Apple unveils new high-yield savings account for card holders

(Cupertino, CA) -- If you have an Apple Card, you can now open a savings account with a four-point-one-five-percent interest rate.

The tech giant is partnering with Goldman Sachs for the new feature, with accounts technically managed by the investment banking company, which means accounts are covered by the FDIC.

Data from Bankrate puts Apple's interest rate at a competitive level for high-yield savings account.

Originally, cash back earned from using Apple's credit card went to users' Apple Cash feature in their wallet, functioning like a checking account. Now, that cash back can go directly into savings.