Apple Card Warning for Apple Card Savings Account users - 5-day limbo

[rhaezorblue]

Just wanted to pass this information along to people here - I was hoping to take advantage of the very high interest rate for their Savings account, but you are unable to withdraw your money that you deposit for "up to 5 days"

I deposited $50 to test out the new feature 3 days ago and I still can't withdraw any of it.. it's like sitting in limbo. I see it as in the account, but when going to Withdraw, it wont let me touch it.

So heads up if you need to do a lot of quick turn around transactions of any kind. Pretty disappointing

 

[LeeW]

5 days isn't really a long time. Plan ahead. The 5 days is likely a purposeful delay to stop people from doing exactly that. It costs money to move money. They want savers to deposit money and leave it there, not treat it like a checking account.

 

[JDabney24]

I believe it’s an instant withdrawal if you withdraw to your Apple Pay Cash card, then a bit faster from Apple pay Cash to bank account. Still there is a waiting period to get said funds to your bank account. I kind of like knowing that there is a delay. It incentivizes actual saving for me. I have a separate more easily accessible checking and savings account through my regular bank, so it’s not a deal breaker for me.

 

[rhaezorblue]

5 days isn't really a long time. Plan ahead. The 5 days is likely a purposeful delay to stop people from doing exactly that. It costs money to move money. They want savers to deposit money and leave it there, not treat it like a checking account.

If they are competing against brick and mortar banks then why have a worse cash availability policy? If I deposit money into my regular savings account, especially if I am at my bank, the cash is immediately available. Or if I scan a check and deposit it, its typically there in seconds.. 15 mins at most.

Why defend something that is flatly worse, just because its Apple? Don't get me wrong, I have a ****-ton invested into the Apple ecosystem with my family of 4, but when a product or service has negatives, I don't paper over them or excuse them.

Anyway just hoping this helps inform someone.

 

[Eric Idle]

Just wanted to pass this information along to people here - I was hoping to take advantage of the very high interest rate for their Savings account, but you are unable to withdraw your money that you deposit for "up to 5 days"

I deposited $50 to test out the new feature 3 days ago and I still can't withdraw any of it.. it's like sitting in limbo. I see it as in the account, but when going to Withdraw, it wont let me touch it.

So heads up if you need to do a lot of quick turn around transactions of any kind. Pretty disappointing

View attachment 2191329

A total non issue. You have no idea how banks work.

 

[Eric Idle]

If they are competing against brick and mortar banks then why have a worse cash availability policy? If I deposit money into my regular savings account, especially if I am at my bank, the cash is immediately available. Or if I scan a check and deposit it, its typically there in seconds.. 15 mins at most.

Why defend something that is flatly worse, just because its Apple? Don't get me wrong, I have a ****-ton invested into the Apple ecosystem with my family of 4, but when a product or service has negatives, I don't paper over them or excuse them.

Anyway just hoping this helps inform someone.

Abject nonsense. If I transfer money from Chase to Captial One, it is NOT instantly available. It takes a few days for transactions to clear. If I transfer money from my brokerage account to my bank it is NOT instantly available.

You have discovered exactly nothing.

 

[rhaezorblue]

Ah yes, ignore what I said and state points about how your bank is slow. I said my traditional bank is much faster.

 

[iStorm]

Maybe I don't fully understand the issue. You transferred $50...your balance is now $50...and then you tried to withdraw some of it right away. Of course that's usually not going to work. Just because it was credited right away, it doesn't necessarily mean it's available for use. Many banks have a deposit hold.

Now if you already had a balance...say $5,000...and you deposited $50...you'd still be able to withdraw up to $5,000 right away.

Sure, maybe it is slower compared to other banks, but it's basically a non-issue once you've got a balance going. Most people don't bank that way, especially with a savings account.

If I deposit money into my regular savings account, especially if I am at my bank, the cash is immediately available. Or if I scan a check and deposit it, its typically there in seconds.. 15 mins at most.

As mentioned earlier, just because it was credited and shows up in your account right away, it doesn't mean it's available for use. I'd be willing to bet there's actually a deposit hold on it, especially if it was a check. You just don't notice it because you already have other funds in the account that's available for use.

 

[DDarar]

When you press the three dots on the top of your savings screen and select account details you should see both your current balance and your available balance. As others have said current balance isn't necessarily reflective of what's available. Remember, ACH stands for "Automated Clearing House" and getting through the process takes anywhere between 1-5 business days. That said, speeds vary wildly between institutions based on a variety of factors and, anecdotally, I made two deposits (pushed from my external accounts) yesterday afternoon both of which cleared this morning. All the funds seem to be available to me, I'd be curious to hear if the numbers in your "available balance" and your "current balance" match.

 

[Mlrollin91]

If they are competing against brick and mortar banks then why have a worse cash availability policy? If I deposit money into my regular savings account, especially if I am at my bank, the cash is immediately available. Or if I scan a check and deposit it, its typically there in seconds.. 15 mins at most.

Why defend something that is flatly worse, just because its Apple? Don't get me wrong, I have a ****-ton invested into the Apple ecosystem with my family of 4, but when a product or service has negatives, I don't paper over them or excuse them.

Anyway just hoping this helps inform someone.

Except this is not competing with brick and mortar banks, this is competing with online HYSA. Discover/SoFi/Amex/etc. HYSA accounts do not have instant transfers. I have both a Discover and Amex HYSA and its exactly the same. 3-5 days to transfer money in and out of that account to Chase. Typically, brick and mortar banks do not have HYSA, they have CDs.

