Apple Savings Accounts Funds Withdrawal Concerns

By Melody Brue, Patrick Moorhead - June 8, 2023

Holders of Apple Savings Accounts (which I wrote about when the company launched with Goldman Sachs in May) are reportedly having trouble withdrawing funds from their accounts. Customers who have requested withdrawals have reported waiting 2-4 weeks for their money to show up. In May, I called out in my analysis that even with a 4.15% interest rate that was “riches compared with the current savings-account average of 0.25%,” … “Apple’s deposit account agreement states that the bank requires seven days’ notice of withdrawal, so that should be considered for anyone wanting immediate liquidity.” Apple’s PR team disputed that at the time (although it came directly from the company’s agreement).

Goldman says the customer response to the product causes the delay and that most customers have not seen fund transfer delays. I assume some time for KYC/AML makes up for some of the lost time in transfer, but Apple needs to clarify that with consumers. Otherwise, people will assume that the company is making up for some interest with float time. Apple has the captive audience and banking ecosystem to get into banking more heavily, but the company needs to do it not so much with a heavy hand. Even with the savings account, consumers who want to open the accounts must first sign up for the Apple Card credit card (also issued through Goldman). This is a development worth keeping an eye on.

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Mel Brue is vice president and principal analyst covering modern work and financial services. Mel has more than 25 years of real tech industry experience in marketing, business development, and communications across various disciplines, both in-house and at agencies, with companies ranging from start-ups to global brands. She has built a unique specialty working in technology and highly regulated spaces, such as mobile payments and finance, gaming, automotive, wine and spirits, and mobile content, ensuring initiatives address the needs of customers, employees, lobbyists and legislators, as well as shareholders. 
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Patrick founded the firm based on his real-world world technology experiences with the understanding of what he wasn’t getting from analysts and consultants. Ten years later, Patrick is ranked #1 among technology industry analysts in terms of “power” (ARInsights)  in “press citations” (Apollo Research). Moorhead is a contributor at Forbes and frequently appears on CNBC. He is a broad-based analyst covering a wide variety of topics including the cloud, enterprise SaaS, collaboration, client computing, and semiconductors. He has 30 years of experience including 15 years of executive experience at high tech companies (NCR, AT&T, Compaq, now HP, and AMD) leading strategy, product management, product marketing, and corporate marketing, including three industry board appointments.