Apple Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
4.3

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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    4.5
  • Savings
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    3.8
  • Checking
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    4.2
  • MMAs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Vio Bank

    Member FDIC

    MMA

    0.61 % APY

    $ 100

    Min. balance for APY

    Live Oak Bank

    Member FDIC

    Savings account

    0.55 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    4.3

    Bankrate Score

    Apple Bank has around 80 locations in New York. This bank is known in New York for offering competitive yields.

    What we like

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

    • The bank’s apps have high ratings on both iOS and Google Play.

    What we don't

    • Apple Bank only has locations in New York.

    • The Bonus Savings account requires $2,500 to earn interest.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Apple Bank’s CDs offer a competitive yield. You’ll need at least $1,000 to get these APYs. Apple Bank offers six CD terms, ranging from 32 days to 10 years.

    Apple Bank CDs with a term less than a year have a $50 penalty and a penalty of one percent of the amount withdrawn early. Those with an Apple Bank CDs with a term of a year or more will incur a $50 penalty and will pay three percent of the amount withdrawn during an early withdrawal.

    Apple Bank offers Certificate of Deposit Account Registry Service (CDARS) CDs. These CDs offer multi-million dollar Federal Deposit Insurance Corp. (FDIC) coverage. The bank also offers to transfer interest into another account for those earning more than $10 a month or quarter in interest.

    What we like

    • Apple CDs offer a competitive yield.

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

    • Those earning at least $10 in interest in a month or a quarter can have that transferred to another account.

    What we don't

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

    • Apple Bank’s early withdrawal penalty will cost you $50 and 3 percent of the amount withdrawn.

    Savings accounts

    3.8

    Bankrate Score

    Apple Bank’s Bonus Savings account offers a competitive yield. It has a unique structure of paying a bonus simple interest rate on your account-opening anniversary.

    You’ll need at least $2,500 in your account to earn interest.

    What we like

    • An annual bonus gives Bonus Savings account holders with a daily balance of at least $2,500 a unique, bonus reward every 12 months.

    What we don't

    • You won’t earn interest on balances under $2,500.

    • The Bonus Savings account bonus is based on the lowest balance you had in the previous 12 months. Those that have their balances fluctuate, might miss out on a larger bonus.

    Checking accounts

    4.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Apple Bank’s Free ExtraValue Checking account only requires $100 to open the account. Account holders don’t have a monthly service fee. The account doesn’t earn interest.

    Debit card users need to know that point-of-sale transactions made domestically with a debit card will cost you $2 per transaction.

    Overdrafting the Free ExtraValue Checking account will cost you $35.

    What we like

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

    • You only need $100 to open the Free ExtraValue Checking account.

    What we don't

    • You won’t earn interest with the Free ExtraValue Checking account.

    • You’ll be charged $2 for every out-of-network ATM transaction.

    Money market accounts

    3.9

    Bankrate Score

    OTHER MMA OFFERS YOU MAY LIKE
    Vio Bank

    Member FDIC

    MMA

    0.61 % APY

    $ 100

    Min. balance for APY

    You’ll need at least $100 to open an Apple Bank Money Market account. But in order to avoid the bank’s monthly service fee you’ll need to keep at least $2,500 in the account.

    You can earn a competitive yield with the Apple Bank Money Market account and the account has check-writing privileges.

    What we like

    • You only need $100 to open the Apple Bank Money Market account.

    • The Apple Bank Money Market account pays a competitive yield.

    • The account lets you write checks.

    What we don't

    • You need to keep at least $2,500 in the Apple Bank Money Market account to avoid the monthly maintenance fee.

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

    Bank experience

    Those with an Apple Bank nearby in New York might want to consider the bank. For those times you don’t have to go to the bank, Apple Bank’s apps on iOS and Google Play have a pretty good rating.

    About Apple Bank

    Apple Bank has been around since 1863. Apple Bank has around 80 branches that are all in New York.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    About the author Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Expertise Banking and insurance Experience 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 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. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has 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 is on the organization’s training and finance committees. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Education 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