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Apple Bank Savings Account Interest Rates: September 2024

By
Erin Gobler
Erin Gobler
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Erin Gobler is personal finance coach and a writer with over decade of experience. She specializes in writing about investing, cryptocurrency, stocks, and more. Her work has been published on major financial websites including Bankrate, Fox Business, Credit Karma, The Simple Dollar, and more.
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Updated September 03, 2024
Fact checked by
Michael Rosenston
Michael Rosenston
Fact checked by Michael Rosenston
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Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance.
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Apple Bank—not to be confused with Apple the lifestyle technology company—offers a variety of savings accounts so that you can find one that meets your needs.

Each account differs when it comes to its minimum balance requirements, interest rates, and the amount of money you’ll need to earn interest. You can earn up to 4.3% or up to 6.0% on youth accounts. Learn how these savings accounts compare with some of the best savings accounts.

Apple Bank Savings Account Rates
Account Name APY
Premium Savings 0.00%–1.25%
Simple Savings 3.50%–4.30%
Super Savings 0.00%–0.25%
Youth Savings 3.38%–6.00%
BONUS Savings 0.00%–0.05%

Compare Apple Bank Savings Account Rates

Apple Bank does offer a return on its savings accounts that can top many other rates, but by comparing your options you can find the best savings account to meet your needs.

Apple Bank Savings Accounts: Key Features

Apple Bank Savings Accounts Key Features
Account Name APY Minimum Deposit Monthly Fee
Premium Savings 0.00%–1.25% $5,000 $8
Simple Savings 3.50%–4.30% None None
Super Savings 0.00%–0.25% $5,000 $8
Youth Savings 3.38%–6.00% $1 None
BONUS Savings 0.00%–0.05% $2,500 $10

Apple Bank’s Premium Savings only allows you to start earning interest once you have $5,000 in your account (which is also the minimum amount required to open an account and to avoid the monthly fee).

With an annual percentage yield (APY) of 1.65%, the Premium Savings rate is lower than many of the top high-yield savings accounts on the market.

Unlike most of Apple Bank’s savings accounts, the Simple Savings account doesn’t have a minimum deposit requirement or a monthly maintenance fee. You can also start earning interest with just $1 in your account, unlike some of the bank’s other accounts that require thousands of dollars before you can earn. 

Additionally, the Simple Savings account has the highest APY of any account other than the Youth Savings. You’ll also get an Apple Bank Visa debit card to go with your account, even if you don’t have a linked checking account.

The Super Savings account is similar to the Premium Savings in almost every way, including its $5,000 minimum deposit, minimum to earn interest, and minimum to avoid the monthly fee. The major difference between these accounts is that while the Premium Savings account offers 1.65% APY, this Super Savings account only offers 0.25%.

Apple Bank’s Youth Savings account is unique because it’s only available for account holders ages 6 through 17. There’s only a $1 minimum to open the account and $1.01 to earn interest, and there’s no minimum fee on the account. 

This account offers the highest APY of any Apple Bank Savings account. However, you’ll only earn the maximum APY on the first $10,000 in your account. Balances above $10,000 and up to $20,000 earn 2.87% APY. Balances above $20,000 do not earn interest. And for kids ages 14 through 17, the account can be accompanied by an Apple Bank Visa debit card.

The BONUS Savings account is Apple Bank’s account with the lowest APY. You won’t earn interest on your account until you have a balance of $2,500, and once you do, you’ll only earn 0.05%. You’ll also need $2,500 to open your account and a running balance of $2,500 to avoid the $10 monthly maintenance fee.

Pros and Cons of Apple Bank Savings Accounts

Pros

  • Several types

  • Higher rates on some accounts

Cons

  • High minimum deposit on some accounts

  • Monthly service fee on some accounts

Pros Explained

  • Several types: Apple Bank has a wide variety of savings account types to meet a variety of financial needs.
  • Higher rates on some accounts: Interest rates on Apple Bank CDs can be up to 4.3% or up to 6.0% on youth accounts.

