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On This Page
- At a glance
- Overall
- Apple Bank products
- Bank experience
- Review Methodology
At a glance
4.0
Rating: 4 stars out of 5
Bankrate Score
CDs
Rating: 4 stars out of 5
Checking
Rating: 4.1 stars out of 5
Savings
Rating: 4.5 stars out of 5
MMA
Rating: 2.3 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
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: No account fees and earn $250 with direct deposit (terms apply)
SoFi
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees and earn $250 with direct deposit (terms apply)
Member FDIC
Savings Account
4.75
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.7 stars out of 5
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: Easy application. No minimum balance. High yield.
BMO Harris Bank DBA BMO Alto - 501
Member FDIC
Savings Account Details
4.75
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.63%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Easy application. No minimum balance. High yield.
Member FDIC
Savings Account
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$5000
Min. balance for APY
Promoted offer: No Monthly Fees. $5,000 balance required for highest rate.
CIT Bank
Member FDIC
Savings Account Details
5.05
%
APY
$5000
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.93%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
No Monthly Fees. $5,000 balance required for highest rate.
Overall
New York-based Apple Bank is known for offering competitive yields on savings products. It has about 80 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
Apple Bank offers competitive yields on savings accounts and CDs for a brick-and-mortar branch.
Atypical for most banks, Apple Bank’s savings and money market accounts allow for unlimited transactions at a branch or ATM.
Apple Bank’s apps have high ratings on both Apple’s App Store and Google Play.
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.
Apple Bank banking products
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Compare top savings rates
FEATURES
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
Savers will earn a competitive yield on all balances.
There is no monthly fee.
Account holders can make unlimited debit card transactions.
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.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min balance for APY
SoFi
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees and earn $250 with direct deposit (terms apply)
Promoted offer: No account fees and earn $250 with direct deposit (terms apply)
4.0
Rating: 4 stars out of 5
Bankrate Score
Compare top CD rates
FEATURES
Apple Bank CD overview
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. The highest APYs available are on terms of one and two years.
For early withdrawals, 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.
Pros
Apple CDs offer a competitive yield.
Apple Bank offers terms that fit the needs of many savers.
Cons
Customers need at least $1,000 to open an Apple Bank CD.
Some other banks offer slightly more competitive rates.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
10mo
Term
Goldman Sachs Bank USA
Member FDIC
CD Details
5.05
%
APY
$500
Min. deposit
10mo
Term
Offer rate as of8/26/2023
Minimum deposit$500
APY may change before CD is opened & funded
Promoted offer: APY may change before CD is opened & funded
2.3
Rating: 2.3 stars out of 5
Bankrate Score
Compare top money market rates
Apple Bank money market overview
Only $100 is needed to open an Apple Bank Money Market account, but interest is only earned with a daily average balance of at least $2,500. Meeting this minimum also waives the $10 monthly maintenance fee.
The APY for the Apple Bank Money Market account is meager. However, higher APYs are available for the Apple Advantage Money Market account, which requires a balance of at least $10,000 to earn interest and avoid the $25 monthly maintenance fee.
Apple Bank’s money market accounts come with check-writing privileges and an ATM card. Customers can make six transactions by check per month, but there are no limits on transactions made at a branch or ATM.
Pros
Only $100 is needed to open the Apple Bank Money Market account.
The account comes with check-writing privileges and an ATM card.
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 and earn interest.
The Apple Bank Money Market APY is far below average.
4.1
Rating: 4.1 stars out of 5
Bankrate Score
Compare top checking rates
Apple Bank checking overview
Apple Bank’s ExtraValue Checking account requires $100 to open, and there’s no monthly service fee. The account doesn’t earn interest.
Overdrawing the ExtraValue Checking account will incur a $35 fee. However, in July 2022, the bank announced that it would no longer charge overdraft fees on transactions under $50.
In addition to its ExtraValue Checking account, Apple Bank offers three checking accounts with different monthly maintenance fees and monthly balance requirements and one free student checking account.
Pros
The ExtraValue Checking account doesn’t charge a monthly maintenance fee.
Only $100 is needed to open the account.
Cons
There is a $2 charge for every out-of-network ATM transaction.
The overdraft fee is high, though it’s not charged on transactions under $50.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of8/26/2023
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
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 good ratings on each. The app comes with some helpful digital features including mobile bill payment, mobile check deposit and access to account statements.
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.
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 80 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.