Money Market Special at Apple Bank for Savings in New York Pays 3.75% APY
The Apple Bank for Savings is still pushing for their best money market rates at 3.75% APY guaranteed for 1 year. The ad appeared on the daily papers and on the internet.
The 3.75% APY applies to all balances through $200K. It takes a minimum deposit of $10000 to start the account and to avoid the monthly fee of $25. This rate comes through a Grand Yield Advantage NOW Checking account via 6 completed customer transactions per statement cycle.
The one year rate guarantee comes very handy since the target federal rates are at their lowest. It may be very hard to find a savings account that earns around 2% 6 months from now.
Interested consumers may visit the branches of the banks spread through NY in Staten Island, Nassau, Suffolk, Westchester, Queens, Brooklyn, Bronx, and Manhattan.
Apple Bank for Savings has excellent reviews from both BauerFinancial and bankrate.com that issued a 5-star review for financial soundness. The ratings were based on their September 2008 data.
The bank is insured with the FDIC with certificate # 16068.
