Apple Bank's Grand Yield Direct Savings Account Update
Apr 6, 2007 - 7:07 PM by Ken Tumin
Please refer to my September post for the details of this account. The rate has recently gone up slightly to 5.27% APY from 5.25%. So it's near the top for a no-minimum savings account. While I was speaking to the CSR, I received more details about this account:
- They still have Electronic Funds Transfer limits of $25K per day and $75K per month
- The hold time for your initial deposit is at least 5 business days after they receive your funds plus 3 business days before the funds are received. A few readers had reported a much longer initial hold time.
- There's no fee for standard ACH transfers in our out. These are suppose to take around 3 days. Premium transfers cost $10 and are suppose to be made the next day.
Apple Bank for Savings is FDIC insured. Theapplebank.com 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. Bankrate.com gives the bank 4 out of 5 stars (sound).
Thanks to the reader Shrazzy for reporting on the bonus.
[Update 4/6/07: The Grand Yield Direct Account now requires a $2,500 minimum initial deposit. However, after the initial deposit, there are no minimums to earn the maximum interest or to avoid monthly fees.]
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| Grand Yield Direct Health Rating:  |   |
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Anonymous - #1, Tuesday, November 28, 2006 - 2:59 PM
what amount of money & time to qualify?
shrazzy (anonymous) - #2, Tuesday, November 28, 2006 - 3:43 PM
I saw the $25 on their banner on bankrate.com
no details what-so-ever
Banking Guy (anonymous) - #3, Tuesday, November 28, 2006 - 5:13 PM
Thanks shrazzy. It took awhile but I was able to find that Grand Yield Direct banner on Bankrate. Here's a link to the banner image:
ad banner with promo code
Dana (anonymous) - #4, Tuesday, November 28, 2006 - 10:43 PM
$3.00 for regular outgoing ACH transfer according to terms and conditions on website.
shrazzy (anonymous) - #5, Wednesday, November 29, 2006 - 2:38 AM
Grand Yield Savings DirectsmAccounts are not subject to that particular fee.
dana (anonymous) - #6, Wednesday, November 29, 2006 - 6:29 AM
Good to hear--I opened an account yesterday. Thanks, Shrazzy.
shrazzy (anonymous) - #7, Wednesday, November 29, 2006 - 4:50 PM
:)
I opened when they introduced this saving... meaning before their was that $25 promo :(
The only draw back I see is that you have to wait about 3 business day for transfer in and out.
Anonymous - #8, Sunday, December 3, 2006 - 11:08 AM
Regarding the daily and monthly limits:
I opened an account with an initial deposit of $1000 with plans to move over all my savings once the account was open. However it appears opening an account with $1000 means your daily transfer limit is $2000 with a monthly limit of $25000.
MikeDC (anonymous) - #9, Thursday, December 14, 2006 - 9:20 AM
Now I'm confused: are the transfer limits $2,000/day, $25,000/month, or are they $25,000/day, $75,000/month?
Anonymous - #10, Sunday, December 24, 2006 - 2:41 PM
I opened an account at Apple Bank with $1. $25 was credited within 3 business days.
Anonymous - #11, Wednesday, December 27, 2006 - 11:36 PM
Apple Bank web setup is primitive. Difficult to use. I setup transfer once when I opened the account. I need to go through the whole process again when I want to transfer more fund over. I opened the account 2.5 weeks ago and have not see my $25 yet. I'll call them tomorrow.
deymond (anonymous) - #12, Wednesday, May 2, 2007 - 12:36 PM
The transfer limits are a bit more strict than they seem...I initiated a $25,000 transfer on a Sunday, and it caused my Wednesday transfer of <$100 to be canceled because the $25,000 was not yet considered to be cleared by Apple (even though it appears in both balances on their website).
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