Apple looks even more like a bank now that it’s adding a savings account to Apple Card

Apple Card users will soon be able to open a high yield savings account. Apple won't say what interest rate it's offering

There is no set time when consumers can access these savings accounts.

The Apple Card is Apple's way of entering the financial services industry. Daily Cash, Apple's special branding on the more mundane rewards, is one of its perks. The company promises that the account will have no minimum balance requirements, no fees, and no daily cash deposits.

It isn't the first savings account offered by a tech company, and it isn't the only one. Apple seems to have decided that it isn't enough to compete with tech companies. They want to compete with banks. Banks usually give you the interest rates on their savings accounts.

Image: Apple

Money can be deposited into the new savings account from a linked bank account or from their Apple Cash balance. All Daily Cash will be deposited into it once it is set up, but users can change that to put it on the Apple Cash card in the wallet app.

When using Apple Pay and buying from Apple or some of its partners, the Apple Card has a 3 percent discount.