This review is for: Apple Bank for Savings
At first glance, Apple bank appears to be a smaller bank trying to offer larger savings percentages than their competitors. This disguise, however, quickly fades once one opens a savings account in their bank.
As a member of their Youth Savings plan, I was not only cheated out of the money I could have been making elsewhere, I was also unable to use the money that was mine. Depositing money into Apple Bank is like putting it away into a Certificate of Deposit; the one main difference between Apple Savings and CD’s at other places is the percentage. Even when the savings percentages were high at other places, Apple Bank percentages weren’t even worth noting. During the eight years that my cash remained in their company, I received a few cents annually on an eight thousand dollar deposit. Further, withdrawing money was nearly impossible. Lacking an ATM card, I was forced to go to the teller’s window for every withdrawal and deposit (smaller bank chains tend to have longer lines).
If you have a child and you would like to save his or her money for college, do yourself a favor and choose to bank with a different bank. Unlike Apple Bank, larger chains like Citibank allow children to have a joint account with their parents. Through these accounts, parents can invest their children’s money in CD’s instead of having the money remain unchanged from year to year, as in Apple Bank.
Posted by coolsuffdude -- Aug. 16, 2009
This review is for: Premium Savings
This bank is a newcomer to my area and they are doing everything right. Friendly service, knowlegeable staff and great rates on savings accounts. An ample variety of bank savings plans to suit all my needs. Many convienient locations. No tough rules or restrictions on maintaining an account here. Not a bank that saddles you with a million forms for simple transactions. Free checks, online banking with no fees. Courteous personnel and plenty of ATM locations. FDIC insured and just a pleasure to do business with.
Posted by Nogoombas -- July 23, 2009
This review is for: Grand Yield Savings Direct
Apple Bank has been around since 1863, and their online division/account - Grand Yield Direct - has been around since July 2006. During that time, I think their goal has been to stay competitive with the mainstream internet banks (ING, Virtual Bank, and such) and not try to play major rate games with people. If so, they've done a pretty good job at it - and right now are even edging out ING. Wanting to find out if they really do compete with the big boys, I gave them a call to find out more details.
Other than her super-thick accent which required her to repeat a few answers for me, the CSR that I got on the phone was very helpful and knowledgeable about the account - she was able to answer all my questions without having to go for "back-up." She explained that Apple has their own ACH system, and although their withdrawal limits are on the low side at $25k/day and $75k/month, they do allow ACH withdrawals to be initiated from another bank. The account can be opened entirely online, with nothing to mail in, and they only perform a soft credit check during the process.
A few drawbacks to the account are a lack of wire transfers (although this is right in-line with ING and others, I was just hoping for a little something extra!), and any beneficiaries must be set-up after the account is opened, and via email - which seems a little cumbersome to me - ideally I'd like to see this online. But all things considered, Apple's GYD account looks like a good option amongst the crowd.
Posted by takethemoneyandrun -- March 25, 2009
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