banking partner, Goldman Sachs, has said the problems are limited, though recent customer response to the savings account has exceeded expectations.
Apple is not a licensed bank and relies on Goldman Sachs for its financial product. The savings account has a current interest rate of 4.15%, far more than the rate offered by other financial institutions in the US. However, customer experiences of the account have suggested that putting money in is significantly easier than getting it out, and has led to some suggestions that recent events might give pause to the tech company’s plans for greater activity in the banking sector.
The delays and problems accessing savings accounts have not gone unnoticed by Apple CEO Tim Cook, who was asked about the difficulties the accounts were causing by a major American TV show. Cook responded to these criticisms on ABC’s Good Morning America, stating that the problems were due to security measures aimed at preventing theft of customers’ funds. Despite Cook’s explanation, some customers have expressed significant unrest regarding the possibility of long delays or even complete failure to access their savings when they are needed most.
Apple Pay has been a major financial success story for Apple, and the company has been keen to emphasise in its recent earnings reports the growth potential it sees in the banking business. As yet Apple Card is only available in the US, and it is not known when, or if, it may be introduced to other countries.
