1. Apple Bank Cd Rates 2021
2. Apple Bank Best Cd Rates
3. Apple Cd Rates Today
4. Apple Bank Cd Rates Highest
5. Apple Bank Locations
6. Apple Bank Cds
7. Apple Bank Interest Rates

• CDs: Our Certificate of Deposit interest rates remain fixed until maturity. Minimum balance to open and earn the APY is $500. A penalty may be imposed for withdrawals before maturity. VIP Personal Money Market: This is a variable rate product and the rate may change at any time after account opening. Minimum balance required to open and earn.
• How TD Bank CD rates compare to top-yielding banks. If you also have a TD Bank checking account, some of the bank’s CDs could be worth considering. However, the bank’s CD rates generally fall.
• Offer good for the initial term only. CD is automatically renewed for the same term. The rate is determined based on the published rate for the CD, excluding CD Specials, that is closest to but not exceeding the term of the CD. Advertised rate and APY are offered at the bank's discretion and may change daily. Return to content, Footnote 2.

• High interest rates
• Option to invest in CDs designed for retirement savings
• Option to open multiple CDs with competitive rates through the Certificate of Deposit Account Registry Service (CDARS)

• $1,000 minimum opening deposit
• No tiered interest rate options
• You can open a CD account only at a branch

You can also get a more liquid account at Capital One: With the bank’s 360 Performance Savings account, you can enjoy an FDIC-insured account that offers a very competitive rate.

• New Yorkers with short-term savings goals who are looking for high-yield CD options

Apple Bank Cd Rates 2021

Apple Bank, which is based in New York City, offers certificate of deposit (CD) accounts with rates that can compete with some of the best CD rates across the industry. With Apple Bank, you have access to physical branches and face-to-face customer service. You can open a CD for terms stretching from 6 months to 3 years. Interest compounds daily. And you can have interest sent directly to you each month or quarter as long as you’ve earned at least $10 in that time span.

Apple Bank Best Cd Rates

Even though you need a minimum deposit of $1,000 to open a CD account with Apple Bank, your options carry impressive rates, especially considering that Apple Bank manages physical branches throughout New York. And if you’ve earned at least $10 worth of interest, you can have it sent directly to you each month or quarter. You can have your payments sent via check or directly to your Apple Bank checking, savings or money market account (MMA). In addition, every CD renews at maturity under the same terms and conditions. The table below illustrates the current interest rates in detail.

6-month CD Interest Rate Comparison

Overview of Apple Bank CDs

Apple Bank offers a range of fixed-rate CDs with terms ranging from as little as 6 months to as much as 3 years. Overall, the bank offers competitive rates that many brick-and-mortar banks, even large ones, can’t easily beat. Interest on each CD compounds daily, which means your interest earns interest on a daily basis.

In addition, you can open a CD that combines the tax advantages of an individual retirement account (IRA) with the peace of mind that comes with locking in an interest rate through a CD. You can open Apple Bank’s IRA CDs for the same term lengths and corresponding rates as fixed-rate CDs.

Apple Bank also participates in the Certificate of Deposit Account Registry Services (CDARS) program. This means you can open CDs issued by different banks with competitive rates and different term lengths through Apple Bank.

By opening several CDs, you can take advantage of CD ladders. This strategy allows you to have access to different pockets of your savings and earned interest at different time intervals by enrolling in several CDs of different term lengths. The CDARS program also allows you to receive additional FDIC protection on larger deposits. The FDIC can currently insure up to $250,000 held in your accounts with a single bank. Through CDARS, you can stretch out larger balances throughout multiple financial institutions for added protection. However, you’ll need a larger minimum balance of $100,000 to open a CDARS account through Apple Bank. And because other banks may issue these CDs, they may be subject to different terms and conditions. So be sure to speak with an Apple Bank representative about the risks and benefits of investing in a CDARS account.

In addition, you should be aware that CD accounts are designed to lock in your money for a set amount of time in exchange for earned interest. Unless Apple Bank provides an exception, you will face a monetary penalty if you withdraw the money you deposited into your CD before your term ends.

At Apple Bank, early withdrawal penalties are applied as follows.

• For CDs with terms of less than one year: $50 plus 1% of the amount withdrawn
• For CDs with terms of one year or longer: $50 plus 3% of the amount withdrawn

If the penalty reduces your principal balance (money in the CD minus interest you’ve earned) to less than $1,000, Apple Bank will close your account.

IRA CDs are subject to the same early withdrawal penalties with a few exceptions. You may withdraw up to 20% of the principal from an IRA CD penalty-free if the withdrawal is made during the calendar year in which you turn 70.5 years old and every calendar year subsequent to that date. You should seek a qualified tax professional or financial advisor to discuss the potential tax implications of withdrawing money from an IRA CD.

But overall, early withdrawal penalties are quite severe at any financial institution that offers CDs. With that said, you should open a CD with a term length you can comfortably invest for without touching your deposit. If you want easier access to your savings, you can explore the best savings accounts and MMAs that offer high-interest rates with few or no restrictions on getting a hold of your money when you need it.

How Much You Earn With Apple Bank Certificate of Deposits Over Time?

