Apple launches its savings account, to provide 4.15% interest rate

Goldman Sachs is Apple's partner for the savings account launch.

While Apple's interest rate of 4.15 percent is significantly higher than the national average of 0.35 percent, it is lower compared to that offered by large credit unions, online and other brick-and-mortar banks. CIT Bank has a 4.75 percent rate on a minimum balance of $5,000, Marcus by Goldman Sachs has a 3.9 percent rate, while Vio Bank offers a 4.77 percent rate.

Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds.

The feature will be present inside the Apple Wallet app on iPhones.

Apple had launched "Apple Pay Later" the BNPL facility just three weeks earlier, which allowed users to split purchases into four payments with zero interest and no fees.

CEO Tim Cook is currently in India to launch the first official Apple-owned stores in Mumbai and New Delhi highlights the company's expanding ambitions in the country.

Apple opened its first store in Mumbai on Monday, but it was only for a private event where bloggers and tech analysts could review the store's design and layout. The store will be open to the public starting Tuesday.