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Apple just launched a high-yield savings account. Here’s how it stacks up against competitors.

Tim Cook visits an Apple store in New York City on September 16.Apple CEO Tim Cook.

Kevin Mazur/Getty Images

  • Apple launched a high-yield savings account for its Apple Card customers on Monday as it grows its financial product offerings.
  • The iPhone maker partnered with Goldman Sachs on the account, which offers an interest rate of 4.15%.
  • Here’s how Apple’s new high-yield savings account stacks up against the competition.

Apple launched a high-yield savings account on Monday as more and more consumers seek to take advantage of the high interest rate environment.

The savings account is available to Apple Card customers through its partner, Goldman Sachs, and offers a yield of 4.15% with no minimum deposits, no minimum balance requirements, and no fees.

While Apple’s starting yield of 4.15% isn’t the highest for a high-yield savings account, there is something Apple offers that few others do: convenience. At least, convenience for iPhone users who already have an Apple Card, as the savings account integrates into the iPhone’s Wallet app.

“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place,” Apple vice president Jennifer Bailey said.

Here’s how Apple’s new high-yield savings account stacks up against the competition, according to Insider’s Personal Finance team.

1. UFB Premier Savings

UFB Direct

UFB Direct

Interest Rate: 4.81%
Minimum Deposit Amount: $0
Fees: No monthly service fee

2. Bask Bank Interest Savings Account

Bask Bank logo on a teal background with coin and card motifs

Marianne Ayala/Insider

Interest Rate: 4.65%
Minimum Deposit Amount: $0
Fees: No monthly service fee

3. Salem Five Direct eOne Savings

Salem Five Bank logo

Salem Five Bank logo

Interest Rate: 4.61%
Minimum Deposit Amount: $10
Fees: No monthly service fee

4. Bread Savings High-Yield Savings Account

Bread Savings

Bread Savings

Interest Rate: 4.50%
Minimum Deposit Amount: $100
Fees: No monthly service fee

5. CIT Bank Savings Connect Account

cit bank logo

CIT Bank

Interest Rate: 4.50%
Minimum Deposit Amount: $100
Fees: No monthly service fee

6. TAB High-Yield Savings Account

tab bank

TAB Bank

Interest Rate: 4.40%
Minimum Deposit Amount: $0
Fees: No monthly service fee

7. LendingClub High-Yield Savings Account

LendingClubLendingClub rang the opening bell on the NYSE in June as it marked 3 million borrowers.

Reuters

Interest Rate: 4.25%
Minimum Deposit Amount: $100
Fees: No monthly service fee

8. Ally High-Yield Savings Account

ally bank logo

Ally High Yield Savings

Interest Rate: 3.75%
Minimum Deposit Amount: $0
Fees:
No monthly service fee

Read the original article on Business Insider