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Grand Yield Direct Savings Account Now 5.15%


Apple Bank for Savings' new online savings account called the Grand Yield Direct Savings Account had a rate increase today to 5.15% APY (from 5.00%). I first mentioned this new savings account last week. It follows the typical online savings account model with only $1 minimum and online linking to an external account for ACH transfers. ATM cards and checks are not available.

Based on the account terms and conditions, it appeared that there's a fee for outgoing ACH transfers. However, according the customer service rep., there are no fees for standard outgoing ACH transactions as a grand yield depositor, however next day transactions have a $10 fee imposed. This seems to indicate that the standard ACH transfers take several days. Also, according to the CSR, other accounts cannot be linked to the Grand Yield Direct Account.

I also asked if there might be some kind of sign-up bonus. No luck. They seem intent to attract customers with high rates alone. With EmigrantDirect just announcing the rate increase to 5.15% on July 28th, there's still not much incentive for people to try out this account. As I mentioned in my previous post, the ACH systems of these new savings account often have issues.

Apple Bank for Savings is FDIC insured. web address is listed in the FDIC entry so you know it's legit. The bank has $7.6 billion in total assets and total liabilities of $7.0 billion. gives the bank 4 out of 5 stars (sound).

Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
I just received this detail description of the account opening and ACH linking process from a reader:

Just some info for you. I recently signed up for the Grand Yield Direct savings account from Apple Bank for Savings and so far here are some impressions for you i thought you might like to know.

I signed up online and everything went pretty smoothly during the signup process not too difficult. I chose to do an ACH transfer to make my initial deposit. I signed up & made the ACH initial deposit on the 14th (in the evening) & on the morning of the 17th the money had been taken out of my external checking account. Then after the deposit is finished you have to wait for snail mail for a temporary password so you can sign up for online banking. That was the worst part of it i feel as i had to wait from the 17th after the money was out of my external checking account until the 26th when i received the letter with my temporary password in it. I did call customer service and they told me that once the money is credited to your Grand Yield Direct account then the letter is sent out with the temporary password. Once you have your password then you can go and sign up for online banking. After you sign up you will notice there is no way to transfer money?! What you have to do is wait 24 hours and then sign online again and there should be a button on the top of the screen saying external transfers. External transfers are handle by CashEdge & it seems you are not limited to how many accouts you can have linked to your Grand Yield Direct account. I did a trial deposit for my US Bank checking account and verified it and now i'm waiting on my other 7 accounts to be verified by trial deposits.

Overall other than the snail mail for your temporary password taking awhile everything else not too bad & everytime i talked to customer service or emailed them they were very nice & helpful.

Don't forget also if you'd like to call them that their toll-free number is 800-588-5871 for customer service.

Comment #2 by Anonymous posted on
I did a trial deposit for my US Bank checking account and verified it and now i'm waiting on my other 7 accounts to be verified by trial deposits.

And possibly a permaban from CrapEdge for "abusing" the account verification feature, too.

Comment #3 by shrazzy (anonymous) posted on
One the login page it says first timer you need to enter ur SS# and for the pw I just use the last 4 digits of it and it works. I believe it was the samething when I signed up for ED