Apple Bank Savings Accounts, CD Rates, Checking Account and Money Market Account

Today it’s the 9th largest bank in New York and the 109th largest bank in the country. It operates 79 branches throughout the New York area, including Westchester, Queens, Long Island, Brooklyn and others.

Apple Bank is one of the few major banks left that still allow you to use a passbook with many of its accounts. If you choose this option (as opposed to its “statement savings account,” which works like a normal online bank account), you won’t be allowed to make any ATM transactions or pre-authorized debits from your account, such as ACH transfers.

If you’re interested in opening an account (or several accounts) with Apple Bank, there are a few things you need to know. Most importantly, these accounts are only available to New York residents with a valid New York ID. We’ll cover how these bank accounts work in this review to make an informed decision.

Apple Bank for Savings’s Most Popular AccountsAPY

Account Type

Account Name

Compare Rates from Similar Accounts

1.60%

Savings

Apple Bank for Savings Grand Yield Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.25%

CD Rates

Apple Bank for Savings 1 Year CD Special

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.60%

CD Rates

Apple Bank for Savings 3 Year CD

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Apple Bank’s savings account options

Apple Bank CD rates

Apple Bank’s checking account options

Apple Bank’s money market account options

Overall review of Apple Bank’s products

This account earns a great interest rate, but you won’t earn anything unless you have $2,500 in the account.[Chart-AppleBankGrandYieldSavings]APY

Minimum balance to earn APY

1.60%

$2,500

Normally, we would consider this bank an excellent choice if you’re looking for a high interest rate. However, you only earn this high interest rate on $2,500 and up, meaning a significant portion of your deposit won’t earn interest.

One of the nice things about this account, on the other hand, is that you have a wide range of options for how to deal with your interest. You can choose to have it redeposited back into this account, deposited into another Apple Bank account or paid out to you each month in the form of a check (as long as you have at least $10 accrued).

Like all other savings accounts, you’re limited to just six debit card, telephone or ACH withdrawals per month, per Federal Regulation D. If you go over that amount, you’ll pay a $20 per-item fee. If you do this enough times, Apple Bank might change your account type or close the account.

If you want to open Apple Bank’s Grand Yield Savings account, you’ll need to visit a branch in person.

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Apple Bank’s BONUS Savings account allows you to earn a very tiny bonus each year on your account-opening anniversary.[Chart-AppleBankBonusSavings]APY

Minimum deposit amount

0.75%

$2,500

For people who need bonuses in order to motivate them to save, this account may be one option. It doesn’t earn the greatest of interest rates, but it does offer a bonus every year on your anniversary: an extra bonus of 0.25% of the smallest balance you’ve held in the account during the previous year. If your account balance dipped down to just $2,500 (the minimum required to avoid the monthly service fee and to earn any interest at all), that’s just a measly $6.25.

This account also has a six-item limit on certain types of withdrawals (telephone, debit card or ACH). If you go over these limits, you’ll pay a $20 per-item fee, and Apple Bank may downgrade your account to another type or close it if this happens often enough.

If you want to open this account, you’ll need to head over to a local branch.

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This savings account has a lower threshold to earn interest, but you won’t earn much with this account.[Chart-AppleBankSavings]APY

Minimum balance to earn APY

0.10%

$250

If you don’t have the high account balances needed to earn interest with Apple Bank’s BONUS Savings or Grand Yield savings, this could be one alternative. You can open the bank with as little as $100, and you’ll start earning interest after you’ve saved $250. If you can save up $500, you won’t have to pay the monthly account maintenance fee, either.

This account also comes with the option to have your interest paid out in multiple ways. You can choose to have it redeposited back into the account (as with most normal savings accounts), sent to you by check (as long as the interest earned is more than $10) or deposited into another Apple Bank account.

