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Apple Bank for Savings Review

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Apple Bank for Savings Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1863, Apple Bank for Savings has assets totaling $13 billion and deposits totaling $12 billion, making the institution a very large bank. Apple Bank for Savings, whose headquarters are in Manhasset, New York, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Apple Bank for Savings is a solid contender in your bank search, with a score of 4.3 stars out of 5 from the SmartAsset team. Apple Bank for Savings offers a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Apple Bank for Savings offers an option without a monthly fee. Finding an institution with free checking as well as a high interest rate savings account is the best option for gaining the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Apple Bank for Savings ranks poorly as compared against the national average. Apple Bank for Savings's one-year and five-year term lengths CDs earn at a rate of 2.50% and 2.80%, respectively, while its highest-yielding money market account has a rate of 1.25%. Given Apple Bank for Savings's noncompetitive savings rate, you should consider looking at the competition to open savings accounts.

How Apple Bank for Savings's Savings Rates Compare

Apple Bank for Savings Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Apple Bank for Savings generally has extremely low fees compared to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Apple Bank for Savings unfortunately doesn't reimburse out-of-network ATM charges, which means you will have to search for an Apple Bank for Savings ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.0
SmartAsset Average: 3.7

Apple Bank for Savings is a brick-and-mortar bank, with 80 total branches in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 9:00 p.m. ET; Saturday, and 9:00 a.m. to 3:00 p.m. ET. Apple Bank for Savings gets poor marks from customers for its mobile platform. The Apple Bank for Savings mobile app is rated at 3.3 out of 5 (with 86 customer reviews on Apple and Android) compared to the national average of 3.8. Apple Bank for Savings's mobile app allows you to control your funds by looking at monthly statements, transferring funds as well as reaching customer service. Apple Bank for Savings receives an excellent consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 4.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Apple Bank for Savings ranks as a very large bank owning assets totaling $13 billion and deposits totaling $12 billion. Its Texas Ratio is 0.22%, denoting that the bank is in superb financial well-being and far from failure. Additionally, Apple Bank for Savings is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Apple Bank for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $250
Checking Account 0.5% APY $2500
Certificates of Deposit
  • 12 Month: 2.50% APY
  • 24 Month: 2.60% APY
  • 36 Month: 2.70% APY
  • 48 Month: 2.75% APY
  • 60 Month: 2.80% APY
$1000 for all terms
Money Market Account 1.25% APY $25000

Apple Bank for Savings has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Apple Bank for Savings does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Apple Bank for Savings's CD rates are fair compared to the average U.S. bank.

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Find a Apple Bank for Savings Near Me

Apple Bank for Savings has 80 branches across the U.S.

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