On Monday, Apple announced that its new savings account is open for business. The iPhone maker’s new banking product, which was announced last fall, is available to those with an Apple credit card and offers a tasty interest rate of 4.15%.
Apple’s savings account is notable both for the rate, which is one of the highest around, and as another signal of how far the company is leaning into the financial services world. To pull this off, it has extended a tie-up with Goldman Sachs, which is also behind Apple’s credit card, in an arrangement that lets Apple become a big player in the world of personal finance while dodging most of the responsibilities that go with that.
