Apollo bank review: Florida bank with a sizable ATM network

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How Apollo Bank products compare

  • Apollo Bank Personal Checking Account

  • Apollo Bank Personal Savings Account

  • Apollo Bank Personal Money Market Account

  • Apollo Bank Certificate of Deposit

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Overall bank rating

Pros and cons

Apollo Bank Personal Savings Account

Apollo Bank Apollo Bank Personal Savings Account

Apollo Bank Personal Savings Account


Annual Percentage Yield (APY)

0.15% APY


Minimum Deposit Amount

$100

Apollo Bank Apollo Bank Personal Savings Account

Apollo Bank Personal Savings Account


Annual Percentage Yield (APY)

0.15% APY


Minimum Deposit Amount

$100

Deposit Details


Annual Percentage Yield (APY)

0.15% APY


Minimum Deposit Amount

$100

Pros & Cons

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Possible to waive monthly service fee

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Low interest rate

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High minimum opening deposit

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$5 monthly service fee

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Must keep at least $100 in account to earn interest

Highlights

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  • Hispanic American-led bank that serves a Hispanic American community
  • 5 branches in South Florida
  • To earn interest you must maintain at least $100 in your account
  • To waive the monthly service fee, you must maintain a $100 account balance
  • Interest compounded daily and deposited monthly
  • Member FDIC

The Apollo Bank Personal Savings Account may be a decent choice if you regularly maintain at least $100 in your account. That way, you’ll waive the account’s monthly service fee and earn 0.15% APY.

Apollo Bank Personal Checking Account

Apollo Bank Apollo Bank Personal Checking Account

Apollo Bank Personal Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

Apollo Bank Apollo Bank Personal Checking Account

Apollo Bank Personal Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

Deposit Details


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

Pros & Cons

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Possible to waive monthly service fee

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Overdraft protection available

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High minimum opening deposit

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$5 monthly service fee

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$32 overdraft fee

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$2 out-of-network ATM fee

Highlights

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  • Hispanic American-led bank that serves a Hispanic American community
  • 5 branches in South Florida
  • Access to over 900 surcharge-free ATMs through Presto! Network
  • To waive the monthly service fee, you must maintain a $100 account balance
  • Overdraft protection that let you link your checking account to a savings account
  • If utilize overdraft protection, there’s an $8 overdraft protection transfer fee
  • Member FDIC

The Apollo Bank Personal Checking Account has a high minimum opening deposit compared to other financial institutions, but if you keep at least $100 in your account daily, you’ll waive the monthly service fee.

Apollo Bank Certificate of Deposit

Apollo Bank Apollo Bank Certificate of Deposit

Apollo Bank Certificate of Deposit


Annual Percentage Yield (APY)

0.30% APY to 0.50% APY


Minimum Deposit Amount

$1,000

Apollo Bank Apollo Bank Certificate of Deposit

Apollo Bank Certificate of Deposit


Annual Percentage Yield (APY)

0.30% APY to 0.50% APY


Minimum Deposit Amount

$1,000

Deposit Details


Annual Percentage Yield (APY)

0.30% APY to 0.50% APY


Minimum Deposit Amount

$1,000

Pros & Cons

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Good short-term CD rates compared to other brick-and-mortar banks

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Standard CD early withdrawal penalties

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$1,000 minimum opening deposit

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No CD terms over 3 years

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Online banks offer higher interest rates on CDs

Highlights

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  • Hispanic American-led bank that serves a Hispanic American community
  • 5 branches in South Florida
  • Terms range from 1 month to 3 years
  • Early withdrawal penalties depend on the term chosen and the amount deposited; Contact your nearest branch for more details
  • Interest compounded daily and deposited monthly
  • Member FDIC

You might like Apollo Bank if you’re searching for a short-term CD. The bank offers CDs ranging from 1 month to 36 months. 

While Apollo Bank pays higher CD rates than some brick-and-mortar banks, you can earn a significantly higher rate at an online bank.

