First, a quick clarification, because the name confuses a lot of people. An Apple Bank savings account has nothing to do with Apple the tech company or the Apple Card savings account. Apple Bank for Savings is a New York regional bank founded in 1863, and it is one of the largest state-chartered savings banks in the country.
So if you searched for the New York bank, you are in the right place. This review covers Apple Bank for Savings and its 2026 savings account rates, the different account tiers, and how they stack up against online banks and other options.
Apple Bank savings rates at a glance
| Account (as of July 2026) | APY |
|---|---|
| My Reserve Savings | 4.00% APY |
| Simple Savings | 3.03% APY |
| Choice Money Market | 3.03% APY |
| Standard savings | 1.01% APY |
Those top-tier rates are competitive with many online banks, which is unusual for a brick-and-mortar regional bank. The catch is that the best rates sit in specific products, not the basic passbook account. As always, APYs are set by the bank and can change at any time, including after you open the account.
The high-yield options: My Reserve and Simple Savings
Apple Bank's best rate lives in its My Reserve Savings account, which earns 4.00% APY on daily balances from $1 up to $1,000,000 as of July 2026. That is a genuinely strong rate that competes with the top online savings accounts, and it is FDIC insured.
Simple Savings is the next step down, paying 3.03% APY across balance tiers. It is a straightforward online-friendly account with a lower barrier to entry. Both beat the national savings average by a wide margin, which is the whole point of a high-yield savings account: your money should be working, not sitting at a near-zero rate.
Money market and standard savings
The Choice Money Market account pays 3.03% APY on balances of $2,500 and up, and it typically comes with check-writing or limited transaction access, which some savers prefer for a hybrid checking-savings setup.
The plain Standard savings account, by contrast, earns just 1.01% APY. That is closer to a traditional passbook rate and well below the high-yield tiers. If you open an account at Apple Bank, make sure you land in one of the higher-earning products rather than defaulting into the basic one. Understanding why banks pay interest and how tiered savings accounts work helps you pick the right tier for your balance.
The trade-off with regional banks
Apple Bank for Savings only has branches in the New York metro area. If you value in-person service and live nearby, that is a plus. If you live elsewhere or prefer to bank entirely online, a nationwide online bank like Varo or fintech account may serve you better, and often with no minimum balance requirements.
One strong alternative is Current, a mobile banking platform that pairs a fee-free spending account with savings pods that earn a competitive bonus rate. Current has no monthly maintenance fee and no minimum balance, which suits people who want to save without tracking tier requirements or visiting a branch. It is a good fit if you want everything managed from your phone.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Another fee-free option to compare
If you want a simple account with no monthly fees and early access to direct deposit, Chime is worth comparing against Apple Bank. Chime offers a no-fee savings account with automatic savings features, like rounding up purchases and moving a slice of each paycheck into savings. There are no minimum balance rules and no overdraft fees on eligible accounts.
Chime works well if your priority is avoiding fees and building a savings habit automatically, rather than chasing the absolute highest APY. Between Apple Bank's 4.00% top tier and a fee-free mobile account, the right pick depends on whether you value rate or convenience more. Our guide to checking vs savings accounts can help you decide how to split your money.
Chime
Chime
- Fee-free banking plus early pay access (up to 2 days early with direct deposit)¹ - Overdraft up to $200 without fees for eligible members¹ - 5% cash back on category of choice (with qualifying direct deposit)¹ - 3.75% APY on your savings¹
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Is an Apple Bank savings account worth it?
Apple Bank for Savings is a solid choice if you live in the New York area, want a long-established FDIC-insured bank, and are willing to use its My Reserve or Simple Savings tiers to earn a competitive 4.00% or 3.03% APY. The rates are strong for a regional bank with physical branches.
It is a weaker fit if you live outside New York, want a fully digital experience, or would end up in the 1.01% standard account by default. In those cases, a fee-free mobile account or a nationwide online bank may give you a better mix of rate, access, and simplicity. Compare the real rates and fees before you move your money, and remember that APYs can change at any time.
Frequently Asked Questions
Is Apple Bank the same as Apple Card savings?
No. Apple Bank for Savings is a New York regional bank founded in 1863 and has no connection to Apple the technology company or the Apple Card high-yield savings account offered through Goldman Sachs. They are completely separate institutions.
What is the highest APY at Apple Bank?
As of July 2026, the My Reserve Savings account pays the highest rate at 4.00% APY on balances from $1 to $1,000,000. Simple Savings and the Choice Money Market account both pay 3.03% APY, while the standard savings account earns just 1.01% APY.
Is Apple Bank for Savings FDIC insured?
Yes. Apple Bank for Savings is FDIC insured, so deposits are protected up to the standard $250,000 per depositor, per ownership category. Your money carries the same federal protection as at any FDIC member bank.
Can I open an Apple Bank account if I do not live in New York?
Apple Bank's branches are in the New York metro area, and some accounts can be opened online. If you live elsewhere and want a fully digital experience, a nationwide online bank or a fee-free mobile account is often a more practical choice.
