Table of Contents
Table of Contents
Apple Bank Personal CD Account Overview
Apple Bank Retirement CD Account Overview
Apple Bank CDs: Key Features
About Apple Bank
Compare CD Account Rates
FAQ
Your Guide to CDs
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- Banking
- Certificate of Deposits (CDs)
By
Carissa Rawson
:max_bytes(150000):strip_icc()/Rawsonheadshot-5d6578972b6f42d7be661b7a46dd6aab.jpeg "Apple Bank CD Rates: May 2024 (1)")
Full Bio
Carissa Rawson is a personal finance and credit cards expert who has been featured in numerous publications, including Forbes, Business Insider, and The Points Guy. Carissa earned a bachelor's degree from the American Military University and has an MBA from Norwich University, an M.S. from the University of Edinburgh, and is currently pursuing an MFA from National University.
Learn about our editorial policies
Updated April 30, 2024
Fact checked by
Amanda Bellucco-Chatham
Fact checked byAmanda Bellucco-Chatham
Full Bio
Amanda Bellucco-Chatham is an editor, writer, and fact-checker with years of experience researching personal finance topics. Specialties include general financial planning, career development, lending, retirement, tax preparation, and credit.
Learn about our editorial policies
:max_bytes(150000):strip_icc()/Primary-Image-apple-bank-cd-rates-june-2023-7551438-d465288f33fa47198fbc813340db0c53.jpg "Apple Bank CD Rates: May 2024 (2)")
Certificates of deposit (CDs) are a form of investment offered by many banking institutions. Considered relatively safe, they often higher interest rates than a standard savings account. Apple Bank offers its own roster of CDs, with both personal and retirement options.
Let’s take a look at Apple Bank CD rates, including term lengths and interest rates.
Apple Bank Personal CD Account Overview
| CD Term | APY | Minimum Deposit |
|---|---|---|
| 3 months | - | - |
| 6 months | 3.50% | $1,000 |
| 7 months | 4.00% | $1,000 |
| 8 months | 4.00% | $1,000 |
| 1 year | 4.00% | $1,000 |
| 15 months | 3.50% | $1,000 |
| 18 months | 3.50% | $1,000 |
| 2 years | 3.50% | $1,000 |
| 3 years | 3.50% | $1,000 |
| 4 years | 3.50% | $1,000 |
| 5 years | 3.50% | $1,000 |
Apple Bank Retirement CD Account Overview
| CD Term | APY | Minimum Deposit |
|---|---|---|
| 3 months | 3.00% | $1,000 |
| 6 months | 3.00% | $1,000 |
| 7 months | 0.50% | $1,000 |
| 9 months | 2.50% | $1,000 |
| 1 year | 2.50% | $1,000 |
| 15 months | 1.50% | $1,000 |
| 18 months | 1.50% | $1,000 |
| 2 years | 1.50% | $1,000 |
| 3 years | 1.50% | $1,000 |
| 4 years | 1.50% | $1,000 |
| 5 years | 1.50% | $1,000 |
See the best CD rates today before choosing the CD that is best for you.
Apple Bank CDs: Key Features
| Apple Bank CD Account: Key Features | |
|---|---|
| APY Range | 3.50%–4.00% (0.50% to 3.00% for retirement) |
| Minimum Deposit | $1,000 |
| Term Range | 3 months to 5 years |
| Compounding Schedule | Daily |
| Early Withdrawal Penalty | Yes |
| Grace Period for Withdrawals After Maturity | 10 days |
Apple Bank also offers large deposit CDs FDIC-insured in the multi-millions through the Certificate of Deposit Account Registry Service.
About Apple Bank
Apple Bank is the largest state-chartered savings bank in New York, which allows it to offer a full suite of banking products. This includes bank accounts, credit cards, mortgages, and more, available for both personal and business customers.
Access to Apple Bank is fairly limited. Only those from the five boroughs of New York; Long Island, Westchester, and Rockland counties; and New Jersey can take advantage of its services.
Apple Bank offers three types of certificates of deposit (CDs): personal CDs, retirement CDs, and business CDs. If you’re a customer, you’ll need to head to a branch in person to open a CD.
When it comes to CD rates at Apple Bank, the company is well above the national average. Its seven-month and one-year options in particular offer great returns on your investment; the national average for a 12-month CD maxes out at just 1.85.
Many banks offer promotional CDs with their best returns on offer. Be sure to keep an eye out for these.
Compare CD Account Rates
Are Apple Bank CD Accounts FDIC Insured?
Yes, Apple Bank CD accounts are FDIC-insured. What does this mean?The Federal Deposit Insurance Corporation (FDIC) is a government body created to maintain security and stability in the financial sector. When your account is FDIC-insured, the money you deposit is backed by the U.S. government. This maxes out at $250,000 across all your accounts at a single bank, CDs included.
What Is the Minimum Deposit for a CD Account at Apple Bank?
You’ll need to deposit at least $1,000 in order to open a CD at Apple Bank, which has three different CD types from which to choose, including personal, business, and retirement CDs. While the terms, interest rates, and APYs for these CDs can vary, the minimum deposit does not.
Can You Ladder CDs at Apple Bank?
The strategy of CD laddering involves opening multiple CDs with different maturity dates. As CDs with earlier dates mature, you have the option of rolling them over to new, longer term CDs or keeping the cash. This allows you to reap the benefits of higher interest rates while also maintaining relatively ready access to cash funds. Apple Bank doesn’t specifically prohibit CD laddering.
Is There an Early Withdrawal Penalty for CDs at Apple Bank?
When you open a certificate of deposit with a bank, you’re essentially promising that you’ll leave the money untouched until the CD matures. This allows the bank to use that money to make loans and other investments until the maturity date.When you make an early withdrawal from your CD, the bank loses access to those funds. To dissuade depositors from doing this, banks will often charge an early withdrawal penalty. Apple Bank does this as well, although the penalty amount is not disclosed.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.
Apple Bank. "Our Best CD Rates."
Apple Bank. “CDARS (Certificate of Deposit Account Registry Service).”
Apple Bank. "Who We Are."
FDIC. "National Rates and Caps."
Apple Bank. "FDIC Information."
Related Terms
What Is a Certificate of Deposit (CD) and What Can It Do for You?
A certificate of deposit (CD) is a type of savings account offered by banks and credit unions that pays a fixed interest rate on money held for an agreed upon period of time.
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Add-On CDs: Meaning, Pros and Cons, Example
Add-on CDs are specialty CDs that allow you to add more funds to your CD after the initial deposit. Learn whether an add-on or standard CD is a better choice for you.
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Types of Specialty Certificates of Deposit (CDs) Explained
Specialty CDs offer features such as the ability to add to the principal or avoid early withdrawal fees. Some options offer more flexibility but may have lower rates than standard CDs.
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Callable Certificate of Deposit (CD): What it Means, How it Works
A callable certificate of deposit (CD) is an FDIC-insured CD that contains a call feature like other types of callable fixed-income securities.
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Jumbo Certificate of Deposit (CD): What It Is, Pros and Cons
A jumbo certificate of deposit (CD) is a type of savings account with higher balance requirements than a traditional CD. It generally pays a higher interest rate.
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Fixed-Rate Certificate of Deposit (CD): What It Is, How It Works
A fixed-rate certificate of deposit (CD) is a low-risk investment instrument that has a set interest rate over its entire term.
more
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