Apple savings account ‘keeping customers’ cash hostage’ (if you don’t hold it, you don’t own it)

Apple customers have complained they are struggling to access their savings – just over a month after it launched its high-yield account.

The tech giant made headlines when it unveiled its new savings product in partnership with Goldman Sachs that offers a 4.15 percent interest rate – around 10 times the average yield offered by mainstream banks.

Reports suggest it attracted as many as $1 billion in deposits four days after launching.

But now savers are reportedly having trouble accessing their funds – or transferring cash between accounts.

Nathan Thacker, who lives outside Atlanta, told the Wall Street Journal he had been trying and failing to transfer $1,700 from his Apple account to JPMorgan Chase since May 15.

https://www.dailymail.co.uk/news/article-12149359/Apple-savings-account-customers-complain-access-cash.html

https://nypost.com/2023/06/01/apple-users-struggle-to-get-funds-out-of-goldman-operated-savings-accounts/

h/t Simian_Stacker