Grand Yield Direct Savings Account Now has $2.5K Minimum to Open
Apr 6, 2007 - 7:27 PM by Ken Tumin
The lucky ones were those who got in when there was only a $1 minimum initial deposit requirement and received the $25 sign-up bonus. With the higher minimum, they may be more likely to bring back the sign-up bonus. Perhaps they're planning for the end of HSBC's 6% promotion to attract deposits away from HSBC. Grand Yield Direct has done a good job at maintaining a high yield since it started in July. So this would be a good choice for a savings account if you don't mind this new high minimum opening deposit.
Thanks to reader who mentioned this udpate.
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SVG (anonymous) - #1, Friday, April 6, 2007 - 8:05 PM
Banking Guy,
>>Perhaps they're planning for the end of HSBC's 6% promotion to attract deposits away from HSBC.<<
I wonder if it indeed is quite like that. Sure there are a few rate-chasers (yours truly included), but are there enough of them to expect this sort of tactical planning from the competing banks ?
Anyways ... Where do the rate-chasers plan to move when 6% HSBC offer ends ? What's the threshold for the move ? 5% or lower ? 5.10% ? 5.15% ?
- SVG
Steve (anonymous) - #2, Friday, April 6, 2007 - 11:25 PM
I am going to UFB Direct. 5.31% APY. I have been very happy with my accounts there as well as their service.
tAnYeTTa (anonymous) - #3, Saturday, April 7, 2007 - 2:07 AM
holy cow, from $1 to 2 G's? whoa is right.
Banking Guy (anonymous) - #4, Saturday, April 7, 2007 - 3:45 PM
SVG, If they're going to have a promotion, seems like they would plan it to start after HSBC's promo ends. And seems like Apple Bank may not have had the success it wanted with its last $25 sign-up bonus. Having a $2.5K opening minimum deposit would discourage those who just want a quick $25 and don't care about the savings account.
Steve, I've started looking at UFB Direct again since it looks like they're serious in keeping their no-minimum savings account at 5.31% for the long term. Doesn't UFB Direct still lack an ACH transfer system? Do you just push/pull funds using another bank's ACH?
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