Apple Bank CD Rates: September 2023

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Carissa Rawson
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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.
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Updated September 18, 2023
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Amanda Bellucco-Chatham
Fact checked by Amanda Bellucco-Chatham
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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.

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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 3.50% $1,000
6 months 3.50% $1,000
7 months 4.50% $1,000
9 months 3.75% $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

Apple Bank CDs: Key Features

Apple Bank CD Account: Key Features
APY Range 3.50%–4.50% (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 1.76.

Many banks offer promotional CDs with their best returns on offer. Be sure to keep an eye out for these.?

Compare Savings 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.

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  1. Apple Bank. "Our Best CD Rates."

  2. Apple Bank. “CDARS (Certificate of Deposit Account Registry Service).”

  3. Apple Bank. "Who We Are."

  4. FDIC. "National Rates and Caps."

  5. Apple Bank. "FDIC Information."