Implementing Class Member Functions

At One, a backend engineer is asked to implement and review the member functions of the Pocket class, which models a sub-balance ("pocket") inside a customer's banking app account and backs the deposit/withdraw/interest endpoints. Here is a first draft a teammate put up for review:

public class Pocket {
    private String name;
    private double balance;

    public Pocket(String name, double initialBalance) {
        this.name = name;
        this.balance = initialBalance;
    }

    public void deposit(double amount) {
        balance += amount;
    }

    public boolean withdraw(double amount) {
        if (amount > balance) {
            return false;
        }
        balance -= amount;
        return true;
    }

    public double applyMonthlyInterest(double annualRatePercent) {
        double monthlyRate = annualRatePercent / 12;
        balance += balance * monthlyRate;
        return balance;
    }

    public double getBalance() {
        return balance;
    }
}

Walk through how you'd implement these member functions correctly for a production banking backend, and identify every issue with this draft before it ships.