The new offering will let Apple Card users earn a 4.15% annual yield, more than 10 times the national average, the tech company said on its website Monday. The account has no fees, minimum deposit or balance requirements and can be set up from within the Wallet app.
Apple announced the product in October, part of a series of new financial offerings. The idea is to generate more revenue from services, which have already surged in recent years, and provide yet another way to lock consumers into the Apple platform.
Still, pushing into the industry hasn’t always gone smoothly. A “buy now, pay later” service suffered a long delay before beginning to roll out last month. And the savings account itself took about six months to appear after the announcement.
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