 

[DDarar]

Except this is not competing with brick and mortar banks, this is competing with online HYSA. Discover/SoFi/Amex/etc. HYSA accounts do not have instant transfers. I have both a Discover and Amex HYSA and its exactly the same. 3-5 days to transfer money in and out of that account to Chase. Typically, brick and mortar banks do not have HYSA, they have CDs.

That may be the case with Chase, Discover and Amex but it's not a universal turnaround. SoFi, for example, does offer same-day clearing transfers for up-to $1000 and many other institutions offer limited next-day clearing ACH transfers for quantities up-to $30k or so. This of course is assuming the transfers are initiated via the institutions themselves; if you're pulling it from another bank it will take the typical 3-5 days. That said I can't think of the last time I had any transaction take longer than 3 days if the transfer was initiated Wednesday or sooner.

 

[Eric Idle]

What a bunch of nothing.

 

[maflynn]

If I transfer money from Chase to Captial One,

I have to disagree, while the issue being reported is not a huge issues, many banks including capital one will generally release funds for use a lot sooner then the 5 days. Bank transfers do take longer but that's comparing apples to oranges.

I do not have to wait any time to deposit money in my Citizen's account

 

[cthompson94]

Not to necessarily defend…but this is a brand new program and the 5 days to probably to allow minimum errors they will probably iron it out and lower the days. Also remember this is a savings account most people won’t be testing it and doing deposits and withdrawals like that

 

[Sheepish-Lord]

If you go into your Apple savings and click on the transfer it will have different status updates. Pending, In Progress, and Complete from what I’ve seen so far.

Pending - showed in Apple wallet but didn’t leave my other bank.

In Progress- this takes the longest and was in this status for 5 days exactly. During this period it no longer showed in my old account only Apple Savings.

Complete- took 5 days to get here as I said and I guess that means I can do stuff with it now.

 

[usagora]

I don't understand why you would want to immediately withdraw money you deposited into a savings account. I guess if you're worried about an emergency situation, then just be sure you have a credit card or an already established emergency fund in another account that's available to withdraw if needed. As others have said, once you have a good balance going in that account, it's a moot point anyway, because it's only the newly deposited funds that have a hold on them.

Why defend something that is flatly worse, just because its Apple?

I can't speak for others, but I couldn't care less what company name the account was associated with. I'd make my same above comments regardless.

 

[Eric Idle]

I have to disagree, while the issue being reported is not a huge issues, many banks including capital one will generally release funds for use a lot sooner then the 5 days. Bank transfers do take longer but that's comparing apples to oranges.

I do not have to wait any time to deposit money in my Citizen's account

In 40 years i can count on one hand the number of times i've deposited money into my savings account and needed to withdraw it right away and STILL HAVE FIVE FINGERS LEFT OVER.

 

[Puonti]

Clearly different banking systems work differently. If you want to use this particular service and it imposes a 1-5 day delay on your money becoming available, the solution is simple: deposit a "larger sum" of money onto that account (for example $500) and keep it there. Then you will always have these "smaller sums" of money (~$50) "instantly available" when you do deposits.

Sure, "it's not the same $50", but it never was. It doesn't matter. You put money in whenever, and the same amount of money is immediately available.

("larger" and "smaller" sums per your needs and means)

 

[maflynn]

In 40 years i can count on one hand the number of times i've deposited money into my savings account and needed to withdraw it right away and STILL HAVE FIVE FINGERS LEFT OVER.

I guess not everyone is as privileged as you and some people has had to live check to check, and the time needed for a check is the difference between buying food or going hungry.

 

[Lihp8270]

I guess not everyone is as privileged as you and some people has had to live check to check, and the time needed for a check is the difference between buying food or going hungry.

If you’re living check to check. Why would you be depositing into a savings account?

If you need the access to balance then it should be a in a current account.

Banks here, a transfer between current accounts is instant. I can transfer money to a different bank for free, instantly.

But savings accounts always have restrictions on access times, to prevent them being used as current accounts

 

[Eric Idle]

I guess not everyone is as privileged as you and some people has had to live check to check, and the time needed for a check is the difference between buying food or going hungry.

Someone living check to check should not be wasting their time in Mac forums, or with savings accounts which are designed to grow excess money. If they are wasting their time in such a way, clearly they have no understanding of the purpose of such accounts. This lack of education may explain why their financial situation is so poor.

 

[MisterSavage]

Except this is not competing with brick and mortar banks, this is competing with online HYSA. Discover/SoFi/Amex/etc. HYSA accounts do not have instant transfers. I have both a Discover and Amex HYSA and its exactly the same. 3-5 days to transfer money in and out of that account to Chase. Typically, brick and mortar banks do not have HYSA, they have CDs.

This right here. I was going to say this seems pretty standard from what I've seen with my online HYSA.

 

[chill991]

I've lived check to check long ago, savings account was not on my mind at the time. Surviving was. Use a checking account, that's what it's for.

 

[Sheepish-Lord]

Before COVID savings accounts in the US were regulated and could only have like 6 withdraws a month and after that it would automatically become a checking account. Due to more people having to pull money out of savings to survive this was changed but I would argue this shouldn’t be the norm where a savings account gets used frequently.

For emergencies a credit card is best so unless you have a really low limit there’s no reason an emergency should costs you thousands of dollars.

 

[monstermash]

Just wanted to pass this information along to people here - I was hoping to take advantage of the very high interest rate for their Savings account, but you are unable to withdraw your money that you deposit for "up to 5 days"

I deposited $50 to test out the new feature 3 days ago and I still can't withdraw any of it.. it's like sitting in limbo. I see it as in the account, but when going to Withdraw, it wont let me touch it.

So heads up if you need to do a lot of quick turn around transactions of any kind. Pretty disappointing

View attachment 2191329

If you need to do "quick transactions", you should be using a checking account, not a savings account.