Apple and Goldman Sachs have partnered to launch a new high-yield savings account with a 4.15% interest rate, over 10 times higher than the national average. Apple is making a concerted effort to increase its financial services offerings and compete with big banks in the crowded banking sector. The Apple savings account requires Apple’s credit card, the Apple Card, to qualify, which incentivizes customers to stick with Apple’s products to maintain access. This creates customer loyalty and provides Apple with greater insight into its customers’ financial data.

The savings account is user-friendly, comes with no fees, has no minimum deposits, does not require a minimum balance, and can be managed directly on iPhones. Although there are higher interest-rate savings accounts available, Apple’s involvement is noteworthy and may incentivize some industry change. In addition, Apple recently announced its entry into the “buy now, pay later” industry with its Apple Pay Later program, which allows customers to pay for purchases in installments and manage their payments through the Apple Wallet app.