Apple Bank for Savings continues to advertise their 3.75% money market account promotion with the 3.75% APY guaranteed for 12 months. The offer doesn't seem to be listed at the bank's website. It was advertised in today's (12/17/08) edition of the NY Daily News. The ad is available online here.
I first reported on this promotion in this December 8th post. As I mentioned in the post, this guarantee requires some work. It requires a Grand Yield Advantage NOW Checking Account that has a minimum of 6 customer transactions per statement cycle. The 3.75% APY applies to all balances up $200K. Minimum deposit to open and avoid a $25 monthly fee is $10,000.
With the target federal funds rate at a historic low, a one year rate guarantee on a liquid account could be very useful. Six months from now, it may be hard to find a 2% savings account.
A branch visit is required to open an account. 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). Please refer to this post for more details on this savings account.
Apple Bank for Savings continues to have strong ratings for soundness. In fact its Bankrate Safe & Sound rating has gone up from 4 to 5 stars (the highest rating). It continues to have 5-star rating (superior) at BauerFinancial. Both ratings are based on 9/30/08 data. The bank has been FDIC insured since 1943 (FDIC Certificate # 16068).