Apple Bank for Savings Review: Top Rates for CDs and Savings

4.5
Our Take: Apple Bank for Savings' biggest advantage might be the competitive interest rates it offers on certificates of deposit. It also boasts an impressive roster of banking products and a strong regional presence in the New York City area.
  • Rates
    5.0
  • Customer Service
    5.0
  • Breadth of Products
    5.0
  • Locations
    3.0
How did we calculate this?

Pros

  • Wide branch and ATM availability in and around New York
  • High CD rates compared with other banks
  • Can open accounts by phone, mail or in-branch

Cons

  • No option to open accounts online
  • High minimum balance required to avoid fees and earn the highest APY

About Apple Bank

Apple Bank for Savings, or Apple Bank for short, opened its doors in 1863 as Haarlem Savings Bank. In 1983, the bank merged with Central Savings Bank to form Apple Bank. It remains a popular neighborhood bank best known for its variety of products and high CD rates. In fact, GOBankingRates has ranked it as one of the Best Money Market Accounts of 2021 in its annual rankings.

Apple Bank Products

Apple Bank for Savings offers many of the same products and services you’ll find at other financial institutions. In addition to deposit accounts, the bank offers loans, retirement savings and insurance. Here’s an overview:

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Product Features
Checking Accounts
  • Nominal maintenance fees that can be waived
  • Free online banking and mobile bill pay
  • Mobile remote deposit available
Savings Accounts
  • Competitive interest rates
  • Interest compounds daily
  • Automatic savings plans available
CDs
  • Competitive interest rates
  • Terms range from 32 days to 10 years
  • Interest compounds daily
Money Market Accounts
  • Unlimited deposits and withdrawals at Apple Bank branches and ATMs
  • Write up to six checks per month
  • Competitive interest rates
Credit Cards
  • Variety of cards available
  • Online account access
Retirement
  • Traditional and Roth IRAs
  • SEP and QRP plans available
Insurance
  • Term and whole life insurance plans available

Apple Bank for Savings offers a full range of traditional banking products as well as insurance and retirement accounts. Keep reading to learn more.

Apple Bank Checking Accounts

Apple Bank has five different checking accounts that come with a standard collection of freebies. You get a free first order of personalized checks, an Apple Bank Visa debit card and online banking capabilities.

Features

  • Minimum opening deposit ranges from $10 to $100
  • APY of 0.01% for interest-earning accounts
  • No minimum balance requirement for free, basic and student checking
  • Can waive maintenance fees for GoldValue NOW and Grand Yield NOW accounts
  • Free transactions at Apple Bank ATMs
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Pros:

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

Cons:

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

Apple Bank Savings Accounts

Customers of Apple Bank for Savings get access to five different savings accounts that can assist in building wealth. Some of the yields are quite high for savings accounts.

Features

  • Minimum opening deposits range from $1 to $2,500
  • Accounts earn interest with balances as low as $5
  • Tiered interest rates with select accounts
  • Can link some accounts to checking for a Visa debit card and access to online and mobile banking

Pros:

  • No checking account required
  • High yields on some accounts
  • Interest compounds daily

Cons:

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

Apple Bank Money Market Accounts

Apple Bank for Savings offers two types of personal money market accounts: the Treasury Bill Indexed Money Market account and the Apple Bank Money Market account. The accounts are 100% liquid and allow for unlimited deposits and withdrawals at any Apple Bank branch or ATM. GOBankingRates has ranked it as one of the Best Money Market Accounts of 2021.

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Features

  • Minimum opening deposit of $100 or $10,000
  • A maintenance fee of $10 applies to accounts that don’t meet minimum balance requirements
  • Tiered interest rates
  • APY ranges between 0.05% and 0.40% depending on the account and balance

Pros:

  • 100% liquid
  • Competitive yields
  • No checking account required

Cons:

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

Apple Bank CD Accounts

Apple Bank for Savings offers CDs that range from as little as 32 days to as much as 10 years. Yields are high compared with other banks. All CDs come with early withdrawal penalties.

Features

  • Minimum deposit of $1,000
  • APY of 0.25% to 0.50%
  • Terms from 32 days to 10 years

Pros:

  • Highly competitive interest rates
  • Interest compounds daily

Cons:

  • High withdrawal penalties

Banking Experience

Banking with Apple Bank for Savings is easiest if you live in New York near one of its branches. If you don’t live in New York, you can open an account by mail or use online banking.

Customer Service

Apple Bank’s CustomerLine call center is open from 8 a.m. until 8 p.m. EST, Monday through Friday. The line is also available on weekends from 8 a.m. until 2 p.m. The direct number for this line is 914-902-2775.

