Apple launched its Apple Card savings account on Monday, offering a 4.15% annual percentage yield, which is more than 10 times the average U.S. savings account rate.
Users can open an account directly from Apple’s Wallet app on their iPhones.
The new service is available to Apple’s credit card customers.
The tech giant is also partnering with Goldman Sachs to provide the new service.
Deposits will sit with Goldman, which as a licensed bank has access to FDIC insurance.
Apple’s new savings account does not require any minimum deposit or balance.
The new savings account adds to Apple’s growing payments and financial services.
Last month, Apple launched its “buy now, pay later” service called Apple Pay Later.
According to the FDIC, customers have withdrawn more than $800B in deposits from U.S. commercial banks since March 2022, when the Federal Reserve began raising rates.