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CyberSaver Account with a High Yield 90-Day Intro at GCF Bank

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GCF Bank
Update 2/5/08: The intro yield has fallen to 4.47% APY. Standard rates have also fallen. The yields are now 2.52% APY for balances under $25K and 3.96% APY for balances over $25K. Please check with the bank's website for the latest rates.

GCF Bank has a 90-day high yield promo on its CyberSaver Account. At the time of this post, the promotional yield is 5.09% APY on all balances over $100. After the 90 days, there's a tiered rate structure (currently 2.98% APY for balances up to $25K and 4.48% APY on balances over $25K).

I first reported on this CyberSaver account in December 2006. Except for lower rates, there haven't been many changes. One thing they added is a FAQ page which provides some useful details.

Some of the features of this account mentioned on their website:
  • CyberSaver accounts are only opened using electronic transfers (ACH transfers) from your account at another bank.
  • ACH transfers cannot be initiated by GCF after account opening. Customers can debit or credit their account by initiating these transfers from other financial institutions without charges from GCF.
  • Interest is posted quarterly
  • Only fee listed is $15 for teller-assisted transactions
  • You have to mail in a signature statement after the application.
  • No fees to close the account. Written request to close the account must be faxed or mailed.
  • ATM card available
  • Trust or beneficiary ownerships are allowed, but have to be done after account opening.

Hopefully, this 5.09% promotion will last a little longer. As I mentioned yesterday, AmTrustDirect just ended its 5.11% 3-month e-Savings promotion, so 5% deals are starting to disappear.

GCF Bank also has a decent rate on its CyberSaver Supreme account. But this requires a $100K to earn interest and to avoid a $100/month fee. Those with large balances may also be interested in their CDARS which currently have some decent rates (4.71% APY for 26 week term and 4.60% APY for 1 to 5 year terms). CDARS allow you to receive up to $50 million in FDIC insurance coverage.

GCF Bank is a small bank with 5 offices in New Jersey and 69 employees. Total assets are $410 million, and total deposits are $376.8 million. The bank is a member of FDIC (Certificate # 28126). It has a safe and sound rating of 2 out of 5 stars (below peer group) at Bankrate.com based on 9/30/07 data. This is down from 3 stars from my report in December 2006.

  Tags: GCF Bank, savings account

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
What are GCF transfers?

1
Comment #2 by Anonymous posted on
Anonymous
Avoid GCF since they post interest quarterly. What that means is that if you decide to close the account before the quarterly posting, you will lose the interest earned between the last posting. Most banks post interest monthly. It would be tolerable to deal with this quarterly posting if the interest rate was much higher than the other banks which post monthly, like OneUnited (which is still at 5.30% APY). Yes, OneUnited will also be lowering their 5.30% APY rate. We are waiting to see how much they lower their rate.

1
Comment #3 by Anonymous posted on
Anonymous
As of Feb. 4, 90-day promo APY is down to 4.47%

1
Comment #4 by Anonymous posted on
Anonymous
Has anyone funded the Cybersaver promo account with a credit card? Was it a purchase & not a cash advance? What was the max allowed?

1
Comment #5 by Anonymous posted on
Anonymous
"Avoid GCF since they post interest quarterly. What that means is that if you decide to close the account before the quarterly posting, you will lose the interest earned between the last posting"

ENTIRELY FALSE COMMENT! Any Acurred Interest earned from the last interest posting date is posted at the time closing, regardless of when in the quarter. Maybe you should do some homework and check out the account details before you post misleading comments.

1
Comment #6 by advait (anonymous) posted on
advait
A GCF rep said that the account can be funded by a credit card and the credit card charge will not show up as a cash advance, but a regular purchase. Has anyone tried this out?

1