Dedicated to Deposits: Deals, Data, and Discussion

3.75% Money Market Account with Yield Guaranteed for One Year at Apple Bank for Savings in New York


Apple Bank for Savings
Apple Bank for Savings has a promotion in which you can earn 3.75% APY guaranteed for 12 months on its savings account or money market account. It's called Advantagebanking, and it requires a Grand Yield Advantage NOW Checking Account that has a minimum of 6 customer transactions per statement cycle. Otherwise the APY earned will be permanently reduced to the low tier rate of the standard Advantage account (currently 1.25%). The 3.75% APY applies to all balances up $200K. Minimum deposit to open and avoid a $25 monthly fee is $10,000.

This offer doesn't seem to be listed at the bank's website. It was advertised in the 12/03/08 edition of the NY Daily News. The ad is available online here. I just called Apple Bank today, and I was told this promotion is still active. The CSR did not know how long it would last. She said rates typically change on Tuesdays but there is no indication that it'll end tomorrow.

Some additional details I received from the banking rep include: branch visit is required to open the money market and checking accounts, and they only do a ChexSystem verification in the application without a hard credit pull. Also, I was told that the Grand Yield Advantage NOW Checking Account requires a $2,500 minimum balance to avoid a monthly fee.

Apple Bank for Savings has branches in Manhattan, Bronx, Brooklyn, Queens, Westchester, Suffolk, Nassau and Staten Island, New York.

Grand Yield Direct is the online savings account that Apple Bank started in 2006. That savings account continues to offer a decent yield (currently 3% APY), but they haven't added any new online products since it began. Please refer to this post for more details on this savings account.

Apple Bank for Savings continues to have strong ratings for soundness: 4 stars (sound) at Bankrate and 5 stars (superior) at BauerFinancial. Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1943 (FDIC Certificate # 16068).

  Tags: New York, money market accounts, Apple Bank for Savings, savings account

Related Posts

Comment #1 by Anonymous posted on
Yesterday I opened the 3.75% money market account and checking account. The representative at the branch was courteous but lacking in knowledge as she gave us incorrect information regarding the number/types of transactions that had to be maintained (in the checking account) in order to keep the 3.75% rate (in the money market account) for the one year period. My spouse and I asked to speak with a supervisor who clarified the requirements.
The bank requires that new customers money be kept on deposit for 15 business days before having access to it. I realized after leaving the bank that that would mean I would not be able to write the checks on the account into which I had placed a deposit to cover the bills I wanted to pay using the account---lesson learned. The only way this could have been accomplished would have been to put cash dollars into the checking account over the $2500 minimum rather than just giving them a check for the total deposit.
This is the first account requiring specific transactions that we have opened. We will see how it goes!

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for sharing your experience. Please keep us posted on how it goes.