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Apple Bank Savings Account Interest Rates: May 2024

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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 April 30, 2024
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Michael Rosenston
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Apple Bank Savings Account Rates

Apple Bank—not to be confused with Apple the lifestyle technology company—offers a variety of savings accounts so that each customer can find one that meets their 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. Unlike many banks, Apple Bank also offers a savings account specifically designed for kids to help them earn money on their savings.

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

See the best high-yield savings account rates today before choosing the savings account that is best for you.

Apple Bank Savings Accounts: Key Features

Premium Savings Key Features
APY Range 0%–1.25%
Minimum Deposit $5,000
Minimum Balance to Earn Interest $5,000
Monthly Service Fee $8
Minimum Balance to Avoid Fee $5,000

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.

Simple Savings Key Features
APY Range 3.50%–4.30%
Minimum Deposit None
Minimum Balance to Earn Interest $1
Monthly Service Fee None
Minimum Balance to Avoid Fee None

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.

Super Savings Key Features
APY Range 0.00%–0.25%
Minimum Deposit $5,000
Minimum Balance to Earn Interest $5,000
Monthly Service Fee $8
Minimum Balance to Avoid Fee $5,000

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%.

Youth Savings Key Features
APY Range 3.38%–6.00%
Minimum Deposit $1
Minimum Balance to Earn Interest $1.01
Monthly Service Fee None
Minimum Balance to Avoid Fee None

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.

BONUS Savings Key Features
APY Range 0.00%–0.05%
Minimum Deposit $2,500
Minimum Balance to Earn Interest $2,500
Monthly Service Fee $10
Minimum Balance to Avoid Fee $2,500

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.

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.

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

Compare Savings Account Rates

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.”