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Apple Bank Review 2024

Updated January 4, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 4.5 stars out of 5

MMA

Rating: 2.2 stars out of 5

About Bankrate Score

Overview

Apple Bank is best for people in New York who are looking for a competitive savings yield and a free checking account at a brick-and-mortar bank.

Highlights

  • High APY
  • Highly Rated App
  • Free Checking
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/20/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/20/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/20/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

New York-based Apple Bank is known for offering competitive yields on savings products. It has about 44 locations in the New York City area. Its savings and money market accounts allow for unlimited transactions, but better yields on money market accounts can be found elsewhere.

Pros

  • Checkmark

    Apple Bank offers competitive yields on savings accounts and CDs for a brick-and-mortar branch.

  • Checkmark

    Atypical for most banks, Apple Bank’s savings and money market accounts allow for unlimited transactions at a branch or ATM.

  • Checkmark

    Apple Bank’s apps have high ratings on both Apple’s App Store and Google Play.

  • Checkmark

    The checking account is free.

Cons

  • Apple Bank has branch locations only in the New York City area.

  • The money market account’s APY is low.

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We want to know what you think about Apple Bank

Do you have experience with Apple Bank? Let us know your thoughts.

Apple Bank banking products

4.5
Rating: 4.5 stars out of 5
Bankrate Score

Apple Bank savings overview

Apple Bank’s Simple Savings account offers a competitive yield, though some banks are offering even higher APYs. There is no monthly maintenance fee or minimum balance requirement — the account earns interest on all balances.

Customers get a debit card they can use to access funds in their savings account with no transaction limit. They also get reimbursed up to four times a month for non-Apple Bank ATM transactions both domestic and international.

Pros

  • Checkmark

    Savers will earn a competitive yield on all balances.

  • Checkmark

    There is no monthly fee.

  • Checkmark

    Account holders can make unlimited debit card transactions.

  • Checkmark

    Up to four out-of-network ATM transactions are reimbursed each month.

Cons

  • You can still find a couple of other banks that offer a slightly higher APY.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Apple Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/20/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $35 on overdrawn amounts of $50 or more
Monthly maintenance fees None
Out-of-network ATM fee $2
Excessive transaction fee for money market account $20, except for transactions made at a branch or ATM
Excessive transaction fee for savings account None

Bank experience

Highly rated app. Customers who want to bank virtually can use the Apple Bank app, which is available on Apple’s App Store and Google Play and has good ratings on each. The app comes with some helpful digital features including mobile bill payment, mobile check deposit and access to account statements.

Customer service. The bank’s customer service phone line is available from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 2 p.m. ET on weekends. Customers can also reach out to the bank via Facebook and LinkedIn.

Financial management tools. With Apple Bank’s online banking service, customers can manage multiple accounts, including external accounts, in a single place. The financial management hub includes visual representations of spending, budgets and debts.

About Apple Bank

Apple Bank emerged from the 1983 merger of Harlem Savings Bank and Central Savings Bank, which have been around since the mid-1800s. Today, the bank has around 44 branches, all located in the New York City area.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.