Apple Saving Account Transfer Timeframes Revealed

Apple's saving account transfer timeframes have been revealed, and it's not a quick process. Transfers can take up to 5 business days to complete.

If you're planning to transfer funds, it's essential to know that Apple doesn't have a fixed transfer time, but rather a range of 1-5 business days. This timeframe can vary depending on the transfer method and the recipient's account setup.

Apple's transfer policy states that transfers are processed on business days only, excluding weekends and holidays. This means that even if you initiate a transfer on a Friday, it won't be processed until the following Monday.

The iOS 17 update has brought some changes to the Apple Savings account.

Apple has updated the text on Automated Clearing House (ACH) transfer times, now stating that funds are typically available for withdrawal by the 5th business day.

This is a change from the previous wording in iOS 16, which said transfers "typically take 1-3 business days to complete."

This change comes after complaints from Apple Card owners who experienced long wait times when trying to withdraw funds.

The Apple Savings account initially launched in April as an extension of the Apple Card, in partnership with Goldman Sachs.

The account promised a high-yield 4.15% savings option, but users have faced issues with unexplained delays when making withdrawals.

The Apple Savings account transfer time has been a point of contention for many users, with some experiencing delays of up to 17 days.

ACH transfers typically take 1 to 3 days, but can be delayed due to weekends and bank cut-off times.

In the iOS 17 beta, Apple changed the language regarding transfer times to "Funds are typically available for withdrawal by the 5th business day".

This change suggests that Apple is acknowledging longer transfer times, which is consistent with user experiences.

Transfers initiated on Fridays can take up to 5 business days to complete, as seen in one user's experience where funds were not available until the following Friday.

Goldman Sachs, the partner bank, has been cited as the reason for these delays, with some users experiencing poor customer service when trying to resolve the issue.

The extended transfer time may be a temporary measure while Apple and Goldman Sachs work on resolving the issues behind the scenes.

It's worth noting that ACH transfers work in a specific way, with funds typically being processed on Mondays and other business days.