When Kevin Smyth learned in April that Goldman Sachs and Apple were offering a savings account with higher yields than anyone else, he jumped at the chance to shift money that was earning less at another online bank. But within a few weeks, when he had to withdraw a small portion of the funds to pay for a home renovation, everything went awry.
A transaction that was supposed to take one to three business days ended up taking nearly two weeks to clear, forcing Smyth to sell stock through a Fidelity account to get the money for the renovation. Smyth now says he plans to close his Apple Savings account, disappointed in Apple and Goldman and the way customer service staff treated him. He described being “lectured” by representatives who scolded him for moving money in and out of savings accounts so quickly, even though the account’s terms and conditions didn’t describe any restrictions on doing so.
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