Cons Explained

  • High minimum deposit on some accounts: On some accounts, such as the Premium Savings Account, the minimum deposit can be as high as $5,000.
  • Monthly service fee on some accounts: Several of Apple Bank's savings account have a minimum maintenance fee of $8 to $10 that can affect your profits.

About Apple Bank: Other Savings Options

Apple Bank was founded in 1863 in New York City. It only has branches in Manhattan, Brooklyn, Staten Island, the Bronx, and Queens; Westchester, Suffolk, Nassau, and Rockland counties; and New Jersey. And while the bank offers online services, you must schedule an appointment at a branch to open an account.

In addition to the savings accounts noted above, Apple Bank also offers several other savings options, including other savings accounts, money market accounts, and certificates of deposit.

Other Apple Bank Financial Offerings
Account Name Minimum Deposit
Business Savings $1,000
Grand Yield Savings $100
Apple Bank Savings $100
Apple Advantage Money Market $10,000
Treasury Bill Indexed Money Market $10,000
Apple Bank Money Market $100
Apple Bank Certificates of Deposit $1,000

Alternatives to Apple Bank Savings Accounts

  • Higher-yield savings accounts: If you want to maximize the interest you earn on your savings, you'll find higher interest rates with other high-yield savings accounts. These accounts are typically offered by other online banks, though you may also find them with some traditional banks and credit unions.
  • Money market accounts: If you want better access to your funds but don't want to open both a checking and savings account, you may consider a money market account. These accounts can offer high yields, but they may also provide you with a debit card and check-writing privileges. That said, they may have higher deposit requirements and may charge monthly fees.
  • Certificates of deposit (CDs): If you want to lock in a high interest rate on your savings, consider a CD. These accounts typically offer higher yields in exchange for locking up your funds for a certain period of time, which can range from a few months to several years. See our picks for the best CD rates to see how much you could earn.
  • I Bonds: I Bonds are issued by the U.S. government and are designed to provide protection against inflation—in many cases, high-yield savings interest rates don't provide inflation protection. These bonds have maturities of up to 30 years, but you can cash them in early.
  • U.S. Treasuries: Treasury Bills, or T-Bills, are issued by the U.S. government and have maturities of one year or less. Because they're fully backed by the federal government, they're considered to be essentially risk-free.

Frequently Asked Questions (FAQs)

What Is the Minimum Balance for Apple Bank Savings?

The minimum deposit and balance for an Apple Bank savings account depends on the account you choose. Minimum requirements range from $0 to $5,000 to open the account, earn interest, and avoid the monthly fee. The Simple Savings account is the only adult savings account that doesn’t have a minimum deposit requirement.

Is the Apple Bank Savings Account Competitive?

Most of the Apple Bank savings accounts don’t have competitive interest rates. The Youth Savings account is the only option that has an APY that’s competitive with other top high-yield savings accounts. However, this account is only available to account holders age 17 or younger.

Does Apple Bank Savings Account Charge a Monthly Fee?

Yes, most Apple Bank savings accounts charge a monthly fee. You’ll pay $8 per month for the Premium Savings or Super Savings and $10 per month for the BONUS Savings. You can avoid these fees by maintaining a certain balance. Additionally, the Simple Savings and Youth Savings accounts don’t charge monthly fees.

How Big Are Apple Bank Savings Assets?

As of January 2023, Apple Bank has $17 billion in assets, $15 billion of which are deposits in its 84 different branches. Its assets make it the largest state-chartered savings bank in New York.

Your Guide to Savings Accounts

Article Sources
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  1. Apple Bank. “Checking & Savings Interest Rates.”

  2. Apple Bank. “Savings.”

  3. Apple Bank. “CEO Message.”

  4. Apple Bank. “Apple Bank Financial Highlights.”