(NewsNation/NEXSTAR) — In April, Apple teamed up with Goldman Sachs and offered new high-yield savings accounts to its Apple Card customers.
But some of those customers are finding it difficult to transfer money from their accounts. Some customers say they’ve had to wait weeks to get their money.
Hedge fund manager and “The Drill Down” business podcast host Cory Johnson joined “NewsNation Now” to discuss the case.
“It’s possible here that Apple and Goldman Sachs, their partner, are victims of their own success,” he said. “So many people rushed to open up these accounts when they were offered back in the end of April … transactions at any new account at a bank can sometimes trigger problems when you transfer money.”
Goldman Sachs, however, told members of the media that “the vast majority of customers see no delays in transferring their funds. In a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts.”
How does Apple’s savings account work?
An Apple Savings account can be opened within minutes for users who already have an Apple Card, the company’s Goldman Sachs-powered credit card. The tech giant explains that Apple Card holders can have their Daily Cash rewards (the 1-3% cash back the Apple Card offers on purchases) automatically deposited into their savings accounts, allowing it further room to grow.
Apple Savings made a splash at announcement for its 4.15% high-yield APY — well above the 0.39% national APY average offered by most brick-and-mortar banks. The high yield was a major draw for many, with Forbes reporting around $1 billion had collectively been deposited across about 240,000 new accounts by the end of its first week.
As calculated by financial resources outlet NerdWallet’s Savings Calculator, an Apple Savings account would earn about $211 over one year with just a single $5,000 initial deposit. The same deposit would earn only about $20 with the 0.39% national APY average, per the calculator.
In addition to saving up Daily Cash, account holders can also deposit funds from the bank account linked to their Apple Card.
Apple Savings is far from the only option for high-yield savings, however. A few favorites of social media users and financial news outlets in recent years have included Ally (3.85% APY) and Marcus by Goldman Sachs (also 4.15%).