Apple launches new savings account with 4.15% interest rate

Individuals can also withdraw funds through the savings dashboard to a linked bank account or to their cash card.

How does the interest on Apples savings account compare

The new offering amplifies the tech giants suite of other financial offerings, including Apple Pay, Apple Card and the recent debut of a buy now, pay later service, said Ted Rossman, senior industry analyst at Bankrate.

Theyre trying to get that top of mind, top of wallet status, Rossman said.

According to Bankrates, Apples 4.15 savings account is now ranked 11th.

The companys card users would be able to earn a 4.15 yearly interest, which is more than ten times the national average, according to a statement posted on the companys website on Monday

Daily Cash is the amount of cashback the business allows its users to accrue in their reward account.

Outside cash can be moved to the savings account as well.

Goldman Sachs provides Apples savings account, and the money is FDICinsured.