A move that shakes up the waters in the banking sector by Apple, which yesterday announced that it recommends savings accounts for Apple Card holders with an annual interest rate of 4.15%!

According to the company, this rate is 10 times higher than the US average. The service has no fees, minimum deposit or balance requirements and can be set up from the Wallet app.

Apple is making this move in collaboration with Goldman Sachs and is expected to lead to more competition between the big banks, at a time when central banks are proceeding with interest rate increases, while just a few weeks ago the banking system was shaken by new bankruptcies of financial institutions.

Apple and Goldman Sachs say customer deposits are insured. However, depositors will not be allowed to have more than $250,000 in their accounts.

Accounts can be funded with daily cash rewards from Apple Cards or with funds from another bank account.

Apple had announced the service in October as part of a series of new financial services. The idea is to generate more service revenue, which has already grown in recent years, as an extra enticement to keep consumers on Apple’s platform.

However, getting into the financial industry is not that easy. The buy-now-pay-later service suffered a long delay before launching last month, while the savings service took about six months to roll out after it was announced.