Apple Bank CD rates January 2024

Some of the Apple Bank roster of certificates of deposit (CDs) offer competitive yields, but you can find better options elsewhere on most terms. Moreover, the savings products must be opened in one of its branches, all of which are in the Greater New York area.

Still, you can find a ripe option for your cash needs.

Account details and annual percentage yields (APYs) are accurate as of December 21, 2023.

Overview of Apple Bank CDs

Terms for Apple Bank’s CDs range from 3 months to 10 years. Rates go from 0.50% to 4.50% APY. While some CDs at other banks require no or low minimum deposits, Apple Bank’s minimum deposit is $1,000. Also, you must maintain a minimum daily balance of $1,000 to earn interest.

Here are some of the key details of Apple Bank’s CDs.

How much can you earn with Apple Bank CDs

Here’s how much you can earn on Apple Bank personal CDs (as opposed to its retirement CDs) with a $10,000 balance.

You can calculate how much you’ll earn based on your own balance with this CD calculator. 

All CDs must be opened at an Apple Bank branch. But the bank only operates branches in the New York City area.

How Apple Bank CD rates compare

In some cases, Apple Bank CD rates compare favorably with rates you’d find elsewhere. That’s particularly true for the 4.50% APY paid by the seven-month personal CD. And the rates are generally higher than the national averages. For instance, Apple Bank’s rate for a regular two-year CD is 3.50% APY, compared with the national average of 1.57% APY as of December 18, 2023.

It’s worth noting, though, that Apple Bank’s rates for retirement CDs are less impressive than the rates for personal CDs. For example, an 18-month personal CD pays 3.50% APY, while an 18-month retirement CD pays 1.50% APY.

Here’s how some of Apple Bank’s rates for personal CDs stack up against a couple of its regional competitors.

How to open an Apple Bank CD

To get an Apple Bank CD, you must visit one of the bank’s branches in the New York City area. A CD can’t be opened online. Accounts are limited to residents of New York and New Jersey.

When you open a CD at Apple Bank, you must make a minimum deposit of $1,000.

Apple Bank gives you the choice of opening a personal (traditional) CD or a retirement (IRA) CD. Rates for personal CDs are higher than the rates for retirement CDs. For instance, the rate for a two-year personal CD is 3.50% APY, compared to 1.50% APY for a two-year retirement CD.

Alternatives to CDs at Apple Bank

Apple Bank also offers savings accounts and a money market account (MMA), which is ideal for those who want to keep their savings at Apple Bank but aren’t ready to commit to a CD. 

The Simple Savings Account has no minimum deposit and offers 3.50% APY on balances up to $49,999. Balances of $50,000 and over earn 4.30% APY. 

The Apple Advantage Money Market account has a $10,000 minimum deposit to open the account and earns 3.00% APY on balances of $10,000 and over. Balances below $10,000 do not earn interest. 

Apple Bank review

Founded in 1863, Apple Bank is New York’s largest state-chartered savings bank. As of January 2023, its assets totaled $17 billion and it operated 84 branches.

On the Trustpilot review website, users give mixed grades to Apple Bank. Overall, the bank earns 2.6 out of 5 stars on Trustpilot.

But things are rosier for Apple Bank when it comes to its mobile app. The app earns 4.5 out of 5 stars from App Store users and 4.4 out of 5 stars from Google Play users.

Despite its shortcomings, Apple Bank offers competitive rates on some CDs and provides an array of banking products. But to take advantage of its products, including CDs, you must live in the New York City area.