Apple savings funds not available

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Level 1

45 points

Apple savings funds not available

So I setup the Apple savings last Friday with no issues. Linked my external bank account, and decided to transfer 5K into the savings just to see how things work. As of this morning, the account shows a current balance of 5K, but an available balance of $0. I cannot withdraw or move any of the money at this time. I tried calling the savings number yesterday but ran out of time to be on hold.

Has anyone else experienced this amount of delay with funds not being available? I move money between other banks and investment institutions and it is always available next day. This is starting to worry me now.

Posted on May 17, 2023 3:28 AM

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Answer 1

Jeff Donald

Level 8

42,606 points

May 17, 2023 5:53 AM in response to Rotlex

Availability of Funds is covered in the terms & conditions I linked to above. This was all disclosed. HYSA are meant for accumulation of wealth. Many early users are surprised by certain lack of features they were expecting such as bill pay, scheduled transfers, joint accounts etc. But as I researched HYSA, it’s rare to find these features. I tell people to think of HYSA more as a CD, with better liquidity and therefore slightly lower interest rates.

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Answer 2

Rotlex Author

Level 1

45 points

May 17, 2023 5:13 AM in response to Jeff Donald

Yes, I read and understand that. It just seemed very odd to me that the bank I transferred from shows the transfer as complete as of this past Monday and the Apple savings still doesn't have those funds available. This, and the fact that you cannot make this a joint account are making me question even having started this account.

This is also the only savings or investment account I have ever opened that had this type of delay for a new or old customer. Thanks for the reply though.

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Answer 3

Jeff Donald

Level 8

42,606 points

May 17, 2023 4:11 AM in response to Rotlex

Availability is limited during first 30 days using ACH transfers. This is disclosed in Apple Savings Deposit Agreement. After the > New Customer < period, ACH transfers are 1 to 3 business days. Instant transfer of up to $10,000 a day and $20,000 in any 7 day rolling period is available using Apple Cash. Instant transfers to Apple Cash are free.

https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf

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Apple savings funds not available

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