Apple Savings Bank

What Apple Savings Bank does

Apple Bank is a privately held, state-chartered savings bank headquartered at 122 East 42nd Street, New York, with continuous operations dating to 1863. As the largest state-chartered savings bank in New York, it operates 78 physical branches across the five boroughs of New York City, Long Island, Westchester, Rockland County, and three New Jersey locations (Englewood, Iselin, and Lakewood), supplemented by mobile and online banking platforms, a digital branch for out-of-footprint customers, and standard digital wallet and P2P integrations (Apple Pay, Google Pay, Venmo, Zelle).

The bank offers a full-stack consumer and small-business banking franchise organized around tiered checking products (Simple Checking, Core Checking, BasicValue Checking, Choice Checking, and youth SmartStart accounts), savings vehicles (Simple Savings, Core Savings, Choice Money Market, My Reserve Savings, Treasury Bill Indexed Money Market, and CDs), and loan products (personal loans via Upstart, mortgages originated via Guaranteed Rate with servicing through Dovenmuehle, credit cards issued via FNBO, SureCredit secured loans, and overdraft lines of credit). Business banking includes SimpleValue Business Checking, Business Savings and CDs, and Apple Edge Employee Banking. The technology stack is hybrid: Candescent provides the Intelligent Banking platform that reduced digital account opening from 45-60 minutes to 5-10 minutes, while Upstart and Guaranteed Rate provide loan origination and processing.

The business model is traditional community banking, generating revenue primarily from net interest income on the spread between loans (mortgages, commercial mortgages, personal loans, secured loans) and deposit funding, supplemented by fee income from account maintenance, overdraft, and merchant services (via Clover). The go-to-market is omnichannel and community-led, emphasizing local banker relationships, 100% NY-based operations and contact center, and high-touch marketing via sponsorships (New York Mets, Armory Foundation, Hofstra University, Iona Gaels). As of December 2024 the bank reported $17.5B in assets and $14.5B in deposits; by January 2026 assets had grown to $19B, supported by 30+ consecutive years of profitability, strong credit quality, and a recently expanded digital and equipment finance footprint via the Newton Commercial Finance joint venture with Eagle Point Credit Management.

Name

Apple Savings Bank

Legal name

Apple Bank

Website

https://applebank.com

Company type

Private

Founded year

1863

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Apple Bank is a privately held New York state-chartered savings bank founded in 1863, operating 78 branches across NY and NJ with $19B in assets and $14.5B in deposits. It serves consumers, youth, and small businesses with tiered checking, savings, loans, and digital banking products.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Retail banking services
• Community savings bank
• Consumer deposit accounts
• Residential mortgage lending
• Small business banking

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Primary revenue driver from spread between interest earned on loans (mortgages, personal loans, commercial mortgages) and interest paid on deposits (checking, savings, CDs, money market accounts). Bank maintains strong credit quality and low levels of non-performing loans.
2. Fee Income: Monthly maintenance fees on certain accounts (e.g., $3 BasicValue Checking, $10 Choice Checking if balance below threshold), overdraft fees, and other service charges. Many accounts fee-free to remain competitive.
3. Deposit Gathering: Attracts deposits across checking, savings, money market, and CD products. As largest state-chartered savings bank in NY with $14.5B in deposits (Dec 2024), deposits fund lending operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Apple Bank is a New York state-chartered savings bank offering personal and business deposit products, consumer and mortgage lending, and related banking services through 78 physical branches in New York and New Jersey and digital channels. Its core offerings span checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, mortgages, credit cards, business banking, and a recently launched equipment finance platform.

Product overview

Apple Bank offers a comprehensive suite of banking products organized around personal checking, savings, loans, and business banking categories. The core personal banking platform includes multiple checking account tiers (Simple Checking, Apple Bank Core Checking, BasicValue Checking, and Choice Checking) and savings options (Simple Savings, Core Savings, Choice Money Market, My Reserve Savings, Treasury Bill Indexed Money Market, and CDs). Youth banking products (SmartStart) serve ages 6-25. Loan products encompass personal loans (via Upstart), mortgages (via Guaranteed Rate), SureCredit secured loans, and overdraft protection. Business banking includes SimpleValue Business Checking, Business Savings/CDs, and Apple Edge Employee Banking. A Newton Commercial Finance platform (joint venture with Eagle Point) provides equipment finance. Digital services include mobile banking, online banking, and investing/planning advisory. The bank operates 78 locations across New York and New Jersey with 75+ branches.