Per Federal Regulation D, you’re limited to just six ACH, debit or telephone withdrawals per month. For each withdrawal you make over that amount, you’ll pay a $20 “excess withdrawal fee.” Apple Bank can close your account or change it to another account type if you do this frequently enough.

You can open this account at any local Apple Bank branch.

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This passbook-style account allows children and teens to earn a small amount of interest, as long as they keep at least $5 in the account.[Chart-AppleBankYouthSavings]APY

Minimum balance to earn APY

0.10%

$5

Apple Bank allows youth ages 6-17 the chance to earn a small amount of interest with this account. It’s not a traditional savings account because it uses a passbook, just like your grandparents used back before the internet existed.

While your child only needs $1 to open this account, they won’t earn any interest until they have at least $5 saved. After that, if they withdraw money and dip the balance below $5 at any point during the month, they won’t earn interest for that day until the balance is back to $5 or more.

When your child turns 18, they won’t be able to make any more deposits into the account. However, it will still earn interest, and Apple Bank will contact them with their options for converting the account to an adult version at that point.

If your child is between ages 6-17, has their own ID (even just a school ID or birth certificate), and can sign their own name, you can open a Youth Savings account with your child. You’ll need to visit a local branch in order to open this account.

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This is a great forced savings plan for people who need help saving for holidays or for vacations, although you still won’t earn much interest with this account.[Chart-AppleBankHolidayVacationClubAccounts]APY

Minimum deposit amount

0.10%

$5

If you struggle with saving up for holidays or for vacations, this account can be an excellent choice for you — albeit, you still won’t earn very much interest on your deposit.

The way it works is this: You open the account with as little as $5. Then, you designate how much and how often you want automatic withdrawals taken out of another Apple Bank account and deposited into this one. You can choose either weekly, biweekly, monthly or quarterly transfers.

If you open a Holiday Club Account, all of your money — plus the interest you’ve earned — will be sent to you via check or deposited into another of your Apple Bank accounts (such as your checking account) in the fall, just in time for holiday spending. If you instead opt for the Vacation Club account, the money will instead be sent to you via check or deposited into your other Apple Bank account during the spring, before your spring or summer vacation.

But watch out: If you make a partial withdrawal before the fall or spring (depending on which account type you have), Apple Bank will completely close the account. This account also does not come with ATM access.

You can’t open these accounts online — you’ll need to visit a branch in-person to do this.

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We’re a bit torn with Apple Bank’s savings accounts. Its highest-earning account, the Grand Yield Savings account, actually does earn a decent interest rate. However, you won’t earn interest on a significant portion of your deposit. If you live in the New York area and want an in-person bank offering a good interest rate, this can be a great option for you.

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Apple Bank’s CD accounts offer much higher interest rates than your average neighborhood bank — but watch out for the high early withdrawal penalty.[Chart-AppleBankCDRates]Term

APY

6 months

2.00%

1 year

2.25%

13 months

2.25%

1 ½ years

2.30%

2 years

2.40%

3 years

2.60%

4 years

2.75%

5 years

2.80%

This account may be a great choice for you as long as you’re fairly certain that you won’t be tempted to withdraw money from this account. That’s because the early withdrawal penalty is very high with this account — you’ll pay a flat $50 fee, plus an extra 1%-3% of the amount withdrawn. Furthermore, if you withdraw enough to drop the balance below the $1,000 mark, Apple Bank will close your CD outright and charge you the penalty on the entire balance.

If you keep the CD open until maturity, it will automatically renew unless you instruct Apple Bank not to do so. If you opt for the account not to renew at maturity, then it’ll earn the same interest rate as the Apple Bank Saving Account until you do something with the cash. But if the CD automatically renews, you’ll still get a five-day grace period to make any changes to the account.

If you want to open one of Apple Bank’s CDs, you’ll need to visit a local branch to set up your new account.

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However, we advise watching out for the fees that come along with this account. If you think you might need to withdraw the cash at some point during the CD’s term, you may end up paying more than you would at other banks, thanks to this CD’s high early withdrawal penalties. This is especially true if you only open the CD with the minimum opening deposit.

