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Savers looking to take advantage of recently raised interest rates are wise to look into certificates of deposit. These deposit accounts typically provide a higher interest rate than a traditional savings account, in exchange for the depositor’s commitment to leave the money invested for a specific period of time, known as the term.
The key to successfully investing in CDs is to find the highest possible interest rate and to choose a term during which you think rates will not increase significantly. So where can you find the highest CD rates? Rates change all the time, but Apple Bank typically has good rates, so it’s a good place to start.
What Are The Current Apple Bank CD Rates?
Apple Bank offers Personal CDs with terms between six months and five years. The CDs listed compound daily, and the funds are credited to your account monthly or quarterly. Here’s a look at Apple Bank CD rates:
| Term | APY |
|---|---|
| 6 months | |
| 7 months | |
| 8 months | |
| 1 year | |
| 15 months | |
| 18 months | |
| 2 years | |
| 3 years | |
| 4 years | |
| 5 years |
Minimum Opening Balance
There’s a $1,000 minimum balance required to open a CD account at Apple Bank.
Early Withdrawal Penalty
As with most CDs, Apple Bank charges a penalty if you withdraw your funds before the term is up.
At Apple Bank, the early withdrawal penalty is $50 plus 1% of the withdrawal amount if the term is less than a year, or $50 plus 3% of the withdrawal amount if the term is a year or longer.
For example: Suppose you deposit $1,000 in a 9-month CD but withdraw the funds after six months. You’ll pay a penalty of $50 plus 1% of the $1,000 you withdrew, or $60. Or, if you deposit $10,000 in a 3-year CD and withdraw the funds after two years, you’d pay a $350 penalty — that’s $50 plus 3% of the amount you withdrew.
When choosing the term for your Apple Bank CD, make sure you will be able to keep the funds in the account until the end of the term to avoid paying a penalty that could wipe out your interest — or more.
Benefits of Apple Bank CDs
When it comes to Apple Bank CDs, here’s what stands out:
- Attractive APYs: You can lock in a great interest rate to help you make progress toward your savings goals.
- Daily compounding: A daily compounding schedule allows you to make the most of your interest-earning opportunities.
- Open some terms online: You can conveniently open CDs with 6-month, 12-month and 2-year terms online. If you need a different term length, you’ll need to open the CD at a physical bank branch.
Some Things To Know About CDs
Before you buy a CD, there are a few things you should know.
You’re Committing to the Term
If you buy a CD and you withdraw the money before the term is up, you will pay a penalty. Most banks charge a penalty that is equal to a certain number of months of interest — usually three months, six months or more, depending on the term of the CD. Some banks, like Apple Bank, have different terms for their penalties, so make sure you read the fine print.
If you’re interested in buying a CD but don’t want to worry about the early withdrawal penalty, look into a no-penalty CD — though you can’t currently get one at Apple Bank. You can also consider a checking account for immediate access to your funds. Some checking accounts will pay interest on your balance but the rates might not be as high as CD accounts.
Your Interest Rate Won’t Change
The idea behind a CD is that the interest rate is fixed for the term of the certificate. If interest rates rise, your rate stays the same. By the same token, if rates fall, you’ll still get the higher rate.
One way to take advantage of changing rates while still enjoying the security of CDs is to create a CD ladder. To do this, purchase several CDs of varying terms. When each CD becomes due, you can roll the money into a longer-term CD. You’ll then have a CD maturing each year, which you can withdraw or reinvest at the current interest rate.
Your CD May Automatically Renew
When your CD matures, you can either take the money out or it will automatically renew for the same term, at the current rate. If you don’t want your CD to renew, you need to withdraw the money within 10 calendar days after the maturity date, so make sure you keep track of your maturity date.
How To Open a CD at Apple Bank
You can open a CD account at an Apple Bank branch or online. To open an account, you’ll need your personal information, including your name, address, Social Security number, email address and mobile phone number. You’ll also need a driver’s license or passport or other government-issued ID.
If you want to go to a branch, you can make an appointment online ahead of time so someone will be ready to help you when you get to the branch. Apple Bank branches are located in New York — in Manhattan, Brooklyn, the Bronx, Queens, Staten Island, Westchester, Suffolk, Nassau and Rockland — and New Jersey.
Alternatives to an Apple Bank CD
Apple Bank won’t be the right fit for everyone. If you want to open a CD somewhere else, consider these options:
- Discover® Bank, Member FDIC: Discover Bank offers more than credit cards. You’ll also find 6-month CDs with a APY and 12-month CDs with a APY.
- Ally Bank: If you are looking for an entirely online banking option, you can find 12-month CDs at Ally Bank with a APY and 5-year CDs with a APY.
- Barclays Bank: Barclays Bank offers a 12-month online CD with a APY and a 5-year online CD with a APY.
Other Apple Bank Products
Apple Bank’s financial products don’t end with CDs. You’ll also find the following products:
- Simple Savings Account: With a balance of at least $50,000, you can tap into a APY. But you’ll earn APY on balances below the $50,000 threshold. You don’t need a minimum deposit to open the account, and you won’t face any monthly fees.
- Apple Gold Savings Account: This savings account offers a APY on a balance above $50,000 and a APY on balances below $50,000. You’ll face a monthly maintenance fee of $8 if you don’t maintain a minimum daily balance of $2,500. You’ll also need a minimum deposit of $2,500 to open the account.
Final Take
Choosing the right CD is an important decision, as your choice can affect the amount of money your savings will earn, sometimes for years to come. Apple Bank CD rates are on the high side and with a variety of terms, it’s certainly worth a look when comparing certificates of deposit. But don’t rule out your other top-tier CD options until you take a minute to shop around.
FAQ
Here are the answers to some common questions about CD rates.
- Who has the highest-paying CD right now?
- The bank that offers the highest paying CD varies depending on which term you're looking at, but Popular Direct, First Internet Bank and Synchrony Bank are among those offering high rates across the board.
- Who has the highest 12-month CD rate?
- One of the best 12-month CD rates you can get right now is from First Internet Bank.
- Can you get 6% on a CD?
- Financial Partners Credit Union members can earn 6.00%APY on an 8-month CD special with a $5,000 maximum deposit, as of April 30, 2024. However, this credit union is only available to eligible residents in select areas of California. Beyond that, there are currently no financial institutions in the U.S. that offer 6% APY on a CD.
- What are the current Apple Bank CD rates for April 2024?
- The current Personal CD rates offered by Apple Bank range from 3.25% to 3.75% APY. You can lock in the highest rates on CD terms of 7, 8 and 12 months.
- How do Apple Bank CD rates compare to other banks?
- The rates you'll find at Apple Bank are relatively good, especially for certain CD terms. For example, the 3.75% APY available on CD terms of 7, 8 and 12 months is relatively attractive. The reality is that you can find higher CD rates elsewhere for most of the terms offered by Apple Bank. But you'll have to shop around when you are ready to open a CD to determine which financial institution is currently offering the best rates.
- What is the minimum deposit for an Apple Bank CD?
- Apple Bank requires savers to make a minimum deposit of $1,000 to open a CD.
- Are there penalties for early withdrawal from an Apple Bank CD?
- Yes, you'll face an early withdrawal penalty if you want to withdraw funds from your CD early. For accounts with a term of less than one year, you'll lose $50 plus 1% of the amount withdrawn. For accounts with terms of 1 year or more, you'll lose $50 plus 3% of the amount withdrawn.
- How can I open a CD account with Apple Bank?
- You can open CDs with terms of six months, one year or two years online. But you'll need to head to a branch to open any other CD term available in person.
Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 30, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
