Apple Bank for Savings is offering a checking account promotion with a $100 bonus. Direct deposit is required, but on the plus side, a free checking account will qualify for the bonus. The bank’s free checking account is called ExtraValue Checking. It requires a $100 initial deposit, but there are no minimum balance requirements or monthly service fees. The first order of checks is free. The bank’s interest checking account, Grand Yield NOW Checking, also qualifies. This has a decent interest rate (relative to brick-and-mortar banks) of 0.50% as of 12/11/2013. A minimum balance of $2,500 is required to earn this rate and to avoid a monthly service fee.
The bank’s checking promotion page has more details as of 12/11/2013. No expiration date is listed. The offer’s small print has the direct deposit details:
Receipt of $100 bonus is contingent upon establishing Direct Deposit of a recurring payment into the newly established checking account and that Direct Deposit must be verified within 60 days of account opening, prior to crediting the $100 to the account. To qualify for this offer, a recurring payment must be payroll, Federal/state government benefit, or pension benefit checks.
As is typical with checking account bonuses, the $100 will be considered interest earned in the checking account and will be subject to taxes.
This checking account promotion is only available at Apple Bank’s branches which are located in the New York City metro area.
Other Apple Bank News - End of Grand Yield Direct Savings Account
You may recognize Apple Bank for its internet savings account called Grand Yield Direct Savings. Apple Bank decided to sell this off to Emigrant Bank. MYSavingsDirect.com, a division of Emigrant Bank, acquired Grand Yield Direct on 11/22/2013. One nice thing about this change is a much higher interest rate. The MySavingsDirect.com savings account currently pays 1.00% APY on all balances.
Apple Bank is a sizable bank with almost $12 billion in assets. It has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 0.67% (excellent) based on September 2013 data. Please refer to our financial overview of Apple Bank for Savings for more details. The bank has been a FDIC member since 1943.