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You can earn a high interest rate on your checking deposit with this account, but you’ll need to keep a high balance in the account.[Chart-AppleBankGrandYieldNOWChecking]APY

Minimum balance to earn APY

0.50%

$2,500

Apple Bank’s Grand Yield NOW checking account offers an exceptionally high interest rate on your checking deposit. It does this by shuffling around money from a money market sub-account to this high interest-earning checking account in the background for you. You don’t need to worry about any of this: All you’ll see on your monthly statement are the transactions you’ve made, along with the one interest rate you’ll receive for this account.

Although you can open this account with as little as $100, you’ll need to keep at least $2,500 in the account in order to earn interest and avoid the monthly maintenance fee. Finally, when you open this account, you’ll also receive your first order of personalized checks for free.

You can open this account by visiting a local branch in the greater New York area.

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If you want a bank account with no hassle about remembering to keep up a certain balance level to avoid a monthly fee, this may be one option for you. Of course, this is a noninterest-bearing account, so you won’t earn anything from your deposit either.

One of the perks of this account is that you’ll get your first order of personalized checks for free after you open the account.

If you live near an Apple Bank branch, you can easily open this account in person.

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We don’t know why anyone would want this account.

First of all, there’s a $3 monthly charge, with no way to avoid it. You’ll be paying $3 per month for this account for as long as you own it. Secondly, you’re limited to just eight withdrawals per month with this account. If you go over that amount, you’ll pay a $1 per-item fee. This account seems more like a savings account than a checking account because of these transaction limitations, but it doesn’t offer any interest.

On the bright side, your first order of personalized checks is free.

If you do decide that this account is right for your situation, you’ll need to visit a branch in person to open this account.

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New York students looking to bank with a local institution may find this a decent option. There are no monthly maintenance fees, and you get two out-of-network ATM fees reimbursed per month.

You’ll need to be between the ages of 17 and 25 to apply for this account, however. Once you reach age 26, you won’t be able to use this account anymore. Apple Bank will let you know your options for transferring your money to a new checking account before your birthday.

Like the rest of Apple Bank’s checking accounts, your first order of personalized checks comes free with this account.

If you want to open this account, you’ll need to visit a branch in person.

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Compared with most community banks, Apple Bank does offer a decent checking option with its Grand Yield NOW account. The rest of its accounts, however, are mediocre, because they come with account maintenance fees or few perks. This is especially the case with the BasicValue Checking account, which charges you an unavoidable monthly fee for a limited amount of monthly transactions.

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This account earns a decent rate, but only on balances above $2,500.[Chart-AppleBankMoneyMarketAccount]APY

Minimum balance to earn APY

1.25%

$2,500

If you want to earn a higher interest rate on your savings but also want the ability to write checks from your deposit, this money market account might be right for you. You can make up to six withdrawals per month via check, debit card, ACH transfer or telephone transfer. After that, you’ll pay a $20 per-item “excess withdrawal” fee. If you violate these limits too many times, Apple Bank may close your account or downgrade it to another type.

Although this account earns a decent interest rate, you’ll need to keep a hefty balance in the account to benefit. If your balance dips below $2,500, you won’t earn any interest for that day unless your balance is brought back up to $2,500. In addition, you’ll also pay a $10 monthly fee if your account balance dips below the $2,500 mark.

You can open this account by visiting a branch in person.

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We think Apple Bank is a bit hit-or-miss. None of its accounts are front-runners in their classes by any means. But, many of its accounts are also not bad options either, especially for folks who want to do their banking in person and not pay for it in the form of piddly interest rates.

We do recommend watching out for some of its accounts, such as the BasicValue Checking account which offers limited transactions for an unavoidable monthly fee. But, if you choose your accounts carefully, you might very well come out ahead by choosing Apple Bank.

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