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.