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Grand Yield Direct Savings Account Now has $2.5K Minimum to Open


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.
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SVG   |     |   Comment #1
Banking Guy,

>>Perhaps they're planning for the end of HSBC's 6% promotion to attract deposits away from HSBC.

I wonder if it indeed is quite like that. Sure there are a few rate-chasers (yours truly included), but are there enough of them to expect this sort of tactical planning from the competing banks ?

Anyways ... Where do the rate-chasers plan to move when 6% HSBC offer ends ? What's the threshold for the move ? 5% or lower ? 5.10% ? 5.15% ?

Steve   |     |   Comment #2
I am going to UFB Direct. 5.31% APY. I have been very happy with my accounts there as well as their service.
tAnYeTTa   |     |   Comment #3
holy cow, from $1 to 2 G's? whoa is right.
Banking Guy
Banking Guy   |     |   Comment #4
SVG, If they're going to have a promotion, seems like they would plan it to start after HSBC's promo ends. And seems like Apple Bank may not have had the success it wanted with its last $25 sign-up bonus. Having a $2.5K opening minimum deposit would discourage those who just want a quick $25 and don't care about the savings account.

Steve, I've started looking at UFB Direct again since it looks like they're serious in keeping their no-minimum savings account at 5.31% for the long term. Doesn't UFB Direct still lack an ACH transfer system? Do you just push/pull funds using another bank's ACH?

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