apple inc AAPL caused a stir with the announcement earlier this month a high-yield savings account that promises a 4.15% annualized return. The new service is offered in cooperation with Goldman Sachs Group, Inc. GS.

On this week’s first episode of Signal or Noise, Creative Planning’s Chief Market Strategist Charlie Billello discussed the strategic move with the company’s President and CEO Peter Malluk.

Apple’s launch of a high-yield savings account is a “pretty smart move” to push the company’s Apple Card, since you have to own an Apple Card to have the savings account, Bilello said.

“They’re obviously trying to get everyone to be on their phone all the time. And now you have the watch, the phone, the iPad, the Mac. [The] The Apple ecosystem just keeps growing,” he said.

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Calling the move “typical Apple genius,” Mallouk said that while Apple doesn’t want to get into the money management business for fear of risking its “image of perfection,” it’s an easy business to make money with cash.

“Apple’s brilliance was taking the complicated and making it look simple,” Mallouk said, explaining that while Apple didn’t invent the smartphone, the company did make its own phone visually stunning and very organized in order to do so everyone can understand it from.

Mallouk said he sees Apple doing the same with his savings account. The account could be a much easier way for customers to invest their money than in treasury bills, certificates of deposit, or money market funds.

“It’s going to be a Grand Slam and a lot of people are going to sign up for their card and it’s going to be another huge profit center for them,” he added.

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

Continue reading: Apple is throwing “everything but the kitchen sink” at consumers to make the MR headset a winner, Gurman says

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