September 13, 2009
Account Reviews: Grand Yield Direct's 1.50% APY Online Savings Account
Apple Bank for Savings is offering a 1.50% APY high-yield savings account under the banner of "Grand Yield Direct."
The account has a minimum balance of $1.00 and the full interest rate of 1.50% APY is paid on all balances. There account has no monthly service charges. Customers can deposit money via linked external accounts using the CashEdge money transfer system. Customers can also make deposits via mail. Statements can be delivered electronically or via the postal service on a monthly basis. Grand Yield Direct allows for joint accounts as well. Interest is compounded daily and credited to your account each month.
The bank does not do a hard credit pull, but instead uses a soft-pull through ChexSystem. There are no fees for standard ACH transfers, but next day transfers have a $10.00 fee. ATM cards and checks are not available through the account.
Some have reported delays in getting the account setup. Although the application process is completed online, a temporary password is sent via snail mail before you can login, which can take as long as 10 days to arrive. After you receive the letter, you have to register for online banking and then it take another day after that before external transfers are available.
Grand Yield Direct also offers online checking account and certificate of deposit products. Currently, Grand Yield Direct is offering a 1.50% APY 7-month CD. Certificates of Deposit with other lengths of maturity are not currently available. Grand Yield Direct's online checking account offering is currently offering 1.01% APY as of 9/13/2009.
Grand Yield Direct is a brand of "Apple Bank for Savings", which is a FDIC member. Apple Bank is based in New York and has approximately 50 branches throughout New York City, Long Island, and Westchester County. Apple Bank has approximately $7.6 billion in total assets and $7.0 billion in deposits.
Apple Bank is heavily invested in commercial and residential real estate in New York. Although commercial real estate is suffering heavily in the United States, Apple Bank seems to have bucked the trend and is still on a very solid financial footing. Apple Bank received a 4-star "Sound" rating by BankRate's "Safe and Sound" rating system.