Apollo Bank Personal Money Market Account

Apollo Bank Apollo Bank Personal Money Market Account

Apollo Bank Personal Money Market Account


Annual Percentage Yield (APY)

0.05% to 0.15% APY


Minimum Deposit Amount

$500

Apollo Bank Apollo Bank Personal Money Market Account

Apollo Bank Personal Money Market Account


Annual Percentage Yield (APY)

0.05% to 0.15% APY


Minimum Deposit Amount

$500

Deposit Details


Annual Percentage Yield (APY)

0.05% to 0.15% APY


Minimum Deposit Amount

$500

Pros & Cons

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Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Low minimum opening deposit

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Possible to waive monthly service fees

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Paper checks

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Low interest rates

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$8 monthly service fee

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Must keep at least $2,500 in account to earn interest

Highlights

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  • Hispanic American-led bank that serves a Hispanic American community
  • 5 branches in South Florida
  • Earn 0.05% APY on account balances between $2,500 and $15,000
  • Earn 0.15% APY on account balances over $15,000
  • To waive the monthly service fee, maintain at least $500 in your account
  • Interest compounded daily and deposited monthly
  • Member FDIC

The Apollo Bank Personal Money Market Account works best if you can maintain at least $15,000 in your account. That way, you’ll earn 0.15% APY and waive the account’s monthly service fee.

If you’re looking for a free money market account, you may prefer one of our picks from our best money market accounts guide.

How Apollo Bank works

Apollo Bank is a Hispanic American-led financial institution with five branches in Florida. The bank is part of the Presto! Network, so customers have access to over 900 surcharge-free ATMs in Florida, Georgia, Alabama, South Carolina, and Tennessee.

In March 2022, a larger Florida-based financial institution, Seacoast Bank, announced that it would be acquiring Apollo Bank. The merger is expected to be completed in mid-October. Current Apollo Bank customers will get new Seacoast Bank accounts and products.

The bank is rated 4.2 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store.

To contact customer support, call your local branch. Bank hours vary depending on the location, but generally, all locations are open from 9 a.m. to 4 p.m. ET on weekdays.

Apollo Bank is an FDIC member, so deposits are insured for up to $250,000 for individuals and $500,000 for joint accounts.

The role of Hispanic American-led institutions

Hispanic American financial institutions often address the banking gaps in underserved communities. Hispanic American-led financial institutions also provide local services and products to largely Hispanic American communities and other underserved communities.

Apollo Bank is based in the state of Florida, which has a large Latino population. According to the US Census, over 72% of the people living in Miami are of Hispanic or Latino origin.

Apollo Bank trustworthiness and BBB rating

We usually include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues. Apollo Bank doesn’t have a rating from the BBB, though. 

A good BBB rating doesn’t necessarily mean that your relationship with a credit union will be perfect. You can talk to family members or friends about their experiences with the credit union to see if it’d be a good fit for you. You can also read online customer reviews. 

Apollo Bank vs. Banesco USA

Apollo Bank and Banesco USA have similar checking and savings accounts. At Apollo Bank, you’ll need $100 to open the Apollo Bank Personal Checking Account or Apollo Bank Personal Savings Account. Banesco USA also requires an initial deposit of $100 to get the Banesco USA Personal Checking Account or BanesGrow Savings Account. You’ll also need to maintain at least $100 in your checking or savings account to avoid monthly services fees at Apollo Bank and Banesco USA.

If you’re looking to open a CD or money market account, the best option for you may depend on your preferences. Apollo Bank has CDs and money market accounts with lower minimum opening deposits than Banesco USA, but Banesco USA pays higher interest rates.

Apollo Bank vs. Ocean Bank

Deciding between Apollo Bank and Ocean Bank may depend on where you live. Ocean Bank has 22 locations in South Florida, while Apollo Bank has 5 branches in South Florida.

Ocean Bank may be a better fit if you’re looking to open a checking account. The Ocean Bank Free Personal Checking Account doesn’t charge monthly service fees, and you need a minimum of $20 to open an account.

If you’d like to open a checking account or CD, you’ll likely favor Apollo Bank. Apollo Bank has lower minimum opening deposits and pays higher interest rates on both CDs and money market accounts regardless of your account balance.

Frequently asked questions

In March 2022, Seacoast Bank announced that it would be acquiring Apollo Bank. The acquisition is expected to be completed in October 2022.

Apollo Bank is a local brick-and-mortar bank in Florida. It has locations in the following cities:

  • Miami, Florida
  • Doral, Florida,
  • Coral Gables, Florida
  • Hialeah, Florida

Yes, Apollo Bank is FDIC-insured. Individual bank accounts are federally insured for up to $250,000, while joint bank accounts are protected up to $500,000.

Sophia Acevedo, CEPF

Junior Banking Reporter

Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team.
Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020.
You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.com.
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