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Apple Bank Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.1

Bankrate Score

bank-logo

High APYs

Highly Rated App

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

  • CDs
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    4.2
  • Savings
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    5.0
  • Checking
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    4.2
  • MMAs
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    2.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    2.40 % APY

    $ 0

    Min. balance for APY

    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    2.25 % APY

    $ 0

    Min. balance for APY

    Overall

    4.1

    Bankrate Score

    New York-based Apple Bank is known for offering competitive yields. It has about 80 locations in the New York City area.

    What we like

    • Apple Bank offers competitive yields for a brick-and-mortar branch.

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

    What we don't

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

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    3.00 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Apple Bank’s CDs offer a competitive yield on a variety of terms. Customers need to deposit at least $1,000 to earn these APYs.

    Apple Bank CDs with a term less than a year have a $50 penalty in addition to a charge of 1 percent of the amount withdrawn early. Those with Apple Bank CDs with a term of a year or more will incur a $50 penalty and will pay 3 percent of the amount withdrawn during an early withdrawal.

    Apple Bank also offers access to FDIC insurance on multimillion-dollar CD deposits through IntraFi Network Deposits (formerly Certificate of Deposit Account Registry Service (CDARS).

    What we like

    • Apple CDs offer a competitive yield.

    • Apple Bank offers terms that fit the needs of many savers.

    What we don't

    • Customers need at least $1,000 to open an Apple Bank CD.

    • Other banks offer more competitive rates.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    2.40 % APY

    $ 0

    Min. balance for APY

    Apple Bank’s Simple Savings account offers a competitive yield and you only need to deposit a $1 to start earning interest. There is no monthly charge either.

    What we like

    • Savers will earn a competitive yield.

    • There is no monthly fee.

    • Interest is earned on deposits of $1 or more.

    What we don't

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

    Checking accounts

    4.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Apple Bank’s Free ExtraValue Checking account requires $100 to open, and there’s no monthly service fee. The account doesn’t earn interest. Point-of-sale transactions made domestically with a debit card cost $2 per transaction. Overdrawing the Free ExtraValue Checking account will incur a $35 fee.

    What we like

    • The Free ExtraValue Checking account doesn’t charge a monthly maintenance fee.

    What we don't

    • The Free ExtraValue Checking account doesn’t earn interest.

    • There is a $2 charge for every out-of-network ATM transaction.

    Money market accounts

    2.2

    Bankrate Score

    Only $100 is needed to open an Apple Bank Money Market account, but to avoid the bank’s $10 monthly service fee, a balance of at least $2,500 is required.

    The account has check-writing privileges, but other banks offer more competitive rates.

    What we like

    • Only $100 is needed to open the Apple Bank Money Market account.

    • Check writing is permitted.

    What we don't

    • A minimum balance of $2,500 in the Apple Bank Money Market account is required to avoid the monthly maintenance fee.

    • Only balances of at least $2,500 earn interest.

    Bank experience

    New York City area consumers with an Apple Bank branch nearby might want to consider the bank, especially for its savings account. 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 a pretty good rating. The app doesn’t have a lot of bells and whistles, but it offers basics, like depositing checks or transferring money.

    About Apple Bank

    Apple Bank has been around since 1863 and has about 80 branches, all of which are in the New York City area.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth