Apple's High-Yield Savings Account Will Take A Leaf Out Of 'iPhone Playbook,' Says Analyst: 'Gonna Be Another Huge Profit Center'

Apple, Inc. AAPL stirred up excitement by announcing earlier this month a high-yielding savings account that promises an annual percentage yield of 4.15%. The new service will be offered in collaboration with Goldman Sachs Group, Inc. GS.

In the first episode of "Signal or Noise" this week, Creative Planning's Chief Market Strategist Charlie Bilello discussed the strategic move with the firm's president and CEO Peter Mallouk.

Apple’s launch of a high-yield savings account is a "pretty smart move" to push the company’s Apple Card, since one has to own an Apple Card in order to have the savings account, Bilello said.

"They’re trying to get everyone to be on their phone, of course, all the time. And now you have the watch the phone, the iPad, the Mac. [The] Apple ecosystem just continues to grow,"  he said.

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Mallouk called the move "typical Apple genius," saying that, while Apple may not want to get into the money management business for fear of risking their "perfection image," making money on cash is an easy business to be in.

"The brilliance of Apple has been about taking the complicated and making it look easy," Mallouk said, explaining that, while Apple didn't invent the smartphone, the company made its own phone visually appealing and very organized so that anybody could figure it out.

Mallouk said he sees Apple doing the same with its savings account. The account could be a much easier option for customers to invest their money in rather than Treasury bills, certificate of deposits or money market funds.

"This is gonna be a grand slam, and a ton of people are gonna sign up for their card and it’s gonna be another huge profit center for them," he added.

Apple ended Friday’s session up 0.75% at $169.68, according to Benzinga Pro data.

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