Consumer electronics giant Apple (AAPL) is pushing further into banking with a new high-interest savings account that offers a 4.15% yield on deposits.
Apple’s new savings account, which is being launched in partnership with U.S. investment bank Goldman Sachs (GS), requires no minimum balance. Users can set up an account from the Wallet app on their iPhone.
Consumers need an Apple Card to open a high-interest savings account, and all cash rewards earned through the Apple Card are automatically deposited into the savings account, the company said in a news release.
Daily Cash is the Apple Card’s reward program and offers up to 3% cash back on all purchases.
The 4.15% interest being offered by Apple’s savings account is high when compared to the average interest of just 0.35% earned through most savings accounts in the U.S., according to data from the Federal Deposit Insurance Corporation (FDIC).
However, other online banks in the U.S. offer higher interest rates of 4.75% to 5% on deposits, though many require their customers to maintain a minimum balance of $5,000 U.S. or more.
Consumers can manage their Apple accounts through a dashboard that will appear in the Wallet app on their iPhone, allowing them to view their account balance and withdraw money.
The new savings account is expected to be immediately available in the Apple Wallet app on iPhones.
Apple’s stock has gained 32% so far this year to trade at $165.23 U.S. per share.
