Should you open Apple's new savings account?

If this week's launch of Apple's new high-yield savings account for Apple Card users has you considering upping your savings — now is a great time to get started. 

Today's interest rates are higher than they've been in several years and plenty of competition between banks means you can earn great returns on the money you save. 

Regardless of the account you choose, "if you have extra cash, now's a great time to park it and rebuild your cash reserves," says Billy Hatton, CFP, founder of Billfold Budget Counseling.

The savings account from Apple, alongside Goldman Sachs, earns a great 4.15% APY with no fees or minimums. But Apple's latest savings option isn't for everyone. While its features will appeal to some savers, there are plenty of other high-yield accounts available today that offer similar benefits and may even have higher interest rates.

Explore some of today's best high-yield savings accounts here.

Should you open Apple's new savings account?

Apple's savings account has some solid features, but it pays to do your research before opening any new account. 

Here are a few account details to consider before you decide:

Interest rate

After the Federal Reserve's ongoing rate hikes over the past several months, the target federal funds rate range is up to nearly 5%. In turn, banks have responded by increasing the interest rates they offer savers.

While the national average savings rate sits at just 0.39%, according to the Federal Deposit Insurance Corporation (FDIC), many banks today offer 10 to 12 times that or more.

"Last year, it would have been difficult to have cash earn 4% without risk of volatility," Hatton says. But today, you can find several deposit accounts with even higher rates.

The new Apple savings account, for example, has a great 4.15% APY. That far exceeds the national average, but it's not the only one. Plenty of banks — especially online banks with fewer overhead costs and more competition — offer as high as 4.5% or 5% APY.

Just remember: Today's high interest rates won't last forever. Savings accounts carry variable interest rates, which tend to move with the federal rate. When the Fed decides to lower interest rates again, it's likely your savings account will go down, too.

That's why it can pay to start saving now — the longer you can maintain a competitive rate, the more interest you can earn on your balance. Learn more about today's top high-yield savings rates here.

Access to your money

One of the best reasons to use a high-yield savings account is to store your emergency fund, which you may need to access on short notice.

"There is a bit of an 'out of sight, out of mind' effect that comes with keeping these funds separate from daily cash flow accounts like checking, which helps savers avoid dipping in for non-emergencies," says Alison James, CFP, founder of WorthWise Financial Partners. "At the same time, the funds are easily accessible and can be transferred quickly in case of a true emergency."

Because many high-yield savings accounts, including the one from Apple, are online only, you'll need to make sure the way you transfer money in and out is convenient for you. With the Apple savings account, you can access the money you have in savings by transferring it to Apple Cash (which you can spend anywhere that accepts Apple Pay) or an external savings account.

This is similar to many high-yield savings options. Generally, you can access your funds by transferring them to another bank account, like your checking account. Read your account terms to see how long these transfers may take before you need to access your money since some banks offer same-day transfers while others can take up to a few days.

Other details

The Apple savings account has no fees and no minimum balance requirement. Depending on your individual goals, these may be two things you want to look for in an account.

Fees, for example, can quickly eat into your interest earnings. While savings accounts often come with standard fees for certain account activities, including wire transfers or stop payments, you may want to avoid accounts that charge monthly fees for account access (typically waived by meeting high minimum balance requirements).

Another thing to always make sure your savings account has is FDIC insurance. This is how you can ensure your money is safe and secure in the account. The FDIC insures up to $250,000 in deposits per account type, per bank. The Apple savings account is FDIC-insured and even caps your balance at a maximum of $250,000. Many other banks do this too, or stop paying interest on balances after that amount, as an incentive for maintaining an insured balance.

The bottom line

If you're an Apple Card user already, the latest high-yield savings account from Apple could make a great choice. But don't forget to compare interest rates, fees and other account details from the numerous high-yield savings account options on the market to truly find the best option for you.

The most important thing is to choose an account that fits your goals — and then start saving. The longer you have to take advantage of today's high rates and build a solid balance, the better off your savings will be in the long run.

Get started today by comparing some of the best savings rates available.