Apple is getting deeper into the banking and finance business. Starting Monday, it's offering a savings account, and the terms are pretty good.
It's a savings account you manage through your iPhone and it offers 4.15% annual interest. That's fairly high right now.
In order to open one, you have to have an active Apple credit card.
Apple says the savings accounts are administered by Goldman Sachs and there's no minimum deposit and no monthly fee.
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An account can hold up to $250,000 -- that’s the maximum insured by the FDIC.
But, should you be putting your savings into a tech company? A cyber security professor said Apple makes sense here, because it's built up a lot of trust among its users.
"The die hard Apple fans, they will stick with it, because they want everything in one place. They've been trained to look at Apple as, this is the place where I can find everything I want in one place. Technology, media, everything in one place,” said Ahmed Banafa, cyber security professor at SJSU.
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Business and Tech Reporter Scott Budman has more in the video player above.
