(ABC 6 News) – For the third time in about a month, Apple has raised the interest rate on its savings accounts. Apple introduced its savings account less than a year ago. Last week it raised the interest rate to 4.5%. Is it a good idea to open an account? What are the downsides? And if you already have one there’s something you should make sure you do right away.

Here’s what you should know before opening a savings account through Apple:

• The high-yield savings accounts are through Goldman Sachs and are FDIC-insured up to $200,000.
• One downside is that the savings accounts are available only to iPhone users with an Apple credit card. You can apply for one in the Apple Wallet app.
• People who signed up last April were earning 4.15% interest. It’s now 4.5% which is comparable to other high-yield savings accounts. Android users should know there are some better deals out there.
• Money is transferred from any bank account connected to an Apple account. You can withdraw money in the Apple Wallet app with no fees or penalties.
• Along with earning interest on the deposits, users earn up to 3% cash back 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 .01 or .02%. Here’s how that compares: $25,000 in a high-yield savings account earning 4.5% will net $1,125 in a year in interest. The same amount in a traditional savings account nets $5. And with some banks charging $5 a month for savings accounts, you’ll lose $55 a year.

There is on more important detail to know when an Apple Savings account or if you already have an account. Since the savings account is tied to your Apple account AND your iPhone, if something happens to you it will be tough 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.