Apple Bank Review 2024 | Bankrate (2024)

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At a glance

4.0

Rating: 4 stars out of 5

Bankrate Score

CDs

Rating: 4 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 4.5 stars out of 5

MMA

Rating: 2.2 stars out of 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.

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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

Overall

New York-based Apple Bank is known for offering competitive yields on savings products. It has about 44 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.

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Apple Bank banking products

4.5

Rating: 4.5 stars out of 5

Bankrate Score

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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.

See how rates for this account have changed over time.Interact with the trend lines to view APY by date.

Apple Bank

APY

APY last updated between 5/21 and 5/27.

APY

APY last updated between 5/21 and 5/27.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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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 seven months and one year.

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 insurance protection from the Federal Deposit Insurance Corp. (FDIC), 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.
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.

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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 a debit card. Customers can make six transactions by check per month before incurring a $20 fee per transaction, 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 a debit 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.
There’s a $20 fee for excess withdrawals, unless they’re made at a branch or ATM.

4.2

Rating: 4.2 stars out of 5

Bankrate Score

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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.
No overdraft fee is charged for transactions under $50.

Cons

There is a $2 charge for every out-of-network ATM transaction.
The overdraft fee is high when the transaction amount is $50 or more.

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Bank fees

Fee	Charged?
Overdraft fee	$35 on overdrawn amounts of $50 or more
Monthly maintenance fees	None
Out-of-network ATM fee	$2
Excessive transaction fee for money market account	$20, except for transactions made at a branch or ATM
Excessive transaction fee for savings account	None

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. Customers can also reach out to the bank via Facebook and LinkedIn.

Financial management tools. With Apple Bank’s online banking service, customers can manage multiple accounts, including external accounts, in a single place. The financial management hub includes visual representations of spending, budgets and debts.

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 44 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.

Apple Bank Review 2024 | Bankrate (2024)

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Overall

Pros

Cons

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Apple Bank banking products

Apple Bank savings overview

Pros

Cons

Apple Bank savings rates

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Apple Bank CD overview

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Cons

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Apple Bank money market overview

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Apple Bank checking overview

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