Apple announces a savings account with a return of 4.15% for Apple Card holders

() — Apple announced Monday that it now offers a 4.15% yield savings account at Goldman Sachs for its Apple Card holders. Customers will have access to both the 3% cash back they receive for using the card on certain purchases, as well as other savings they wish to deposit.

The new product will offer a more comprehensive financial services experience under Apple’s umbrella to customers, who must use Apple hardware to receive the benefits, said Ted Rossman, a senior analyst at Bankrate. For example, you can only get an Apple Card if you use an Apple phone.

The savings option “helps our users get even more value from their favorite card benefit – Daily Cash – while giving them an easy way to save money every day,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet, in a statement.

“Our goal is to build tools that help users lead healthier financial lives, and building Apple Card savings into Wallet allows them to spend, send and save Daily Cash directly and seamlessly, all from one place.” he added.

The Apple Savings account through Goldman Sachs is insured by the Federal Deposit Insurance Corporation (FDIC).

Bankrate rates the Apple Card highly as a no-fee rewards credit card. In that sense, the convenience of having a high-yield savings account for the cash rewards the cardholder receives may be attractive.

The good news is that both Apple customers and anyone interested in increasing their savings can choose from several high-performance options, not limited to the Apple Card.

Interest rates at large, asset-rich banks remain well below 1%. But there are plenty of deals at FDIC-insured online banks.

Rossman notes that Apple’s offer rate of 4.15% is the 11th highest on Bankrate’s list. Number 1 is 5.02% of UFB Direct. And three other banks, LendingClub Bank, Rising Bank and Citizens Access, are currently offering 4.25%.

For money held between three months and a year, you’ll get even higher rates if you purchase an FDIC-insured certificate of deposit.

For example, according to Rossman, the highest-yielding one-year certificate of deposit now offers 5.2%, and that interest rate holds for 12 months. By contrast, the interest rate on a high-yield savings account — including Apple’s new offering — can go up or down at any time without notice.