[Wuli]

Do not need Apple or an Apple account to get that interest rate on a savings account. There are actual banks offering that much or more.

[Vigilanteman]

Yep. Every top bank CD that Charles Schwab offers (no relation to the infamous Klaus Schwab) offers 4.9% or more in 1 to 18 month terms. All FDIC insured and includes even some treasury bills.

Even my good regional bank (Key) offers rates though Charles Schwab better than they offer their own customers. I asked them why and they said simply "management goes where the money is available."

Other discount brokerages such as Fidelity and E-Trade do the same. Apple is simply targeting those that don't have $1000 or more to invest in a single CD.

[gibsonguy]

There are actual banks offering that much or more.“

Hmm not from what I’ve seen. Some have similar IF you maintain a pretty high balance.