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Update on Grand Yield Direct Savings Account Bonus

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Grand Yield Direct

Update 4/28/10: The rate has fallen to 1.15% APY. Refer to the bottom of the post for the rate history.

The good news is that I received the $25 bonus. The bad news is that this bonus is no longer available (according to the service rep). To receive the bonus I had to call. The service rep said that they would confirm that my application included the promo code and if it did, the $25 credit would show up in the account within a day. I called on February 1st and the bonus was credited on February 2nd. So if you haven't received your bonus, be sure to call. If you haven't joined, be sure to keep a look-out for future promos. The last one first appeared on Bankrate ads in November.

Even without the bonus, the Grand Yield Direct Savings Account is a good deal. The rate remains at 5.27% APY and has no minimum balance requirements. The savings account first reached 5.25% APY in September. It started with a 5% APY last July.

Here's a quick summary of my sign-up process.

  • Applied online on 1/16
  • Trial deposits made on 1/17
  • Verified trial deposits on 1/18
  • Initial deposit debited from my checking account on 1/19
  • Registered for internet banking and first accessed my account on 1/21 (balance showed $0)
  • Initial deposit first showed up in account on 1/23
  • Called about bonus on 2/1
  • $25 bonus credit appeared in account on 2/2


A few notes about the sign-up process:

  • You can use either a checking or savings account for the initial ACH deposit
  • The minimum allowed initial deposit is $1. The maximum is $500,000.
  • Also have choice to fund with a check
  • If funded with ACH, nothing needs to be mailed in
  • Had to register for internet banking to access account (initial password equals last 4 digits of SSN)
  • Had to create a new link with new trial deposits for withdrawals/deposits


For more info on Grand Yield Direct and to read others' experiences, please refer to my Grand Yield Direct Savings Account review. Additional info on the transfer limitations is in this post and bonus info is in this post.

[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.]

[Update 9/20/07: The yield has fallen from 5.27% APY to 5.15% APY.]

Rate History

Update 4/28/10: The rate has fallen to 1.15% APY
Update 3/09/10: The rate has fallen to 1.25% APY.
Update 11/16/09: The rate has fallen to 1.40% APY.
Update 9/08/09: The rate has fallen to 1.50% APY.
Update 8/07/09: The rate has fallen to 1.60% APY.
Update 6/25/09: The rate has fallen to 1.70% APY.
Update 5/29/09: The rate has fallen from 1.90% to 1.80% APY.
Update 3/19/09: The current rate is 2.15% APY.

  Tags: Grand Yield Direct, savings account

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Comments
13 comments.
Comment #1 by Virginia (anonymous) posted on
Virginia
I opened a GYD account last month and haven't yet received my bonus. I contacted customer service last week and they said the same thing that they told Ken: if eligible, one business day. When I didn't see any account activity for several days, I emailed them. I got a response back from the VP of the bank who said sorry about that - several people out sick = delays, etc. Very prompt response, very friendly. Said I'd have the $25 tomorrow. Thanks for my patience.
Seems like they are a small bank, but their website's is great and I like the personal service.

1
Comment #2 by Anonymous posted on
Anonymous
I got the same reply to my email about ssevceral people out sick. Not a way to run a business. I did get my $25 bonus 2 days later. rod

1
Comment #3 by Mary (anonymous) posted on
Mary
I've had a good experience opening my account. Even with verifyingmy new physical address, I had my account opened and $25 bonus deposited within 10 days. I was also impressed with their quick email responses to me questions.

Everyone must be patient this winter season...there are serious viruses out there that will knock a healthy person into the hospital within hours.

1
Comment #4 by Anonymous posted on
Anonymous
They never replied to my email, but about a day or so after I sent it, my bonus magically appeared.

1
Comment #5 by will (anonymous) posted on
will
So far email response is quick. I emailed them last night, got response this afternoon (same reply about people getting sick) saw that bonus was deposited by close of business today.

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
A reader just noted that Apple now requires a minimum $2,500 initial deposit to open. This is now shown on Grand Yield Direct's home page. The good news is that for those who already have the account, there is still no minimum after the opening deposit.

1
Comment #7 by Anonymous posted on
Anonymous
I opened my account when there was a $25 dollar bonus and a $1 dollar minimum to open. Within a few days after opening, I emailed about the bonus, and I received a response that it had been credited. This was a very nice bonus from a friendly bank. I recently received an email from them saying that they noticed I have not used the account at all since opening, and they encouraged me to make more deposits and explained that they have one of the highest yields available (which is true.) How can I not resist? They will certainly have more deposits from me as long as they keep treating me so well.

1
Comment #8 by ShraZZy (anonymous) posted on
ShraZZy
5.27 to now 5.15%

1
Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. At least it didn't drop 50 basis points like the Fed funds rate. Hope they'll stick with 5.15% for a while.

1
Comment #10 by Anonymous posted on
Anonymous
I've been satisfied with the on-line account except for the limitation of $75K per month on EFT's. I was told by a representative that checks can be written for any amount up to the account balance, but I don't want ot rely on that or handle another checking account with checks "in the mail" for amounts that large. I was hoping to park $200K with easy access. I'll have to find another bank.

1
Comment #11 by Anonymous posted on
Anonymous
The main problem I've seen is VERY SLOW electronic transfers (EFT's) of funds TO or FROM my GYD account. That means LOST INTEREST for every extra day it takes for an EFT to post at another bank.

What's your experience — how many DAYS are you averaging for EFT's to actually POST TO (or FROM) your LINKED ACCOUNTS? Any info would be most appreciated. Thanks!

1
Comment #12 by Anonymous posted on
Anonymous
Rate is now 3% currently. Also, the ACH limits are $25,000 per transaction and a maximum of $75,000 per month. Also they sock you with a $10 fee for next day processing.

1
Comment #13 by ichaelm (anonymous) posted on
ichaelm
2.15% now

1