Apple Bank for Savings Review: Enticing CD Rates and More

Apple Bank for Savings has definite appeal for New Yorkers.

New York-based Apple Bank for Savings provides its members with a full range of banking products and financial services, but do potential customers need to live in New York to take advantage of its high CD rates? Read on for a review to see if Apple Bank, which is insured by the Federal Deposit Insurance Corp., is a good banking option for you.

There are currently 79 Apple Bank locations in the greater New York area, which includes the Five Boroughs plus Westchester, Suffolk, Nassau and Rockland counties. The bank provides potential customers with a Switch Kit, a how-to guide on switching your bank accounts to Apple Bank. If you don’t live in New York, you can open an account by mail, which gives this regional bank an edge over other similar banks. 

Here’s an overview of the products and services offered by Apple Bank for Savings, along with an exploration of who the bank might best serve. 

To jump to a particular section of this review, click on one of the following links:

Who Is Apple Bank for Savings Best For?

Apple Bank for Savings is best for New York customers looking for a regional bank with high CD rates. Although customers from out-of-state can mail in applications, the ease of use and branch network locations make Apple Bank for Savings best suited for local customers.

More From Your Money
Sponsors of

In addition to its main draw of good CD rates, Apple Bank for Savings also has a roster of basic banking accounts that will meet the needs of many customers — from checking and savings accounts to IRAs and credit cards. Those looking for these types of products and services can fill out a form online to get started with Apple Bank for Savings or visit a branch.


  • Strong regional presence in New York, particularly Long Island
  • High CD rates
  • Can open accounts by phone, mail or in-branch


  • Can’t open accounts online  

See: Best National Banks of 2020

[Back to top]

Who May Want To Skip Apple Bank for Savings?

If you’re not from the greater Long Island area and need branch support, Apple Bank for Savings might not be for you. The bank is also not a great option for customers preferring the low fees and high yields of online banks. Although Apple Bank for Savings does offer good CD rates, its checking and savings APYs are low and require high minimum balances. ATM fees at non-Apple machines might also be an issue for non-New Yorkers.

More From Your Money
Sponsors of
Who Is Apple Bank for Savings Suitable For?
Best For Worst For
Customers with larger balances Low-minimum accounts
Select high-yield accounts High-yielding accounts in general
Residents of Greater Long Island Customers outside New York

Read: Best Online Banks of 2020

[Back to top]

Types of Accounts Available

Apple Bank for Savings offers a fairly broad product line for a regional bank, including deposit accounts and lending products. Here’s a look at the current account offers from the bank. 


Apple Bank for Savings has five checking accounts on offer. All accounts come with a free first order of personalized checks, an Apple Bank Visa debit card and online banking capabilities. 

Apple Bank Checking Accounts 
Account Minimum To Open Minimum Balance To Avoid Fee Monthly Maintenance Fee APY
Free ExtraValue $100 None None N/A
GoldValue NOW Checking $100 $1,000 $10 0.01%
Grand Yield NOW Checking $100 $2,500 $10 0.50%
BasicValue Checking $10 None $3 N/A
Free ClassValue Checking $100 None None N/A

The BasicValue Checking requires the lowest minimum balance to open at $10, while the Grand Yield NOW is the only account that earns any real interest, at 0.50% annual percentage yield with a daily balance of $2,500.The GoldValue NOW account technically pays interest with a $1,000 minimum, but the current yield is just 0.01% APY. On the other hand, the three non-interest-bearing accounts do not carry monthly fees, unlike the other two options.

More From Your Money
Sponsors of

Compare: Best Checking Accounts of 2020

ATM withdrawals are free for all accounts at Apple Bank for Savings machines. At non-Apple ATMs, a $2 fee applies to withdrawals except for the Grand Yield NOW Checking account and the Free ClassValue Checking account. 


  • Multiple checking account types to suit any customer
  • Interest-bearing options
  • Totally free checking account option


  • High non-Apple ATM fees for most accounts
  • High minimums to avoid fees on some accounts

[Back to top]


Customers of Apple Bank for Savings get access to up to five different savings accounts that can assist in building wealth. Some yields are quite high for savings accounts while others are very low. Here’s a look at all of the different options at Apple Bank for Savings.

