Goldman Sachs Overhauls Apple Savings Procedures to Cut Down on Withdrawal Delays

Apple Savings account partner Goldman Sachs has changed its system to prevent Apple Card customers from running into extended delays when attempting to withdraw money, reports The Information.

apple card savings account
When the Apple Savings account launched earlier this year, there were complaints from customers who had long wait times when trying to withdraw money from their accounts. Some people had to wait weeks for money transfers, and in some cases, money disappeared between banks. Goldman Sachs at the time said that the transfers were delayed because of security flags that were meant to help protect user accounts.

Goldman Sachs has since adjusted its system to make it less likely to flag legitimate customer withdrawal requests as problematic. According to The Information, when a customer with a large amount of money attempts to move a small portion of their cash to an outside account, Goldman Sachs will be less likely to flag the transaction.

There is also now a cap on the number of days that a withdrawal should take, and Goldman Sachs is prioritizing communication with customers who have flagged transactions to ensure the communication issues that occurred earlier this year do not repeat.

Goldman Sachs in July provided one-time $100 credits to customers who had experienced poor customer service as a gesture of good will.

The Apple Savings account has been offered since April, and it is available solely to ‌Apple Card‌ holders. The account has a 4.15 percent interest rate on Daily Cash and other deposits.

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Top Rated Comments

Mr. Dee Avatar
29 months ago
The question I am gonna ask is, why even put it in there in the first place? Its a savings account, not a checking account. If your intention was to always pull it out, then you shouldn't have used it in the first place. My savings is meant to stay there and work for me in the long term.
Score: 11 Votes (Like | Disagree)
sw1tcher Avatar
29 months ago

The question I am gonna ask is, why even put it in there in the first place? Its a savings account, not a checking account. If your intention was to always pull it out, then you shouldn't have used it in the first place. My savings is meant to stay there and work for me in the long term.
Direct deposit paycheck into a high yield savings account because checking accounts offer terrible rates in comparison. Then transfer funds from savings to checking when needed, usually to pay off monthly credit card balance. Why keep funds sitting in a low yielding checking account when you don't have to?
Score: 9 Votes (Like | Disagree)
maternidad Avatar
29 months ago

If your balance is $152.37, you’re kinda hosed.
You can have more than one bank account :)
Score: 8 Votes (Like | Disagree)
Boeingfan Avatar
29 months ago

There is also now a cap on the number of days that a withdrawal should take
Days? DAYS? Why on earth does it take DAYS to make a withdrawal in the US? Is GS still using Windows 95?
Score: 7 Votes (Like | Disagree)
lkrupp Avatar
29 months ago
What I saw in the Apple Discussion Forums were people who deposited a large amount of money in the account and then tried to withdraw most of it the next day for reasons only known to them. Of course this raises a huge red flag in there banking industry about money laundering and the law requires a delay when the transaction is over $10K.
Score: 6 Votes (Like | Disagree)
sw1tcher Avatar
29 months ago

If you look into this you'll find those higher rates are tied to minimum balances and monthly fees if the balance falls below the minimum. The Apple savings account has no such restrictions. The are typically money market accounts.
jooish is likely referring to the Marcus ('https://www.marcus.com/us/en/savings/high-yield-savings') by Goldman Sachs high yield savings account offering a 4.40% APY with NO account minimum or monthly fees.

It literally says "No Fees. No Minimum Deposit."
Score: 6 Votes (Like | Disagree)