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

GOBankingRates Score

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Our Take: Apple Bank 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. It boasts a strong regional presence in the New York City area.
  • Checking Accounts
  • Savings Accounts
  • CD Accounts
  • Banking Experience
How did we calculate this?


  • Wide branch and ATM availability in and around New York City
  • SEP, QRP and traditional and Roth IRA retirement plans available
  • Relatively high CD Rates
  • Term and whole life insurance plans available


  • No option to open accounts online
  • High minimum balance requirements
  • Only regional branch availability

About Apple Bank Overview

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. Apple Bank’s routing number is 226070584.

Apple Bank Key Features

Apple Bank earned its score of 4.3 out of 5 stars based on the following 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
CD Accounts– Competitive interest rates
– Terms range from 32 days to 10 years
– Interest compounds daily
Banking Experience– Best for those in the greater New York area
– Highly rated mobile app

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.


  • Minimum opening deposit ranges from $10 to $100
  • APY for Rewards Checking
  • 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



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

Apple Bank Savings Accounts

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


  • 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


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


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

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 a higher 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 Money Market Accounts

Apple Bank for Savings offers three types of personal money market accounts: the Treasury Bill Indexed Money Market account, the Apple Advantage 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.

However, the minimum opening deposits are high at $100 for the Apple Bank Money Market account or $10,000 for the Advantage or Treasury Bill Indexed Money Market accounts. All three have monthly maintenance fees that can be waived with a high enough balance and offer competitive yields.

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, but all CDs come with early withdrawal penalties.


  • Minimum deposit of $1,000
  •   APY for a 1-year CD
  • Terms from 32 days to 10 years


  • Highly competitive interest rates
  • Interest compounds daily


  • High early withdrawal penalties

Apple Bank Banking Experience

Banking with Apple Bank for Savings is easiest if you live in New York or New Jersey near one of its branches. If you don’t live in the area, 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. For customers outside New York, the number is 1-800-722-6888.

Mobile and Digital Experience

Apple Bank for Savings has a mobile app for Apple and Android devices. The app has a customer rating of 4.5 out of 5 on the App Store and a rating of 4.6 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.


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.

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

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:

Apple Bank for Savings vs. Chase

Apple Bank for Savings offers higher interest rates on savings accounts and certificates of deposit than large national banks like Chase.

However, Chase has far more credit card offerings and 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: Is Apple Bank a Good Choice?

Apple Bank is a great bank for those looking for competitive CD rates. 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.


Here are answers to some commonly asked questions about Apple Bank.
  • Is Apple Bank a real bank?
    • Yes, Apple Bank is a real bank. It is FDIC-insured and has many branches located throughout the greater New York area.
  • Is Apple Bank secure?
    • Yes Apple Bank's online banking, Bill Pay and Funds Transfer services are all encrypted for your security and to protect your private information.
  • 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.

Caitlyn Moorhead contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 13, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.


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