ALBUQUERQUE, N.M. (WHAT THE TECH?) — For the third time in the past month, Apple has raised the interest rate on its savings accounts to where they now accrue 4.5% interest.

That is a lot more than a traditional savings account but is it a good deal? Here is what to know before you open an account.

The savings accounts are available only to iPhone users who have an Apple credit card. You can apply for one in the Apple Wallet app.

Money is transferred from any bank account connected to an Apple account. You can withdraw money in the Apple Wallet app with no fee or penalty.

Along with earning interest on the deposits, users earn up to 3% from Apple Credit card purchases which goes into the savings account immediately.

High-yield savings accounts earn a lot more interest than traditional savings accounts that generally offer only 0.01 or 0.02%.

Here’s how the interest accrual compares over a year if you put $25,000 into each:

• $1,125 in a high-yield savings account earning 4.5% interest
• $5 in a traditional savings account earning 0.01-0.02% interest

There’s one very important thing you need to know when opening an Apple Savings account. Since the account is tied to your Apple account and your iPhone, if something happens to you it will be very difficult for your family to gain access to your account.

In the Apple Wallet account, you’ll need to add beneficiaries. This has to be done over the phone and you’ll need to provide their name, street address, and email. It’s a quick phone call and a step you should take when you first open the account.

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