Differentiator

Problem solved

Functional benefit

Products and services

• Simple Checking Account An online checking account with no monthly maintenance fees, no ATM fees worldwide, and 1.01% APY on checking balances, including free mobile check deposit and Zelle integration. Targeted at everyday banking consumers seeking fee-free digital banking.
• Apple Bank Core Checking A traditional checking account with personalized service from local bankers. No minimum daily balance required, $100 to open, free first order of checks, and 24/7 telephone banking access. Designed for consumers who want a relationship-based branch banking experience.
• BasicValue Checking A Bank On certified affordable checking account with no minimum balance required, $3 monthly maintenance fee, and $10 initial deposit. Certified by the Cities for Financial Empowerment Fund as meeting national standards for safe, affordable, and accessible bank accounts.
• Choice Checking Account A premium checking account earning 2.00% APY on balances of $2,500 or more, with no ATM fees worldwide. Part of the Apple Choice Banking Program with Premier and Elite tiers that rewards relationship depth.
• Simple Savings Account A high-yield online savings account earning up to 3.55% APY when paired with Simple Checking under the Simple Banking Program. No monthly maintenance fees; part of bundled Simple Banking offering for everyday savers.
• Apple Bank Core Savings A basic savings account meeting essential savings needs with a $250 minimum to open and competitive interest rates. Targeted at customers seeking a straightforward savings product.
• Choice Money Market Account A premium in-branch high-yield liquid money market account with the conveniences of a checking account, earning up to 3.55% APY through the Apple Choice Banking Program Elite tier. $2,500 minimum to open; requires Choice Checking enrollment.
• My Reserve Savings A high-yield online savings account for higher balances earning 4.00% APY on balances up to $1 million with a $1,000 minimum to open. Designed for new money with tiered rates above $50,000.
• Treasury Bill Indexed Money Market Account A money market account with its interest rate indexed on Treasury Bill rates, requiring a $10,000 minimum to open. Targeted at savers seeking Treasury-linked yields.
• Certificates of Deposit (CDs) Fixed-term deposit accounts with competitive rates available online and in-branch, with terms ranging from 3-month to 5-year. $1,000 minimum to open; early withdrawal penalties apply.
• SmartStart Savings A high-yield savings account for youth ages 6-25 earning up to 5.00% APY on balances up to $10,000, with no minimum balance required for ages 6-17. Designed to build early financial habits.
• SmartStart Banking Fee-free checking and savings accounts for teens ages 13-25, with Visa debit cards and financial literacy features. Targeted at young customers building banking relationships.
• Personal Loans Flexible fixed-rate personal loans with no hidden fees or pre-payment penalties, originated through the Upstart digital lending platform and serviced by Upstart on behalf of Apple Bank. Targeted at consumers seeking unsecured credit.
• Mortgages Low-cost digital mortgage products originated through Guaranteed Rate with servicing by Dovenmuehle Mortgage. Targeted at home buyers and refinancing households.
• SureCredit Secured Loan A secured loan product using savings or CD as collateral, allowing customers to build credit while continuing to earn interest on the underlying deposit collateral.
• Overdraft Protection Line of Credit

Quantifiable outcome

• Account opening time reduced from 45-60 minutes to 5-10 minutes using Intelligent Banking platform
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Eagle Point Credit Management LLCcoreStrategic or Co-development Partner · 1 January 2025Apple Bank partnered with Eagle Point Credit Management to launch Newton Commercial Finance equipment finance platform in 2025. Eagle Point manages $14 billion in assets under management and brought capital markets expertise while Apple Bank contributed banking relationships and lending infrastructure to the joint venture.
• CandescentcoreTechnology or Integration · 1 January 2025Apple Bank implemented Candescent's Intelligent Banking platform which serves 1,300+ financial institutions and 30 million registered users. The platform enabled Apple Bank to reduce account-opening time from 45-60 minutes to 5-10 minutes. Candescent invested over $120 million in annual R&D and launched a marketplace with 150+ integrated fintech partners.
• New York MetsminorGTM or Marketing PartnerApple Bank is a proud partner of the New York Mets MLB team. The sponsorship provides brand visibility and community engagement with the bank's core New York market footprint.
• Armory FoundationminorGTM or Marketing PartnerMulti-year sponsorship partnership supporting Armory Foundation programs, reinforcing Apple Bank's commitment to community health and youth development in New York.
• Hofstra UniversityminorGTM or Marketing PartnerPartnership with Hofstra University to promote financial literacy in the community through educational programs and student banking services.
• UpstartcoreTechnology or IntegrationApple Bank partners with Upstart for personal loan origination and servicing. Upstart provides the digital lending platform enabling customers to check rates and apply for personal loans through Apple Bank's website, with loans serviced by Upstart on behalf of the bank.
• Guaranteed RatecoreTechnology or IntegrationApple Bank partners with Guaranteed Rate for mortgage lending. Guaranteed Rate provides the digital mortgage application platform while Apple Bank offers the underlying mortgage products.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Flagstar Financial (formerly New York Community Bank): One of the largest NY-headquartered community banks with a heavy NY metro branch footprint and CRE/multi-family lending focus — directly comparable scale and regional concentration to Apple Bank.
• Dime Community Bancshares: New York-based community bank (Dime) with branch presence across Long Island and NYC, focused on relationship-based business and consumer banking — directly comparable to Apple Bank's footprint and product mix.
• Flushing Financial Corporation: Flushing Bank operates as a NY state-chartered savings bank with branches concentrated in the NY metro area, including Asian-American community banking — directly comparable in charter type, geography, and customer focus.
• Northfield Bancorp (Staten Island): A Staten Island-headquartered savings bank serving the NY metro area with similar community banking focus — closely comparable in size, charter type, and regional concentration.
• ConnectOne Bancorp: NJ-based commercial bank with a NY/NJ footprint and relationship banking model — comparable to Apple Bank in serving small businesses and consumers in the greater NY metropolitan area.

Broad incumbents

• Valley National Bank: A larger regional bank with significant NY/NJ/FL presence and a comparable mix of consumer and commercial banking — broader geographic reach but overlapping target customers and product set.
• Webster Financial (Webster Bank): Northeast regional bank with consumer and commercial banking across the NY/CT/MA corridor — comparable in regional deposit gathering and middle-market lending, though larger in scale.
• Berkshire Hills Bancorp: Northeast regional bank with branches from NY to Vermont, offering similar consumer and small business banking — comparable regional deposit franchise, though with broader geographic exposure.
• M&T Bank: A large Northeast regional bank with deep NY presence, including former People's United footprint — overlaps with Apple Bank on retail and small business banking in NY/NJ, but at much greater scale and product breadth.

Regional players

• Customers Bancorp: PA-headquartered commercial bank with a digital-only consumer deposit brand (BankMobile) and selective NY/NJ presence — comparable in pairing digital deposit products with relationship-based commercial banking.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/apple-bank-for-savings

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apple Savings Bank