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ON BY Ken Tumin
Apple Bank for Savings changed the opening deposit requirement for their Grand Yield Direct online savings account from $1 to $2,500. For those who already have this account, there shouldn't be any changes. All balances down to $1 continue to earn the 5.27% APY, and there continues to be no monthly service charges. For more details of this account please refer to this post.
The lucky ones were those who got in when there was only a $1 minimum initial deposit requirement and received the $25 sign-up bonus. With the higher minimum, they may be more likely to bring back the sign-up bonus. Perhaps they're planning for the end of HSBC's 6% promotion to attract deposits away from HSBC. Grand Yield Direct has done a good job at maintaining a high yield since it started in July. So this would be a good choice for a savings account if you don't mind this new high minimum opening deposit.
Thanks to reader who mentioned this udpate.
The lucky ones were those who got in when there was only a $1 minimum initial deposit requirement and received the $25 sign-up bonus. With the higher minimum, they may be more likely to bring back the sign-up bonus. Perhaps they're planning for the end of HSBC's 6% promotion to attract deposits away from HSBC. Grand Yield Direct has done a good job at maintaining a high yield since it started in July. So this would be a good choice for a savings account if you don't mind this new high minimum opening deposit.
Thanks to reader who mentioned this udpate.
