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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

Started in 1863, Apple Bank for Savings has $13 billion in assets and $12 billion in deposits, which makes the institution a very large bank. Apple Bank for Savings, whose headquarters are in Manhasset, New York, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Apple Bank for Savings is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from our experts. Apple Bank for Savings provides customers with a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Apple Bank for Savings has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Apple Bank for Savings's ordinary checking account does not have a monthly fee. Banks that offer free checking as well as a high interest rate savings account are your best option for accruing the most income on your deposits while having 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

Apple Bank for Savings features a savings rate of 0.10%, which is poor compared to the national average. Apple Bank for Savings's one-year CD earns at a rate of 2.50% and the five-year CD earns at a rate of 2.80%, while its highest-yielding money market account has an APY of 1.25%. Given its noncompetitive savings rate, you should consider looking elsewhere 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

On average, Apple Bank for Savings charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Apple Bank for Savings is ideal for those who want a simple checking account. Apple Bank for Savings unfortunately does not refund out-of-network ATM charges, which means you will have to locate an Apple Bank for Savings ATM or pay 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 bank locations in New York. With mobile and web apps, Apple Bank for Savings makes mobile banking easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its 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's online and mobile banking platforms get poor scores from users. The Apple Bank for Savings mobile app has an overall rating of 3.3 out of 5 (with 86 reviews on Apple and Android) compared to the national average of 3.8. You can use Apple Bank for Savings's mobile app to manage your finances by checking current statements, sending and receiving money as well as accessing customer service. Apple Bank for Savings gets a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial 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 as well as $12 billion in deposits. It has an excellent Texas Ratio of 0.22%, signifying a low possibility of 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 Accounts 1.25% APY 1.25% APY $10000 $15000

Apple Bank for Savings has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Apple Bank for Savings does not have the best savings rate, which means you should consider looking 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 in comparison to the national average.

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Find a Apple Bank for Savings Near Me

Apple Bank for Savings has 80 physical locations across the U.S.

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Save more with these rates that beat the National Average
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