Apple and Goldman Sachs have launched a high-yield savings account with a 4.15% interest rate, more than 10 times higher than the US national average. Ted Rossman, a senior industry analyst at Bankrate, said that Apple’s savings account interest payout was about 415 times higher than the 0.01% offer from Chase and Bank of America. The account has no fees, no minimum deposits, and no minimum balance requirements; it is managed through Apple products, with users needing Apple’s credit card, the Apple Card, to qualify. The account is very user-friendly and can be set up and managed directly in the wallet app on iPhones.

The Apple savings account through Goldman Sachs is also insured by the Federal Deposit Insurance Corporation. The move by Apple is part of its efforts to increase its financial services footprint and incentivize customers to move money from the big banks into the Apple ecosystem. The new account is seen as a loyalty play, with the ecosystem of Apple Cash creating a flywheel effect. The move comes two weeks after Apple entered the “buy now, pay later” industry with Apple Pay Later, allowing customers to pay for their purchases in four installments over six weeks.