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Apple Bank Review

Updated April 16, 2025
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At a glance

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 Free Checking Highly Rated App
4.0
Rating: 4 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 4 stars out of 5
4.0 /5

Checking

Rating: 4.4 stars out of 5
4.4 /5

Savings

Rating: 4.5 stars out of 5
4.5 /5

MMA

Rating: 2.2 stars out of 5
2.2 /5
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
4.30
%
APY
APY
Info Icon
As of 4/30/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
3.60
%
APY
APY
Info Icon
As of 4/30/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 4/30/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Get up to a $300 Cash Bonus. See site for details.

Overall

New York-based Apple Bank is known for offering competitive yields on savings products. It has more than 75 locations in the New York area and New Jersey.

Pros

  • Checkmark Icon

    Apple Bank offers several certificate of deposit (CD) terms.

  • Checkmark Icon

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

Cons

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

  • You need a balance of at least $2,500 to earn interest on the money market account.

Apple Bank banking products

Apple Bank Simple Savings

4.5
/5
Rating: 4.5 stars out of 5

Pros

  • Checkmark Icon

    Savers will earn a competitive yield on all balances.

  • Checkmark Icon

    There is no monthly fee.

  • Checkmark Icon

    Account holders can make unlimited debit card transactions.

Cons

  • The account is limited to residents of specific states.

Apple Bank CD overview

4.0
/5
Rating: 4 stars out of 5

Pros

  • Checkmark Icon

    Apple CDs offer a competitive yield.

  • Checkmark Icon

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

  • Checkmark Icon

    Customers get FDIC coverage on multimillion-dollar CD deposits.

Cons

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

  • Some other banks offer slightly more competitive rates.

Apple Bank Money Market

2.2
/5
Rating: 2.2 stars out of 5

Pros

  • Checkmark Icon

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

  • Checkmark Icon

    The account comes with a debit card.

  • Checkmark Icon

    Customers can make unlimited withdrawals at a branch or ATM.

Cons

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

  • There’s a $20 fee for excess withdrawals.

  • Interest is earned on daily balances of $2,500.

Apple Bank Simple Checking

4.4
/5
Rating: 4.4 stars out of 5

Pros

  • Checkmark Icon

    The Simple Checking Account does not charge monthly maintenance fees.

  • Checkmark Icon

    With the Simple Checking account, there are unlimited, free ATM transactions.

  • Checkmark Icon

    The Simple Checking account earns interest.

Cons

  • The Simple Checking account does not offer overdraft protection during account opening.

  • For new customers, the checking account is only available to residents of New York and New Jersey.

Bank fees

Fee Charged?
Overdraft fee $35
Monthly maintenance fees $0-$25
Out-of-network ATM fee $2, depending on account
Excessive transaction fee $20

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.

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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.