Apple Bank Savings Accounts 
Account Minimum To Open Minimum Daily Balance To Avoid Fee Minimum To Earn Interest Monthly Maintenance Fee APY
Grand Yield Savings $100 None $2,500 None 1.4% 
BONUS Savings $2,500 $2,500 $2,500 $10 0.75% 
Apple Bank Savings $100 $500 $250 $4 0.10% 
Youth Savings $1 None $5 None 2%-3% 
Holiday/Vacation Club Accounts $5 None $5 None 0.10% 
Information accurate as of Feb. 4, 2020.

Read Next: Best Savings Accounts of 2020

More From Your Money
Sponsors of

The Youth Savings account is a great option for children ages 6 to 17, as the high APY is unlikely to be found in many other places. As with the Holiday/Vacation club accounts, however, that account has no ATM access. 

Overall, the monthly minimums required to actually earn interest at Apple Bank for Savings might be high to maintain, depending on your financial situation. However, rates on some accounts are well above the national average savings rate of 0.09%.


  • High yields on some accounts, particularly the Youth Savings
  • Highest-yielding standard option has no fee


  • High balance requirement to avoid fees on some accounts
  • High minimum to earn interest on best-yielding accounts

[Back to top]

Money Market Accounts

Apple Bank for Savings offers two types of money market accounts, the Treasury Bill Indexed Money Market account and the Apple Bank Money Market account. Both pay interest and require relatively high minimum balances to avoid monthly maintenance fees.

Apple Bank for Savings Money Market Accounts 
Account Minimum To Open Minimum To Avoid Fee Minimum To Earn Interest APY  Fee
Treasury Bill Indexed Money Market $10,000 $10,000 $25,000 0.96%-1.48% $10 
Apple Bank for Savings Money Market $100 $2,500 $2,500 1.01% $10 

Apple Bank for Savings Money Market accounts are 100% liquid and allow for six checks to be written every month. Unlimited deposits and withdrawals are available at any Apple Bank for Savings branch. The Treasury Bill Indexed Money Market account has a floating rate that is reset every month to the 30-day U.S. T-bill rate. 

More From Your Money
Sponsors of


  • Liquid
  • Competitive yields


  • High minimums to open
  • High minimums to avoid $10 monthly fee

[Back to top]


Apple Bank for Savings offers customers a relatively limited lineup of CD maturities. Rates are high, however, and are one of the main draws for the bank in general.

Apple Bank CD Rates 
Term APY
6 months 1.60%
9 months 1.60%
1 year 1.65%
18 months 1.75%
2 years 1.90%
3 years 1.90%
Rates accurate as of Jan. 24, 2020.

All Apple Bank for Savings CDs come with early withdrawal penalties. For terms of less than one year, the early withdrawal penalty is $50 plus 1% of the amount withdrawn. For terms of one year or more, the penalty is $50 plus 3% of the amount withdrawn. Unless specifically stated otherwise, all Apple Bank for Savings CDs automatically renew upon maturity. 


  • High APYs across the board


  • Limited-term options available

Related: Best CDs Rates and Accounts of 2020

[Back to top]

Individual Retirement Accounts

Apple Bank for Savings offers both Roth and traditional IRAs. Within each of these types of accounts, you can either invest in deposit products — such as IRA CDs — or in a limited range of investment options, including mutual funds.

More From Your Money
Sponsors of

IRA CD rates are the same as in the bank’s taxable accounts.


  • Traditional and Roth IRAs available
  • CDs and investment options available


  • No online opening options for IRA accounts 

[Back to top]

Investment (Nonbank) Options

Apple Bank for Savings offers its investment options through Infinex Investments, Inc. Although investment offerings aren’t as far-reaching as you might find at a full-service brokerage firm, there are additional options beyond CDs. Investors have access to the following types of investments through Apple Bank for Savings:

The bank also offers an online education centered around the pillars of financial literacy, financial tips and financial fraud. 


  • Additional investments beyond CDs
  • Financial education center


  • Limited investment offerings
  • Accounts run through a third-party firm, Infinex Investments, Inc.

[Back to top]


Apple Bank for Savings offers a personal loan product, known as SureLoan. The SureLoan is a stand-alone installment loan program with a minimum of $500 and terms as long as 72 months.

