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20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
4.3
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Our Take: Apple Bank offers many of the same products and services you'll find at other financial institutions. In addition to deposit accounts, the bank offers loans, retirement savings and insurance. It boasts a strong regional presence in the New York City area.
- Checking Accounts
4.3
- Savings Accounts
4.0
- CD Accounts
4.5
See AlsoApple Bank CD Rates for May 2024 - Banking Experience
4.2
How did we calculate this?
Pros
- Multiple checking account types to suit any customer
- Interest-bearing options
- Totally free checking account options
Cons
- High early withdrawal penalties
- The only CD term options are 6 months, 1 year and 18 months when you open online. Other terms are available to open in-person.
About Apple Bank Overview
Apple Bank for Savings, or Apple Bank for short, opened its doors in 1863 as Haarlem Savings Bank. In 1983, the bank merged with Central Savings Bank to form Apple Bank. It remains a popular neighborhood bank best known for its variety of products and high CD rates. Apple Bank’s routing number is 226070584.
Apple Bank Key Features
Apple Bank earned its score of 4.3 out of 5 stars based on the following features.
| Product | Features |
|---|---|
| Checking Accounts | – Nominal maintenance fees that can be waived – Free online banking and mobile bill pay – Mobile remote deposit available |
| Savings Accounts | – Competitive interest rates – Interest compounds daily – Automatic savings plans available |
| CD Accounts | – Competitive interest rates – Terms range from 91 days to 10 years – Interest compounds daily |
| Banking Experience | – Best for those in the greater New York area – Highly rated mobile app |
Apple Bank Checking Accounts
Apple Bank has five different checking accounts that come with a standard collection of freebies. You get a free first order of personalized checks, an Apple Bank Visa debit card and online banking capabilities.
Features
- Minimum opening deposit ranges from $0 to $100
- APY for Choice Checking on balances of at least $2,500
- APY for Simple Checking on balances of at least $1
- No minimum balance requirement for Simple Checking, ExtraValue Checking, BasicValue Checking, and ClassValue Checking for students
- Can waive maintenance fees for Choice Checking accounts
- Free transactions at Apple Bank ATMs
Pros
- Multiple checking account types to suit any customer
- Interest-bearing options
- Totally free checking account options
Cons
- High non-Apple ATM fees for most accounts
- High minimums to avoid fees on some Choice Checking account
Apple Bank Savings Accounts
Apple Bank offers access to five different savings accounts that can assist in building wealth. Some of the yields are quite high for savings accounts.
Features
- Minimum opening deposits range from $0 to $2,500
- Accounts earn interest with balances as low as $1
- Tiered interest rates with select accounts
- Can link some accounts to checking for a Visa debit card and access to online and mobile banking
Pros
- No checking account required
- High yields on some accounts
- Interest compounds daily
Cons
- High balance requirement to avoid fees on some accounts
- High minimum balance to earn interest on best-yielding accounts
Apple Bank’s Youth Savings account is an excellent savings vehicle for savers ages 14 to 17. They can open an account for as little as $1 and start earning a higher APY when the balance hits $1.01. With no monthly maintenance fees and high APY, these accounts let young customers grow their money even faster.
Apple Bank Money Market Accounts
Apple Bank for Savings offers four types of personal money market accounts: the Treasury Bill Indexed Money Market account, the Apple Advantage Money Market account, the Apple Bank Choice Money Market account, and the Apple Bank Money Market account. The accounts are 100% liquid and allow for unlimited deposits and withdrawals at any Apple Bank branch or ATM.
However, the minimum opening deposits are high at $100 for the Apple Bank Money Market account, $2,500 for the Choice Money market, or $10,000 for the Advantage or Treasury Bill Indexed Money Market accounts. All four have monthly maintenance fees that can be waived with a high enough balance and offer competitive yields.
Apple Bank CD Accounts
Apple Bank for Savings offers CDs that range from as little as 91 days to as much as 10 years. Yields are high compared with other banks, but all CDs come with early withdrawal penalties.
Features
- Minimum deposit of $1,000
- APY for a 1-year CD
- Terms from 91 days to 10 years
Pros
- Highly competitive interest rates
- Interest compounds daily
Cons
- High early withdrawal penalties
- The only CD term options are 6 months, 1 year and 18 months when you open online. Other terms are available to open in-person.
Apple Bank Banking Experience
Banking with Apple Bank for Savings is easiest if you live in New York or New Jersey near one of its branches. If you don’t live in the area, you can open an account by mail or use online banking.
