Apple Bank for Savings Review: Enticing CD Rates and More

Here's a look at what Apple Bank for Savings can do for you.

New York-based, FDIC-insured 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 is a good banking option for you.

Apple Bank for Savings Review

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.

Related: Here Is the Biggest Bank in Every State

Apple Bank for Savings Products and Services

Read a quick review of some of Apple Bank’s key personal banking products:

Apple Bank Checking Accounts

Apple Bank for Savings has four checking accounts. 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
AccountMinimum to OpenMinimum Monthly Balance to Avoid FeeMonthly Maintenance FeeEarns Interest
Free ExtraValue$100NoneNoneNo
Grand Yield NOW Checking$100$2,500 minimum daily balance to earn interest and avoid monthly maintenance fee$10, if minimum daily balance is under $2,5000.50% APY
BasicValue Checking$10None$3 per monthNo
Free ClassValue Checking$100NoneNoneNo
Information accurate as of Aug. 17, 2018.

The BasicValue Checking requires the lowest minimum balance to open at $10, while the Grand Yield NOW account is the only one that gains interest, at 0.50% APY with a daily balance of $2,500. On the other hand, both Free accounts do not carry monthly fees, unlike the other two options.

Learn More: Why Banks Require a Minimum Balance

Apple Bank Savings Accounts

Customers of Apple Bank for Savings get access of up to five different savings accounts that can assist you in building wealth.

Apple Bank Savings Accounts
AccountMinimum to OpenMinimum Monthly Balance to Avoid FeeMinimum to Earn InterestMonthly Maintenance FeeAPY
Grand Yield Savings$100None$2,500None1.60%
BONUS Savings$2,500$2,500$2,500$10 if minimum daily balance falls below $2,500 on any day(s) of the month0.75%
Apple Bank Savings$100$500$250$4 if minimum daily balance falls below $500 on any day(s) of the month0.10%
Youth Savings$1None$5None0.10%
Holiday/Vacation Club Accounts$5None$5None0.10%
Information accurate as of Aug. 17, 2018.

The monthly minimums required to actually earn interest might be high to maintain, depending on your financial situation. Compare Apple Bank’s rates to the national average savings interest rate.

Apple Bank Credit Cards

Customers can choose from three Apple Bank credit cards that suit their financial habits and needs:

  • Complete Rewards Visa: Earn 1 percent back on purchases, which you can then redeem for cash back, gift cards, travel purchases or merchandise.
  • Platinum Edition Visa: $25 statement credit when you make a purchase within the first three billing cycles.
  • Secured Visa: Request your own credit limit by providing a deposit between $300 to $5,000, subject to credit approval, plus the chance to regain your deposit as soon as 11 months based on good credit.

All card offers come with free access to your FICO credit score at any time, online and mobile access, as well as fraud protection. You must apply in person at an Apple Bank branch.

Apple Bank CDs

Apple Bank offers customers competitive interest rates on its certificates of deposit. Follow these tips for choosing a CD account.

Apple Bank CD Rates
TermAPY
6 months2.00%
1 Year2.15%
2 Year2.40%
3 Year2.60%
4 Year2.75%
5 Year2.80%
Rates accurate as of Aug. 17, 2018.

The five-year CD gets customers some great returns and is even higher than some of the rates in the Best CD Accounts of 2018.

Pros and Cons of Apple Bank for Savings

Take a moment to consider what Apple Bank can do you for your finances before opening an account there.

Pros of Apple Bank for Savings

  • Strong CD options
  • Free access to FICO credit score
  • Can open an account even if outside of New York

Cons of Apple Bank for Savings

  • Standard checking account options
  • Limited branch availability

Branch convenience is always worth considering if you prefer face-to-face interaction, but Apple Bank does have mail-in options.

The Bottom Line

Apple Bank’s competitive CD rates are definitely a reason to consider banking with it. While New Yorkers might have a convenience advantage, out-of-towners can take advantage of what Apple Bank has to offer, too.

Outside of the CDs, Apple Bank provides a full-service range of products. Potential customers should watch their budgeting when it comes to the checking and savings rates, as they do require a high balance. The credit cards’ 1 percent cash-back reward is a fairly standard card feature that shoppers of any strata can take advantage of, and the $25 credit after a purchase within the first three months is easily achievable.

Click through to learn which is better — a savings account or CD.

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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.