Apple Bank Cd Rates
Apple Bank provides money-saving products, including competitive CD rates, money market accounts, and savings accounts. In this guide, we’ll compare Apple Bank’s rates to CD, money market account, and savings account rates from the USA’s top banks. Let’s take a look! CD Rates; NVE Bank only opens personal accounts for persons who reside or work in New Jersey. NVE Bank only opens business accounts for businesses registered in New Jersey, with all owners of the business residing or working in New Jersey. Certificates of Deposit (CD’s) are one of the most popular ways to grow your money. Visit now to learn about TD Bank's certificate of deposit offers, interest rate increases on our 6, 12 and 18 month CDs. Get your CD started online today!
- Competitive short-term rates
- Wide range of CD options
- Less competitive long-term rates
- Customers in the New York City metro area
- Customers looking for CD terms of 13 months or less
Valley National Bank offers about two dozen CD options, but you need to live in New Jersey, New York or Florida to open an account. Terms range from 3 months to 60 months and the account minimum is just $500. Customers who can afford to deposit at least $100,000 also have access to options that are shorter than 3 months.
The interest rates on short-term CDs compare well with some of the best CD rates available. However, long-term options aren’t always as competitive. You should also make sure to ask about special options, like step-up and new money CDs, because they might offer better rates. Below we go over those options and the other details you need to know if you’re considering an account with Valley National Bank.
Multiple Maturity & Passbook CDs
| CD Length | Minimum Deposit | APY |
| 3 month | $500 | 0.15% |
| 12 Month | $500 | 0.15% |
| 18 Month Floating | $500 | 0.35% |
| 24 Month | $500 | 0.15% |
| 36 Month | $500 | 0.20% |
| 48 Month | $500 | 0.30% |
| 60 Month | $500 | 0.35% |
Jumbo CDs
| CD Length | Minimum Deposit | APY |
| 7 Day | $100,000 | 0.25% |
| 14 Day | $100,000 | 0.25% |
| 1 Month | $100,000 | 0.35% |
| 2 Month | $100,000 | 0.50% |
| 3 Month | $100,000 | 2.40% |
| 6 Month | $100,000 | 2.50% |
| 66 Month Step-Up | $100,000 | 1.77% |
Valley National Bank 3-Month CD Rates Interest Rate Comparison
Overview of Valley National Bank CDs
Valley National Bank has branch locations in New Jersey (where it is headquartered), New York City and Florida. You need to live in one of those areas in order to open a CD account. You can open some accounts online, but you will need to verify your address.
The standard CDs have a minimum deposit of $500 with term lengths ranging from 3 months to 60 months (five years). Interest compounds according to your specific CD agreement. Accounts could compound monthly, quarterly or at maturity. The bank will pay out interest as you earn it. Interest that you earn must stay in your CD account. You do not have the option to transfer it to another account.
If you open an account with at least a $100,000 deposit, you have access to Valley National Bank’s jumbo CDs. Jumbo CDs operate the same way as regular CDs except that they have a higher minimum.
Step-Up CDs allow you to start your CD term with one interest rate and then increase your rate once during the term of your CD. So if you open an account with a rate of 1.00% and then partway through your term the available rate goes up to 1.10%, you can elect to change your CD to the higher rate. Though if the rate goes up again, you cannot change again.
You may also receive higher rates with a CD that requires new money. This is money that is not already on deposit at Valley National Bank.
If you need to withdraw money from your CD account, you need to wait until the end of your term. Valley National Bank will send you a notice prior to your CDs maturity date so that you can decide on your next moves. Once a CD reaches maturity, Valley National Bank will give you a grace period of 10 days. You can make any changes, additions and withdrawals to your account during that time without paying fees or penalties. Any funds that remain in your account at the end of the grace period will automatically renew into a new CD. It will have the same term length as the previous CD with the current available interest rate.
If you need to withdraw funds early, Valley National Bank may allow you to do so. However, you will pay an early withdrawal penalty. The penalty is equal to 180 days’ interest on the amount of the principal that you withdraw. That means an account with a higher interest rate will have a higher penalty.
The penalty applies first to the interest that your account has earned. If you haven’t earned enough interest to cover the penalty, it will come out of the remaining balance of your CD. In the event that isn’t sufficient either, it will come out of the amount you withdrew.
If you foresee the need to use the money before the end of the term, you should consider opening a high-interest savings account instead of a CD. It will give you flexibility with your money and you may earn higher rates than some of Valley National Bank’s CDs.
Compare Valley National Bank to Other Competitive Offers
How Much You Earn With Valley National Bank CDs Over Time
The amount of interest that you earn will depend on a few factors. Your interest rate and CD term are important but so is the frequency that your interest compounds. Not all CDs compound interest at the same frequency. This matters because a CD that compounds interest monthly will earn more than a CD compounding quarterly over the same term length.
In general, CDs from Valley National Bank have competitive rates that will earn you decent interest. Longer CDs often have higher interest rates, but sometimes the offers on shorter CDs are better.
