'You're keeping our life savings hostage!' Apple customers struggle to access their cash - one month after the tech giant launched its competitive savings account with Goldman Sachs

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Apple customers have complained they are struggling to access their savings - just over a month after it launched its high-yield account. 

The tech giant made headlines when it unveiled its new savings product in partnership with Goldman Sachs that offers a 4.15 percent interest rate - around 10 times the average yield offered by mainstream banks.

Reports suggest it attracted as many as $1 billion in deposits four days after launching.

But now savers are reportedly having trouble accessing their funds - or transferring cash between accounts.

Nathan Thacker, who lives outside Atlanta, told the Wall Street Journal he had been trying and failing to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. 

Apple's new high-yield savings account drew in in nearly $1 billion deposits in its first four days, sources said 

Each time he contacted Goldman Sachs' customer service department, he was told to wait a few days. He only received the funds after the WSJ intervened.

Social media is littered with similar stories of savers unable to get their hands on their money.

Kevin Smyth, from Minnesota, tweeted Apple Chief Executive Tim Cook last week and wrote: 'Was your plan to partner with a bank that holds people’s life savings hostage?'

Smyth had been trying to transfer $10,000 from his Apple account to US Bank on May 16. 

Although Goldman Sachs has since resolved the issue, Smyth has decided to drain his $200,000 savings from his Apple account and moved it back to American Express. 

Another Twitter user wrote: 'Do not setup direct deposit using savings account by Apple.

'You may not see that money for 3-4 weeks based on my experience. Let them have the nickels and dimes and nothing else.'

The Wall Street Journal reported that some customers saw their money vanish as it was removed from their Apple account but did not make it to the bank they were trying to transfer it to. 

Goldman Sachs said the difficulties were being faced by a 'limited' number of customers. It added delays were often due to rigorous processes designed to protect users.  

Apple's savings account is only available to those who use its credit card, Apple Card. 

Customers can open one in less than a minute directly from their iPhone and there is no minimum balance requirement. 

It is also fee-free and offers a maximum balance of $250,000. And savers are free to access their money at any time - unlike many mainstream accounts which limit customers to six cash withdrawals a year.

The yield on Apple's savings account is more than ten times the average US savings rate, which is currently a paltry 0.39 percent

Its 4.15 percent annual yield was reviewed favorably - especially as mainstream banks come under increasing scrutiny for failing to pass on high interest rates. 

Savings rates have remained pitifully low compared to the cost of borrowing, with the average US yield now 0.39 percent, according to data from the Federal Deposit Insurance Corporation (FDIC).

It falls well below the Federal Reserve's funds rate which is currently hovering between 5 and 5.25 percent. In theory, this figure should loosely determine saving rates offered by banks.

But Apple's competitive deal means users can earn up to 10 times more over the course of a year.

For example, if a customer put $1,000 into a savings account which offered the Fed's average yield of 0.39 percent and left it alone, they would earn just $3.90 interest in 12 months.

However with the Apple account, they would make $41.50 on their savings - a difference of $37.60.

Responding to the difficulties facing customers, a spokesman for Goldman Sachs said: 'The customer response to the new Savings account for Apple Card users has been excellent and beyond our expectations. 

'While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts. 

'While we would not comment on specific customer interactions, we take our obligation to protect our customers deposits very seriously and work to create a balance between a seamless customer experience and that protection.'

Dailymail.com also reached out to Apple for comment.