Apple and Goldman Sachs' high-interest savings accounts are causing issues for users trying to withdraw their funds.

Apple, in collaboration with Goldman Sachs, introduced a savings account program in April that offered high yields, no fees, and easy usability from the Wallet to Apple Card users. Despite the initially excellent response from customers, some are now experiencing issues withdrawing their money from these accounts, according to a report by The Wall Street Journal on Thursday. Certain users claimed that it took several weeks for their money to be transferred to another account, while others received inconsistent suggestions and lost their funds altogether. Goldman Sachs responded to this development by stating that the vast majority of customers did not experience any transfer delays, and that a few individuals may face such delays due to security measures in place.

Goldman Sachs had previously attempted to enhance its consumer bank division in an effort to focus on Main Street, but the initiative did not produce the expected outcomes and resulted in losses amounting to several billion dollars. CEO David Solomon announced in February that the company was “considering strategic alternatives” for its consumer platforms division, which contains the Apple Card, but not Marcus, the firm's consumer bank that features its own set of savings accounts. During the bank's earnings call in April, Solomon stated that he was unconcerned about Apple's saving account program overpowering Marcus' offerings, but he was watching for signs of "cannibalization" nevertheless.

Apple's banking services initially drew the attention of users as the program provided certain Apple Card holders with cashbacks and a high yield on their Savings account. With the account's 4.15% yield rate, far higher than the average 0.25% for most savings accounts, this feature was a clear advantage for customers who typically face fees, minimum deposits, or balance conditions.

Apple enthusiasts can now easily establish and handle Savings directly through their Apple Card in Wallet, as the tech giant takes a step into the financial services industry to keep users locked into its ecosystem. Users of the Apple Card may withdraw funds at any point by shifting them to a linked bank account or to their Apple Cash card, without being charged with fees. This move follows the launching of an interest-free buy now, pay later programme this year, which permitted clients to pay for particular expenses in instalments without any interest charges, all facilitated by Goldman Sachs. Despite being around for three years, the Apple Card and other financial products have not broadened internationally yet, as Bloomberg reported, with the company experiencing obstacles in rolling out its BNPL and savings account programmes. Nevertheless, there is a significant potential for Apple to thrive if it can maintain its consumers, with Apple Pay transaction volumes doing well - a 62% rise during the 2022 holiday season compared to the year earlier, according to Deutsche Bank data cited by the Journal.