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IPFS News Link • Central Banks/Banking

Apple Customers Say It's Hard To Get Money Out Of Goldman Sachs Savings Accounts

• by Bryan Jung

After the new Apple savings account was launched in April to great fanfare, the system has been facing serious teething problems, according to customers.

The annual yield on an Apple savings account offers a generous 4.15 percent interest rate, dwarfing the current savings account yield of 0.39 percent, according to Bankrate.

The account's interest rate is about ten times the average yield offered by mainstream banks, making it attractive to new customers and falls well below the Federal Reserve's borrowing rate of between 5 percent and 5.25 percent.

This allows users to earn a sizeable amount in interest over the course of a year.

Some reports suggest that the launch had already attracted as many as $1 billion in deposits within four days of launch.

Goldman is the primary issuer of Apple's new credit card, which is the only way a customer can open a savings account with the tech giant.