Apple Has a New High-Yield Savings Account. Here’s How to Set One Up.

Fed up with the bank?

Tim Cook has another financial option that might interest you instead.

Courtesy of Apple

That’s right, Apple now has a new savings account that lets you setup an account right from your iPhone.

Not to mention setup is just as easy as sitting on the couch.

Considering many individuals currently do not trust the banks with their money, Apple is offering another solution that could help make your money grow even more than what your local bank could.

Apple’s new savings account currently offers a 4.15% APY which is more than 10x the national average!

Although it’s important to note that if you do prefer to setup the savings account with Apple, you must have an active Apple Card with it.

All accounts will also be administered through Goldman Sachs.

Additional benefits of the new savings account includes no fees, minimum deposits or even balance requirements, unlike many banks that do require what Apple is nixing.

Plus, cash-back rewards made from purchases used by Apple’s credit card dubbed Apple Cash, can also be deposited into your savings account, cha-ching!

Individuals with the new savings account can also deposit additional money into their account to gain the current 4.15% annual yield which keep in mind, can change over time as interest rates shift.

The new savings account is accessible through the Wallet app to setup, but the first thing you’ll need to do is to activate an Apple Card by entering the Wallet app and tapping on your Apple card shown on the screen.

Then, locate the three dots in the upper right hand corner and tap Daily Cash.