The bank also offers a line of credit tied to a checking account, known as SureLine. This line of credit is intended for use as overdraft protection, up to $500. 

Apple Bank for Savings also offers a variety of credit cards to suit customer needs. However, you’ll have to apply in-branch to get all the details. All of Apple Bank’s credit cards offer the following features and benefits:

  • Online account access
  • Online card activation
  • Online payments, balance transfers, credit limit increase requests

Apple Bank for Savings provides a link for mortgages on its website, but it’s not actually a lender. Mortgages are provided by a third-party service, GuaranteedRate, which is not affiliated with Apple Bank for Savings. 


  • Installment loans up to 72 months
  • Line of credit to avoid overdraft fees
  • No fee for line of credit 


  • Limited loan offerings
  • Mortgages provided by third-party service

[Back to top]

How To Bank With Apple Bank for Savings

You can’t open an Apple Bank for Savings account online. You must visit a branch. You can, however, save time by filling out a form online to provide the bank with basic information so it can call you back to help you set up your new account. 

See: How To Open a Bank Account Online: Everything You Need To Know


Apple Bank for Savings comes up a bit short in the technology department, as it doesn’t have a facility to open accounts online. This puts the bank at a technological disadvantage against both fintech companies and online banks, nearly all of which offer online account-opening technology. 

Apple Bank for Savings does have mobile apps for both Apple and Android devices. These apps allow a wide range of account functionality, including the following:

  • Enroll in online banking
  • View accounts
  • Pay bills
  • Transfer money between Apple Bank for Savings accounts
  • Mobile remote deposit
  • Send and receive messages within online banking

As with the bank’s website, you can’t open accounts via mobile app. 

[Back to top]

Customer Service

You can contact Apple Bank for Savings customer service at 914-902-2775, or 800-722-6888 if you are outside New York. Telephone service hours are from 8:30 a.m. to 9 p.m. EST Monday through Friday and from 9 a.m. to 3 p.m. EST Saturday and Sunday. 

You can also contact the bank via physical mail, email or by visiting a branch. 

[Back to top]


Most of Apple Bank for Savings deposit accounts come with monthly maintenance fees. However, you can avoid these fees with higher minimum balances. ATM fees of $2 per transaction can add up for customers who aren’t near Apple Bank for Savings ATMs, such as residents outside of New York, although that fee is waived for two of the bank’s checking accounts.

[Back to top]

Availability of Funds

Apple Bank for Savings offers ATM access for its checking, savings accounts and money market account. The most you can withdraw from an Apple Bank for Savings ATM is $1,000 per day. You can also make point-of-sale purchases of up to $1,000 per day with your ATM/debit card. 

Of course, you can also access your funds at any time if you visit an Apple Bank for Savings branch. 

Good To Know: How To Find Fee-Free ATMs Near You

[Back to top]

Apple Bank for Savings in a Nutshell

Apple Bank for Savings offers some great benefits for certain customers, but it’s not the right bank for everyone. Here’s a quick summary of the pros and cons of Apple Bank to help you decide if it’s the right bank for you.


Apple Bank’s competitive CD rates are definitely a reason to consider banking with it. The bank offers a savings account and a money market account that pay relatively high yields as well. While New Yorkers might have a convenience advantage, out-of-towners can take advantage of what Apple Bank has to offer, too, thanks to the bank’s mail-in options.

Overall, Apple Bank provides a relatively full range of products, including checking, savings and money market accounts, in addition to IRAs and nonbank investment products. You can start with Apple Bank for Savings today by filling out a form online or visiting a branch in person.


While yields on some of the bank’s accounts are high, APYs on standard checking and savings accounts are low. In addition, these accounts require high minimums to either open or to avoid maintenance fees, particularly the bank’s money market accounts. Outside of the greater Long Island region, access to branches is limited or nonexistent.

Click through to learn about the best new bank promotions and bonuses available now.

[Back to top]

More Bank Reviews

Sean Dennison contributed to the reporting for this article. 

Rates are updated periodically and subject to change. All other information on accounts is accurate as of Feb. 4, 2020.

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Apple Bank for Savings.

Related Video

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

Read More