Apple Bank, not meant to be confused with Apple, the company that offers lifestyle technology. It provides several savings accounts to ensure that you can choose the one that best suits your requirements.
Every account is different in terms of its required minimum balance, the required rates, as well as the amount you’ll need to earn. You could earn as much as 3.63 percent or 6.00 percent on accounts for youth. Discover the ways these savings accounts stack up to some of the top money-saving accounts.
Compare the rates for savings accounts at Apple Bank.
Apple Bank does offer an interest rate on its savings accounts, which can be higher than many other rates; however, by comparing your options, you will find the ideal savings account to suit your requirements.
Key Features of Apple Bank Savings Accounts
Apple Bank’s premium savings account only lets you earn interest after you have at least $5,000 in your bank account (which will also be the minimum amount you need to open a new account and avoid the monthly cost).
The Premium Savings account has an annual percentage yield (APY) of 0.75 percent. The High-Yielding Premium Savings Rate is less than many of the best savings accounts with high yields available.
In contrast to the majority of Apple Bank’s savings accounts, this Simple Savings account doesn’t have the requirement of a minimum deposit or a monthly fee for maintenance. You can start earning interest on just $1 in your account, in contrast to some of the other accounts, which require thousands of dollars to open before you earn.
Furthermore, it is worth noting that the Simple Savings account has the most APY of any account that isn’t its Youth Savings account. Additionally, you’ll receive the Apple Bank Visa debit card in addition to the account, even if you don’t have a checking account.
Super Savings account is similar to the Premium Savings account in nearly everything, including its minimum deposit of $5,000, the minimum in order to generate interest, and to avoid monthly fees. The main distinction between the two accounts is that although the Premium Savings account provides 1.01 percent APY, the Super Savings account is only 0.25 percent.
Its Youth Savings account is unique since it’s available only to account holders aged 6 to 17. The minimum is $1 for opening the account, and $1.01 for interest, with no minimum cost for the account.
The account is the most lucrative APR of all Apple Bank Savings accounts. But you’ll only earn the highest APY for the initial $10,000 you deposit into your account. Balances over 10,000 and up to $20,000 are eligible for a 3.63 percent annual percentage yield. The balances that exceed $20,000 don’t accrue interest. For children aged 14-17, the account may be supported by the Apple Bank Visa debit card.
It’s the BONUS Savings account is Apple Bank’s savings account with the lowest interest rate. The interest rate won’t be credited to your account until you’ve got an account balance of $2,500, and after that, the account will only earn 0.05 percent. You’ll also require $2,500 to establish your account, as well as at least a balance of $2,500 to avoid paying the $10 maintenance fee per month.
Apple Bank Savings Account Benefits and Drawbacks
Highlights Described
- Different kinds: Apple Bank has an array of savings accounts to satisfy the needs of a wide range of customers.
- More interest rates for certain accounts: The interest rates for Apple Bank CDs can be as high as 4.15 percent or as low as 2.00 percent on retirement accounts.
Cons Described
- Minimum deposit for certain accounts: For certain accounts, like the Premium Savings account, the minimum deposit could be up to $5,000.
- Monthly service charge for some accounts. Some of Apple Bank’s savings accounts have a minimum maintenance cost of between $8 and $10, which could affect your earnings.
About Apple Bank: Additional Options for Savings
Apple Bank was founded in 1863 in New York City. It has only offices within Manhattan, Brooklyn, Staten Island as well as the Bronx as well as Queens, Westchester, Suffolk, Nassau, Rockland counties, and New Jersey. While Apple Bank offers online banking, you need to make an appointment at the branch to open a new account.
Apart from the accounts for savings mentioned previously, Apple Bank also offers various other savings options, which include other savings accounts, money market accounts, as well as deposits in certificates.
Alternatives to Savings Accounts at Apple Bank
- Higher yield savings accounts: If you’re looking to maximize the amount of interest you receive on savings you have, be able to find more lucrative rates of interest with other high yield savings accounts. They are usually offered by different online banks, but they may also be available in traditional banks and credit unions.
- Accounts in the market: If you’re looking to get greater access to your money but don’t want to establish an account for both savings and a checking account, consider opening the possibility of opening a cash market bank account. They can provide high returns, but they can also offer an ATM card, a debit card, and check-writing privileges. However, they could have higher requirements for deposits and have monthly fees.
- Certificates of Deposit (CDs): If you’re looking to lock in an interest rate that is high on your investment, think about the possibility of a CD. They typically provide higher rates in exchange for locking your savings for a set amount of time that can span between a few months and several years. Check out our recommendations for the highest rate on CDs to determine how much you can earn.
- I Bonds: I Bonds are issued by the U.S. government and are intended to guard against inflation. In many instances, high-yield savings rates do not provide protection against inflation. They have a maturity of up to 30 years. However, you can redeem them earlier.
- U.S. Treasuries: Treasury Bills (also known as T-Bills) released from Treasury Bills, or T-Bills. They’re issued by the U.S. government and have maturities of one year or less. Because they’re fully supported with the Federal government’s backing, they’re deemed to be virtually safe.
Questions and Answers (FAQs)
What is the Apple Bank Savings Minimum Balance?
The minimum deposit and the balance required for the Apple Bank savings account depend on the account you select. Minimum requirements vary from $0 to $5,000 to start the account, receive interest, and get rid of paying a monthly charge. It is the Simple Savings account for adults is the one that doesn’t require a minimum deposit.
The Apple Bank Savings Account: Is It Competitive?
A majority of Apple Bank savings accounts don’t offer competitive rates of interest rates. For the account for youth Savings account, however, it is the one with an APY in line with other high-yielding savings accounts.. But the account is only accessible to those who are 17 or younger.
Is There a Monthly Fee for Apple Bank Savings Account Activity?
Yes, the majority of Apple Bank savings accounts have a monthly cost. The monthly fee is $8 for Premium Savings or Super Savings, and $10 per month for BONUS Savings. You can get rid of these charges by keeping a certain amount of balance. Furthermore, you can use accounts like the Simple Savings and Youth Savings accounts do not charge monthly charges.
What Is The Size Of Apple Bank Savings Assets?
As of January 20, 2024, Apple Bank has $17 billion of assets, including $15 billion of which is deposited in its more than 80 branches. The assets of the bank make it the biggest State-chartered bank for savings located in New York.
