Apple takes on banks with new 4.15% interest savings account

Apple has announced that it will begin offering a savings account with a 4.15% interest rate. "With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from the Apple Card in Wallet," the company stated.

For comparison, Wells Fargo currently offers a savings account with an interest rate of 0.15%.

Here's how to set up an Apple savings account (You need iOS 16.4 or later):

When will Apple launch its own wireless carrier service?