Apple Bank CD rates are very competitive. The amount of interest you can earn depends on the length of the term and the amount of the deposit. One thing is certain that the longer the tenure, the more money you will make over time. For example, the 15-month Apple Bank CD rate is 4.25% APY.
Note, if you want to make more money on your investments, it may be worth considering working with a financial advisor.
Check out the best Apple Bank CD rates available to you below:
Fixed Interest Rate APY 3 Month 3.24% 3.30% 6 Month 3.44% 3.50% 9 Month 3.68% 3.75% 1 Year 3.92% 4.00% 15-Month 4.16% 4.25% 18-Month 3.44% 3.50% 2-Year 3.44% 3.50% 3 -year 3.44% 3.50% 4-year 3.44% 3.50%
Apple Bank CD Rates: An Overview
Apple Bank CD rates are among the most competitive out there. They offer higher rates than most bank CDs. And you’ll definitely earn a lot more interest than a regular savings account or money market fund. While Apple Bank offers higher CD rates, it requires a minimum of $1,000. Apple Bank is based in New York City. It has multiple physical branches and you are able to receive customer service in person. You can open a CD for a term of 3 months to a term of 5 years. The highest rate you can get right now is 4.25% which represents a tenure of 15 months. Other rates are still competitive compared to what most brick and mortar banks offer.
What is a Certificate of Deposit (CD)?
CDs are certificates that banks or credit unions sell to you. Banks issue them to you for a specific dollar amount for a specific term. The time period can be anywhere from 1, 6, 12 or 24 months to several years. The bank gives you some interest. When the CD matures, or “due,” you get your full principal back, plus the interest you’ve earned. If you want your money back before maturity, you can withdraw it.
But you will be subject to penalty for early withdrawal. However, there are some banks, like CIT Bank, that offer CDs without any penalty. Like bank savings accounts, certificates of deposit are also very safe. This is because they are FDIC insured up to $250,000. Therefore, if you are looking for safety for your cash and a competitive yield, CDs are one of the best short-term investments to consider.
What is the difference between a bank CD and a brokerage CD?
Two types of certificates of deposit exist. have a bank CD; The other is a brokered CD. Apple Bank issues bank CDs. Others, such as Vanguard, offer “Broked CDs”. Brokered CDs are issued by banks. They are sold in bulk through brokerage firms such as Vanguard and Fidelity.
Bank CDs and brokered CDs are FDIC insured up to $250,000. Apple Bank CD rates are usually competitive, and they offer higher yields than other bank CDs. Longer-term CDs such as the Apple Bank 15-month CD offer higher rates.
Are Apple Bank CDs Right for You?
Given that Apple Bank CD rates are very competitive, they may be a good option for you. Therefore, you may want to consider them if:
You are investing for a short term goal like buying a house in the next few years. You’re looking for peace of mind knowing that your money is insured by the FDIC. You are looking for an investment that offers higher returns than bank savings accounts; You want a low-risk place to keep your cash. What are Apple Bank CD Rates?
Apple Bank offers CDs ranging from 3 months to 5 years. As you can see in the table above, the longer the term of the CD does not necessarily mean the higher the rate. For example, an Apple Bank CD offers a 4.25% yield for a 15-month term. While the Apple Bank CD rate is only 3.50% for a term of 5 years. You can buy Apple Bank CDs commission free and you can sell them commission free before they mature.
Apple Bank 5-Year CD Rates
The applicable rate for the 5-year Apple Bank CD is currently 3.50%. And it requires a minimum deposit of $1,000. This is the longest CD term from Apple Bank. And its interest rate is higher than most CD rates available from banks. Learn more about this product and apply on Apple Bank’s secure website.
Apple Bank 4-Year CD Rates
This 4-year Apple Bank CD also requires a minimum deposit of $1,000. The yield on this CD is the same as Apple Bank’s 5-year CD. Plus, it costs more than most bank CDs. The yield is currently 3.50%.
Apple Bank 3-Year CD Rates
The applicable yield for the 3-year Apple Bank CD is still very competitive. It’s 3.50% and requires a deposit of $1,000.
Apple Bank 2-Year CD Rates
The rate for the 2-year Apple Bank CD is 3.50% and a $1,000 minimum deposit is required.
Apple Bank 18-Month CD Rate
The yield for the 18-month Apple Bank CD is 3.50%. The minimum deposit is $1,000.
Apple Bank 15-Month CD Rates
The yield for the 15-month Apple Bank CD is 4.25%. This is the highest rate of all CDs offered. The minimum deposit is still relatively low: $1,000.
Apple Bank 1-Year CD Rates
The 1-Year Apple Bank CD has a yield of 4.00% and a minimum deposit of $10,000 is required.
Apple Bank 9-Month CD Rate
The applicable yield for the 9-month Apple Bank CD is still very competitive. It’s 3.75% and requires a deposit of $1,000.
Apple Bank 6-Month CD Rates
The yield for the 6-month Apple Bank CD is currently 3.50%. The Apple Bank CD requires a minimum deposit of $1,000.
Apple Bank 3-Month CD Rate
For the 3-month Apple Bank CD, the yield is 3.30%. The minimum deposit is $1,000.
Alternatives to Apple Bank CD: Best Vanguard Mutual Funds:
If the Apple Bank CD doesn’t do it for you, or you want to get a higher return on your money, try investing in one of the best Vanguard mutual funds out there. This way your money is still safe and you get more money.
Mutual funds are some of the best ways to invest your money. One thing to note is that mutual funds invest in stocks and bonds. These securities are volatile. Therefore, you may lose some or most of your investment if the market goes down. Therefore, beginner investors looking to invest in these Vanguard funds should also consider learning how the stock market works.
If you want to avoid risky investments and are saving your money for a short-term goal like going on vacation, the Apple Bank CD may be a good fit for you. In fact, Apple Bank CD rates are better than bank savings accounts and money market funds. But the money becomes available only after the CD “mature”. On the other hand, if having access to your money at any point of time is a priority, check out the Best Vanguard Mutual Funds.
Tips to Maximize Your Savings
If you have questions beyond Apple Bank CD rates, you can speak with a financial advisor who can review your finances and help you reach your goals. Find the one who fits your needs with SmartAsset’s free Financial Advisor Matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.