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), but don’t stack up as well against the best rates from FDIC-insured online banks.

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

Apple Bank CD Rates + Account Details

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.

CD Rates

The CD rates above were surveyed on September 8, 2023 and apply to IRA CDs as well.

To put the offers above in perspective, the current national average on a 12 month CD and a 5 year CD sit at just 1.76% and 1.41% APY, respectively according to FDIC data. However, the best CD rates from online banks are near 5.50% and 4.50% APY for the same respective terms.

Compounding and Crediting Interest

All Apple Bank CDs feature daily compounding interest that is credited to your account either monthly or quarterly.

By default interest payments will go back into the CD for further compounding but you may arrange to have this transferred to an Apple Bank checking, savings or money market account. This is ideal for those who plan on using interest payments for living expenses.

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.

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.

How Much Can You Earn With an Apple Bank CD?

The amount of money you can make with an Apple Bank CD depends on the term you select, its APY and your deposit size. Below is a table showing total earnings via interest payments from a handful of Apple Bank’s CDs. It assumes a deposit size of $10,000.

How do Apple Bank’s CD Rates Compare?

Want to see how Apple Bank’s best CD rates hold up against the best CD rates offered from other major banks? Take a look at the table below.