Sponsors of

Accessibility and Branch Availability

Apple Bank has around 80 physical branches in the Greater New York area. Contact the branch directly for the most current information about hours and availability. Hours are subject to change due to inclement weather and COVID-19 restrictions.

Phone service at branches is typically available from 9 a.m. until 3 p.m., Monday through Friday.

Mobile and Digital Experience

Apple Bank for Savings has a mobile app for Apple and Android devices. The app has a customer rating of 4.4. out of 5 on the App Store and a rating of 4.5 out of 5 on the Google Play Store.

The app offers several security features to protect your information. It doesn’t save user IDs and passwords. It also times out automatically if you stop using the app before logging out.

Convenience

You can open an Apple Bank account by visiting a physical branch. You’ll need to provide your Social Security number or Tax Identification number along with your driver’s license or passport and one other form of identification.

If you cannot visit a physical branch, you can open an account by mail. Download the account opening forms for the account you want to open. Next, send the completed form, signature card and a check for the opening deposit to the address included in the packet.

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Key Information

Apple Bank Fees

Most Apple Bank for Savings deposit accounts come with monthly maintenance fees, though some can be avoided by meeting minimum balance requirements. There are also fees for using non-Apple ATM transactions. Here’s more:

  • Monthly maintenance fees: $3-$10
  • NSF fee: $35
  • Non-Apple ATM transaction: $2
  • Next-day processing funds transfer of outbound transactions: $8.95

Many of these fees are easy to avoid if you don’t use the services. You can avoid the maintenance fee on select accounts by meeting minimum balances.

Apple Bank vs. Competitors

Before deciding on a bank, it’s always a good idea to see how it stacks up against the rest of the field. Here’s a quick look at how Apple Bank for Savings compares with competitors:

Bank Best For
Apple Bank for Savings New York residents who want competitive interest rates on savings products and a full lineup of products
Chase Customers who want the convenience of nationwide branches
TD Bank East coast customers who frequently use ATMs

Apple Bank for Savings vs. Chase

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Apple Bank for Savings offers higher interest rates on savings accounts and certificates of deposit than large national banks like Chase. However, Chase is a better choice for customers who don’t live in New York and prefer having access to a physical branch.

Apple Bank for Savings vs. TD Bank

Apple Bank for Savings is a good option if you want the level of customer service that comes with a regional bank. If you use ATMs a lot, consider a bank like TD Bank, which boasts a larger ATM network and ATM fee rebates.

Final Take

Apple Bank’s competitive CD rates make it worth a look. The bank offers savings and money market accounts that pay comparatively high yields as well. While New Yorkers might have a convenience advantage because of their proximity to branches, out-of-towners can also take advantage of what Apple Bank has to offer thanks to its online and mail-in options.

Apple Bank provides a full range of products and services, and it’s easy to get started by filling out a form online or visiting a branch in person.

Editor’s Favorite

Apple Bank’s Youth Savings account is an excellent savings vehicle for younger folks. They can open an account for as little as $1 and start earning an impressive 3% APY when the balance hits $5. With no monthly maintenance fees and high APY, these accounts let young customers grow their money even faster.

Apple Bank FAQ

Here are answers to some of Apple Bank's more commonly asked questions.
  • Is Apple Bank FDIC insured?
    • Yes, Apple Bank is a member of the FDIC, and deposits are insured up to the maximum allowable limits.
  • How many branches does Apple Bank have?
    • Apple Bank for Savings has about 80 branches in greater New York. This includes Manhattan, Brooklyn, Staten Island, Bronx, Queens, Westchester, Suffolk, Nassau and Rockland.
  • Does Apple Bank have Quick Pay?
    • Yes, Apple Bank offers Quick Pay as part of its Bill Pay Service. Quick Pay is a streamlined service that lets you make payments quickly and see pending and processing payments.
  • Who owns Apple Bank for Savings?
    • Apple Financial Holdings owns 100% of Apple Bank.
  • Does Apple Bank offer free money for signing up for an account?
    • Apple Bank does occasionally offer free money for people who sign up for an account, but it is not currently advertising one. However, you can earn some extra cash if you sign up for a BONUS Savings account. With this account, you get a 0.25% interest bonus each year on your one-year anniversary as long as you have a minimum balance of $2,500.

This article has been updated with additional reporting since its original publication.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 17, 2020.

This content is not provided by Apple Bank. 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.

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About the Author

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.

Apple Bank for Savings Review: Top Rates for CDs and Savings
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