Apple’s recent partnership with Goldman Sachs to create a Savings account for Apple users was met with impressive enthusiasm and sign-ups. For good reason too- a high yield savings account with 4.15% is quite impressive from a big name bank.
However, not all users of the new savings account have exclusively glowing reviews about the service. A recent article published on the Wall Street Journal described a user who experienced a nightmarish experience trying to get their money out of their savings account to use for legitimate purposes. It would seem that Apple and Goldman Sachs have erected artificial barriers for clients to overcome when compared to traditional banks. Whether through incompetence, or purposefully making things difficult for clients, the service appears to not live up to its promises.
In addition to unreasonable holds and ill-informed customer service, clients are essentially tied to their iPhones to conduct their business with their accounts. At the time of this writing, there is no fully featured or readily available portal or app that clients can use to access their account other than on iOS. Apple’s official Savings documentation (at the time of this writing) still exclusively points users to use their iPhones to conduct any sort of activity with their savings accounts.
While Apple may indeed produce quality products and services, it maybe wise to wait before jumping into brand new offerings as they may not be as seamless as advertised. Gone are the days where Apple’s products and services “just work.” It doesn’t take much to find forums with posts regarding Apple’s declining quality when it comes to their newer offerings.
Readers may want to seriously consider whether they decide to utilize a service as sensitive as a high yield savings account from Apple and Goldman Sachs. It may not be worth it to have a hard credit inquiry only to end up closing their account as the ex-client did in the Wall Street Journal article cited.