$25 Sign-Up Bonus Still Available for 5.27% Grand Yield Direct Savings Account
Jan 9, 2007 - 8:59 AM by Ken Tumin
Apple Bank for Savings' Grand Yield Direct Savings Account still has a $25 sign-up bonus being advertised at Bankrate.com (Here's a snapshot of the Bankrate ad). I had first reported on this bonus on December 1st, and several readers have reported success in receiving this bonus. A reader today mentioned seeing this Bankrate ad again.
The promo code is 789 which should be entered the code field in the online application. In December, I called Apple Bank and confirmed this promotion. According to the CSR, there's no minimum to receive this bonus, and the bonus should post to your account within 48 hours after they receive your initial deposit.
Please refer to my September post for the details of this account. I posted some new details in November.
The rate remains at the very competitive 5.27% APY. With this $25 bonus, you'll earn more here than at E-LOAN's 5.38% APY savings account for an account balance of $23K over a one-year period (assuming no rate changes).
Thanks to the reader al_r who provided this bonus update and the snapshot of the Bankrate page.
The promo code is 789 which should be entered the code field in the online application. In December, I called Apple Bank and confirmed this promotion. According to the CSR, there's no minimum to receive this bonus, and the bonus should post to your account within 48 hours after they receive your initial deposit.
Please refer to my September post for the details of this account. I posted some new details in November.
The rate remains at the very competitive 5.27% APY. With this $25 bonus, you'll earn more here than at E-LOAN's 5.38% APY savings account for an account balance of $23K over a one-year period (assuming no rate changes).
Thanks to the reader al_r who provided this bonus update and the snapshot of the Bankrate page.
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Anonymous - #1, Tuesday, January 9, 2007 - 3:17 PM
Can we open a cd, money market, savings, checking etc. in other states? What's the tax implication?
Is it always a good idea to open an account in your own state????
Banking Guy (anonymous) - #2, Wednesday, January 10, 2007 - 8:55 AM
Yes, you can open the Grand Yield Direct Savings Account online from any state. These online accounts are designed for national availability. If you have account problems, you can always call their toll-free number. You just can't visit a branch. These accounts are taxed just like accounts at brick-and-mortar banks. They send you a 1099 with the interest earned each year.
Anonymous - #3, Wednesday, January 10, 2007 - 12:22 PM
Do they have a hard pull?
Banking Guy (anonymous) - #4, Wednesday, January 10, 2007 - 6:21 PM
From what I was told by the customer service rep in September, there's no hard credit pull. They only use ChexSystem.
Anonymous - #5, Thursday, January 11, 2007 - 11:19 AM
I just opened an account and there was no hard pull. However, I did have to call up and speak to a CSR to remind them of the $25 bonus they owe me.
chris (anonymous) - #6, Thursday, January 11, 2007 - 6:41 PM
I opened one of those accounts in December and got the $25 without having to call or email anybody.
Andrea (anonymous) - #7, Thursday, February 15, 2007 - 12:18 AM
I had a horrible experience this week while trying to open a Grand Yield Direct Savings account with Apple Bank. My online application was declined on twice when I tried to sign up last Wednesday. I contacted their customer service to find out what happened, and I was told that they were having problems with their system. They called me back within an hour to notify me that the problem had been fixed, so I tried again and got the same problem. I couldn't call them because it was past 5:00PM EST and their offices are closed :-( I called them the next day and got a rep that said that the same problem had reoccured. She was supposed to call me back once it was fixed, but I never got a call back. I did, however, get this email today from a VP of the bank(one week after this process began):
Your application for a grand yield direct savings account was declined due to a communication error from Equifax during the application process. Equifax was unavailable and the application should have been placed into a review status. Instead Equifax returned a decline code as their result. You received an email advising of the decline and perhaps this left you perplexed. This is a great frustration for the bank. We have been advised that the communication failure has been corrected and there should be no negative impact to you. so now I invite you to apply again. Once the grand yield direct savings account is established and funded with a minimum of $500 a credit will be made for $25 as an apology and appreciation for your patience and understanding. Please know that if you attempted additional applications with Apple Bank or any other financial institution within the past 72 hours that there is a possibility your application will be placed in a review status. This is a result of the number of inquiries sent electronically to Equifax. The ID inquires clear in 72 hours.
I'm glad that they apologized and are offering $25 for the trouble, but I don't understand why I would have to make an initial deposit of $500 when the initial deposit to open this account is supposed to be $1. Needless to say, I decided to open an account elsewhere.
Banking Guy (anonymous) - #8, Thursday, February 15, 2007 - 6:51 PM
Andrea, Thanks for describing your experience. Sorry to read about this problem. You're right, they should have offered the $25 bonus without the $500 deposit requirement. I could understand that requirement for a general bonus, but not for this case.
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