Apple Makes the iPhone a Home for Savings Accounts

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By Julia Carpenter and Will Feuer

Apple Inc. joined the competition for bank deposits on Monday with the launch of a high-yield savings account that pays an annual percentage yield of 4.15%.

The high-yield savings accounts, available in conjunction with Apple’s credit card, are one of the tech company’s latest steps into the financial-services space, which also include an option to allow customers to “buy now, pay later” on certain of its hardware products.

The company partnered with Goldman Sachs to offer consumers those options, part of Apple’s effort to transform the iPhone into a digital wallet that can help keep consumers linked to the software ecosystem behind its devices.

The savings accounts require no minimum deposit and are protected by the Federal Deposit Insurance Corp. There is a maximum balance of $250,000.