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Apple Bank's Grand Yield Direct Savings Account Now 5.25%


Update 4/19/09: The current rate is 2.05% APY. There's now a minimum initial deposit of $2,500, but no minimum balance requirements after it's opened.

Apple Bank for Savings' new online savings account called the Grand Yield Direct Savings Account had a rate increase today to 5.25% APY (from 5.15%). Apple Bank just started this online savings account in July. It follows the typical online savings account model with only $1 minimum and online linking to an external account for ACH transfers.

Now with UFB Direct, Amboy Direct and now Apple Bank all offering 5.25% APY or higher, will HSBC or EmigrantDirect respond? If the Fed continues its interest rates pause next week, there may not be much movement. With a rate within 0.10% or 0.20%, those banks may feel they're close enough so most customers won't feel it's worth it to move their money.

Below are some details about this Grand Yield Direct Savings Account:

From the learn more page and the FAQ page:
  • The minimum balance is $1 with the full interest paid on all balances
  • There are no monthly service charges
  • Money is available through links with external accounts. They also have a deposit-by-mail feature.
  • Initial deposit can be done by ACH or by mailing a check
  • Statements are mailed monthly if there is account activity and quarterly if no activity.
  • Joint accounts can be set up
  • Interest is compounded daily and credited to your account each month.

According to the bank's customer service representative:
  • There's no hard credit pull, only ChexSystem is used (he didn't sound too sure).
  • There's no sign-up bonus
  • There's no fees for standard outgoing ACH transfers. Next-day transfers have a $10 fee
  • ATM cards and checks are not available.

A reader reported the following during his signup process:
  • Took 3 days for the initial deposit to be debited by ACH from his external checking account.
  • A temporary password is sent by snail mail before you can log in. This took 9 days after the money was debited from the checking account.
  • Once the letter arrives, you can sign up for online banking and access your account.
  • Another day is required before external transfers are available.
  • External transfers are handled by CashEdge with no apparent limits on the number of external accounts.
  • The trial deposit method is used to verify the external links
  • The tool-free number for customer service is 800-588-5871.

Apple Bank for Savings is FDIC insured. Theapplebank.com web address is listed in the FDIC entry so you know it's legit. The bank has $7.6 billion in total assets and total liabilities of $7.0 billion. Bankrate.com gives the bank 4 out of 5 stars (sound).

[Update 4/6/07: The Grand Yield Direct Account now requires a $2,500 minimum initial deposit. However, after the initial deposit, there are no minimums to earn the maximum interest or to avoid monthly fees.]

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Anonymous   |     |   Comment #1
Is this true?? was fron here:


Usbank Interest Match!!

I have been banking at USBANK for about 5 years now and think their free checking is great for both personal and business. I talked to them tonight about moving my money out to a HSBC savings and they said that they match interest rates. Just bring in a web page displaying the rate and done deal. They said that this is nationwide. I like having immediate access to my money and earning the same interest.
vodkaSpy (anonymous)   |     |   Comment #2
i opened today!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
Anonymous, many banks will offer to do some matching (It never hurts to ask). But from the thread, it looks like they may not match the online savings account rates.

Vodkaspy, I hope you'll let me know how it goes in the account opening process.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Please note the following ACH limitations as of October 11th. I received this information from Apple Bank:

There are external funds transfer limitations that are initiated on our website. In coming or out going the limit per day is $25,000.00, per month the limit is $50,000.00. We are in the process of working on changing those limits to accommodate our customers.
Anonymous   |     |   Comment #5
I opened an account on 9/20 with $10. It is now 10/15 and none of the $10 is available yet !!! That must be the worlds longest hold time !!!
Anonymous   |     |   Comment #6
For security reasons, most NY state banks have a 10-15 BUSINESS day hold that is applied to new accounts. So, you must be a "new customer", hence the 10-15 business day hold. Good luck!
shrazzy (anonymous)   |     |   Comment #7
5.27% raised

anyone know what a telephone banking pin is?
it asks for it for new users login
Anonymous   |     |   Comment #8
Apple charges $3 for every external transfer out of your account. That sucks. ING Direct is free. The slightly higher interest rate doesn't seem worth it.
shrazzy (anonymous)   |     |   Comment #9
they dont charge $3 bux for Grand Yield Direct. They charge that fee for their other saving accounts.
shrazzy (anonymous)   |     |   Comment #10
There is a $3.00 fee for standard processing External (ACH) Funds Transfers (per outgoing Transfer, only), which shall be charged to your Transfer From account. Grand Yield Savings DirectsmAccounts are not subject to that particular fee.
shrazzy (anonymous)   |     |   Comment #11
$25.00 bonus when you sign up
code: 789
Banking Guy
Banking Guy (anonymous)   |     |   Comment #12
Thanks shrazzy for the bonus info! Was this from some website promotion? I couldn't get any details from the CSR.

I posted on this plus some updates on this Grand Yield Direct savings account here.
Ryan (anonymous)   |     |   Comment #13
Thanks shrazzy. I signed up just now. When does the $25 get posted? I am going to transfer $100 to this account as my starting fund, will it be posted then? Thank you! I'll let you guys know if I get confirmed for the bonus.
shrazzy (anonymous)   |     |   Comment #14
I saw the $25 on their banner on bankrate.com
Anonymous   |     |   Comment #15
I just signed up, but I have a feeling this deal is too good to be true. Are there any serious hidden cathes that anyone has found? If not 5.27% on a liquid account rocks.
Anonymous   |     |   Comment #16
Update: After I finished my App. I just emailed them, and they sent me a temp password to get into my account.
Anonymous   |     |   Comment #17
My account just got accepted but for some reason I can't log on after registering. Is there a lag between registering and being able to log on to the account? btw, the error code is #1036 if anyone knows what that means. I emailed them about my temporary PIN but they haven't gotten back to me yet.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #18
I have some info on my experience opening this account here. I had to use the last 4 digits of my SSN as the initial temporary password.
Anonymous   |     |   Comment #19
Any update on whether or not the bank does a hard pull?
ProfessorB (anonymous)   |     |   Comment #20
I'm enjoying your blog. I do have one suggestion. When calling customer service to ask about new products, can you ask if the statements are available online or mailed? I like to be able to access my bank statements online and having the option of not getting statements in the mail. I also like to pick my statement close date, too. Call me picky!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #21
I will put those on my question lists. Not having statements mailed does help improve security. Thanks.
Anonymous   |     |   Comment #22
The main problem I've seen is VERY SLOW electronic transfers (EFT's) of funds TO or FROM my GYD account. That means LOST INTEREST for every extra day it takes for an EFT to post at another bank.

What's your experience -- how many DAYS are you averaging for EFT's to actually POST TO (or FROM) your LINKED ACCOUNTS? Any info would be most appreciated. Thanks!
Anonymous   |     |   Comment #23
I agree with that 12/16 comment about the transfers. This account is a nightmare, in fact the whole site is terrible. They limit transfers to 25k / day (compared to some others which allow $1 million+). Then in fact they limit you to 25k at a time. I have one transfer that reached my account, yet is listed as pending. As a result, all other transfer requests are automatically canceled! I cannot even fund this account! I think I will close it.