The table below shows what your approximate total balance will depend on your initial deposit and your term length. For this table, we assumed interest that compounds monthly.
| Initial Deposit | 12-Month CD | 36-Month CD | 60-Month CD |
| $500 | $500.75 | $503.01 | $508.81 |
| $1,000 | $1,001.50 | $1,006.01 | $1,017.62 |
| $2,500 | $2,503.75 | $2,515.03 | $2,544.06 |
| $5,000 | $5,007.50 | $5,030.06 | $5,088.11 |
How Valley National Bank’s CD Rates Compare to Other Banks’
The interest rates from Valley National Bank are generally competitive. This is particularly true for CD terms that are about 13 months or shorter in length. There are some banks, such as Ally Bank, that offer higher rates for short-term CDs. However, the rates are still comparable. It’s also good to note that Ally is an online bank. That means you cannot visit a branch in person, but it also means you can open an account from anywhere in the country.
| CD Account | Valley National Bank | Ally Bank | Capital One |
| 1 Year | 0.15% | 0.60% | 0.20% |
| 3 Year | 0.20% | 0.65% | 0.30% |
| 5 Year | 0.35% | 0.85% | 0.40% |
Should You Get a Valley National Bank CD Account?
First of all, you should only consider an account with Valley National Bank if you live in New Jersey, New York City or Florida. You cannot open an account otherwise. After that, whether you should open a CD account depends on your specific goals. The short-term rates from Valley National Bank are competitive. So if you want a CD that is 13 months or shorter, you are likely to get a good interest rate. You can find higher rates (so always make sure to compare CD rate offers), but it may not be worth the trouble for you if you live near a branch of Valley National Bank. If your primary interest is a longer CD, you should consider an account elsewhere. There are banks offering higher rates and more flexibility with how you handle the interest you earn.
SmartAsset's Overall Rating
4.3/5Rates | 4.0 |
Fees | 5.0 |
Service Quality | 3.0 |
Financial Health | 5.0 |
Key Highlights
- Low Fees
- Mobile App
- Multiple Banking Products
Overview
Started in 1863, Apple Bank for Savings has $13 billion in assets and $12 billion in deposits, which makes the institution a very large bank. Apple Bank for Savings, whose headquarters are in Manhasset, New York, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Apple Bank for Savings is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from our experts. Apple Bank for Savings provides customers with a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Apple Bank for Savings has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Apple Bank for Savings's ordinary checking account does not have a monthly fee. Banks that offer free checking as well as a high interest rate savings account are your best option for accruing the most income on your deposits while having convenient access to your money.
How We Rated It
SmartAsset's Overall Rating
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
When a component rating is unavailable, the overall rating is calculated as an average of the remaining available ratings.
Apple Bank for Savings features a savings rate of 0.10%, which is poor compared to the national average. Apple Bank for Savings's one-year CD earns at a rate of 2.50% and the five-year CD earns at a rate of 2.80%, while its highest-yielding money market account has an APY of 1.25%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.
Apple Bank Cd Rates New York
How Apple Bank for Savings's Savings Rates Compare
Fees
On average, Apple Bank for Savings charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Apple Bank for Savings is ideal for those who want a simple checking account. Apple Bank for Savings unfortunately does not refund out-of-network ATM charges, which means you will have to locate an Apple Bank for Savings ATM or pay the fee.
Apple Bank for Savings is a brick-and-mortar bank, with 80 total bank locations in New York. With mobile and web apps, Apple Bank for Savings makes mobile banking easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:30 a.m. to 9:00 p.m. ET; Saturday, and 9:00 a.m. to 3:00 p.m. ET. Apple Bank for Savings's online and mobile banking platforms get poor scores from users. The Apple Bank for Savings mobile app has an overall rating of 3.3 out of 5 (with 86 reviews on Apple and Android) compared to the national average of 3.8. You can use Apple Bank for Savings's mobile app to manage your finances by checking current statements, sending and receiving money as well as accessing customer service. Apple Bank for Savings gets a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Financial Health
Apple Bank for Savings ranks as a very large bank owning assets totaling $13 billion as well as $12 billion in deposits. It has an excellent Texas Ratio of 0.22%, signifying a low possibility of failure. Additionally, Apple Bank for Savings is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a 'bad assets' against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.
Compare Apple Bank for Savings to Other Competitive Offers
Products Offered
| Product | Minimum Balance for APY | |
|---|---|---|
| Savings Account | 0.1% APY | $250 |
| Checking Account | 0.5% APY | $2500 |
| Certificates of Deposit |
| $1000 for all terms |
| Money Market Accounts | 1.25% APY 1.25% APY | $10000 $15000 |
Apple Bank for Savings has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Apple Bank for Savings does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Apple Bank for Savings's CD rates are fair in comparison to the national average.
Find a Apple Bank for Savings Near Me
Apple Bank for Savings has 80 physical locations across the U.S.
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