Longer-term CDs at Apple Bank offer the highest interest rates. However, the firm’s six-month CD has an annual percentage yield (APY) of 0.25% which is on par with other banks. You should be able to generate a reasonable return if you invest a large amount and keep it parked for the duration of your CD’s term. The table below provides a few estimates based on current offerings and corresponding APYs.

How Apple Bank CDs Rates Compare to Other Banks?

Apple Bank’s CDs offer some of the highest rates we’ve seen across banks with physical branches, and the New York-based financial institution even gives some online banks a run for their money.

For instance, Apple Bank’s six-month CD offers an APY of 0.25%. Its counterpart at Capital One only has an APY of 0.20%. A similar option at Ally Bank carries an APY of 0.25%.

It’s important to note, however, that Capital One CDs require no minimum deposit. Still, you can earn a sizable return by investing a large amount into an Apple Bank CD for the longer term. The table below shows the current APY rates you’d get by opening CDs at different banks with a minimum $1,000 deposit.

Compare Apple Bank to Other Competitive Offers

Should You Get an Apple Bank CD Account?

If you live in New York and you’re looking for high-yield CDs with varying term lengths, you’d be hard-pressed not to find a suitable option at Apple Bank. CD accounts may require a minimum deposit of at least $1,000, but their interest rates are competitive across the industry. If you're eyeing retirement, you can also park your nest egg in an IRA CD with a fixed interest rate. Apple Bank also gives you a few options to take advantage of your earned interest before your CDs term ends.

Apple Bank serves the New York Metropolitan area, but has a storied history being founded in 1863 in Harlem in the aftermath of the Civil War.

Harlem was a primarily Dutch suburban village, not yet a part of New York City and the country was undergoing fundamental change. One element of this change was through financial reforms that brought about the formation of many regional banks.

Apple Bank was one of the few banking institutions that stood the test of time through the depression era, the 2008 financial collapse and up to present day.

Today, their coverage still remains in New York City and you must visit a local branch and speak with a banker to open one of their deposit products.

If you can manage that, you’ll find the APY (annual percentage yields) provided on some of their CDs are fairly competitive when compared to the national average(s).

For a full review of Apple Bank’s certificate of deposit suite, continue reading below.

Apple Bank currently offers CDs with six terms ranging from 6 months to 3 years. Apple Bank is member FDIC and consumer deposits are federally insured up to the applicable limits. They also offer CDARS (certificate of deposit account registry service) which can offer FDIC insurance into the millions of dollars [learn more here]. We should note though that these accounts simply leverage the FDIC insurance of other institutions. Therefore they may come with different terms and conditions than what Apple Bank provides. You can speak with your Apple Bank representative for more information on how these products work and which banks they’ve partnered with.

Standard FDIC insurance covers consumer deposits up to $250,000 and $500,000 on joint accounts.

All Apple Bank CDs come with a minimum deposit requirement of $1,000.

Apple Bank CD Rates

To put the offers above in perspective, the current national average on a 12 month CD and a 3 year CD sit at just 0.16% and 0.25% APY, respectively according to FDIC data.

Their 9 month CD currently stands out as the most competitive offer, providing the highest yield with the shortest term.

Interest Payments

All Apple Bank CDs feature daily compounding interest for maximum growth.

Apple Cd Rates Today

An old school feature with Apple Bank is that they pay your interest by mail either monthly, quarterly or at maturity once your interest has reached $10 or more.

If you also have an Apple Bank checking account, money market account or savings account you can have it directly deposited, otherwise it’s paid via check.

Apple Bank Cd Rates Highest

Early Withdrawal Penalties & Grace Period

If there’s a chance you may need some of your funds prior to the maturity of your CD, you may want to shop around for other banks or credit unions or go with a variable rate savings product that allows for fee-free withdrawals. CDs are designed to provide a fixed rate for a fixed period of time.

If you do need access to your funds prior to maturity, here is what you will pay with Apple Bank.

Apple Bank Early Withdrawal Penalties

Many banks and credit unions have early withdrawal penalties on their CDs, however, Apple Bank’s are quite aggressive. Fees usually chip away at interest earnings, but don’t always eat into the principal quite like Apple Bank’s fee structure could.

If you’re intending to open an IRA CD however, you may be able to avoid some or all of an early withdrawal fee depending on your individual circumstance.

For example, if you turn 70.5 years of age this calendar year, you’re allowed to withdraw up to 20% of the principal from an IRA CD penalty-free. You’ll want to reach out to a certified advisor or tax professional to understand the tax implications.

Grace Period

Apple Bank also has a limited grace period when compared to other banks and credit unions.

The grace period is the time after your CD matures in which you can add or withdraw funds without incurring any fees.

Most banks have a grace period of 10 days. Apple Bank, however, has a grace period of just 5 days.

Apple Bank Locations

If nothing is done during this time, Apple Bank will renew your CD with the same terms at the going APY.

They will send you a notice of your grace period prior to its start, but we would recommend setting your own notifications as well if you intend to withdraw or add funds after your CD matures.

Apple Bank Cds

Apple Bank has some competitive short term, fixed rate CDs.

Their 9 month product stands out as the best, but all terms beat the national average by a respectable margin.

Apple Bank Interest Rates

That said, if you live outside the greater New York City area it may be difficult to open one of these accounts. We would recommend finding a nationally available credit union or an online bank if you’re after a competitive APY.