Customer Service
Apple Bank’s CustomerLine call center is open from 8 a.m. until 8 p.m. EST, Monday through Friday. The line is also available on weekends from 8 a.m. until 2 p.m. The direct number for this line is 914-902-2775. For customers outside New York, the number is 1-800-722-6888.
Mobile and Digital Experience
Apple Bank for Savings has a mobile app for Apple and Android devices. You can use the app to move money, receive account activity alerts, spot bill payments, and deposit checks. The app has a customer rating of 4.5 out of 5 on the App Store and a rating of 4.5 out of 5 on the Google Play Store.
The app offers several security features to protect your information. It doesn’t save user IDs and passwords. It also times out automatically if you stop using the app before logging out.
How To Open an Apple Bank Account
You can open an Apple Bank account by visiting a physical branch. You’ll need to provide your Social Security number or Tax Identification number, along with your driver’s license or passport and one other form of identification.
If you cannot visit a physical branch, you can open an account by online. The bank will ask for the same information during your account application. But some accounts, like certain CD terms, aren’t available to open online.
Apple Bank Fees
Most Apple Bank for Savings deposit accounts come with monthly maintenance fees, though some can be avoided by meeting minimum balance requirements. There are also fees for using non-Apple ATM transactions. Here’s more:
- Monthly maintenance fees: $3-$10
- Non-sufficient funds fee: $35
- Non-Apple ATM transaction: $2
Many of these fees are easy to avoid if you don’t use the services. You can avoid the maintenance fee on select accounts by meeting minimum balances.
Apple Bank vs. Competitors
Before deciding on a bank, it’s always a good idea to see how it stacks up against the rest of the field. Here’s a quick look at how Apple Bank for Savings compares with competitors:
Apple Bank for Savings vs. Chase
Apple Bank for Savings offers higher interest rates on savings accounts and certificates of deposit than large national banks like Chase. For example, a 12-month CD with Chase currently offers a APY. That’s significantly lower than the 12-month CD at Apple Bank with a APY.
However, Chase has far more credit card offerings and is a better choice for customers who don’t live in New York and prefer having access to a physical branch.
Apple Bank for Savings vs. TD Bank
Apple Bank for Savings is a good option if you want the level of customer service that comes with a regional bank.
If you use ATMs a lot, consider a bank like TD Bank, which boasts a larger ATM network and ATM fee rebates.
Final Take: Is Apple Bank a Good Choice?
Apple Bank is a great bank for those looking for competitive CD rates. The bank offers savings and money market accounts that pay comparatively high yields as well. While New Yorkers might have a convenience advantage because of their proximity to branches, out-of-towners can also take advantage of what Apple Bank has to offer thanks to its online and mail-in options.
Apple Bank provides a full range of products and services, and it’s easy to get started by filling out a form online or visiting a branch in person.
FAQ
Here are answers to some commonly asked questions about Apple Bank.
- Is Apple Bank a real bank?
- Yes, Apple Bank is a real bank. It is FDIC-insured and has many branches located throughout the greater New York area.
- Is Apple Bank secure?
- Yes – Apple Bank's online banking, Bill Pay and Funds Transfer services are all encrypted for your security and to protect your private information.
- Does Apple Bank have Quick Pay?
- Yes, Apple Bank offers Quick Pay as part of its Bill Pay Service. Quick Pay is a streamlined service that lets you make payments quickly and see pending and processing payments.
- Who owns Apple Bank for Savings?
- Apple Financial Holdings owns 100% of Apple Bank.
- What products does Apple Bank offer?
- Apple Bank offers a savings account, checking account, youth savings account, certificates of deposit, personal loans, and credit cards. Additionally, the bank offers bank accounts and loans to businesses.
- Is Apple Bank good for savings account?
- When compared to the national average, Apple Bank offers an attractive APY. But you can find higher APYs elsewhere. With that, take time to shop around before moving forward with an Apple Bank savings account.
- How do I open a savings account with Apple Bank?
- You can open an Apple Bank Simple Savings account online. But you'll need to visit a physical branch or call a banker to open an Apple Gold Savings or Youth Savings account. In either case, you'll need to provide personal details about yourself and funding account information to finalize your account setup.
Sarah Sharkey and Caitlyn Moorhead 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 May 2, 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.
Editorial Note: This content is not provided by Chase. 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 Chase.
