Apple Bank

Well, “work” may be a stretch. It’s more like a working getaway for these resources. Not quite a leisurely exotic vacation (checking account), but definitely not a day in the trenches (stocks). What am I talking about? Late last year I submitted a post entitled “Are you loosing money?” that detailed inflation versus savings rates. Since then we’ve been researching where to stick our emergency fund savings. Finally last month we decided to transfer the fund into an online savings account called Grand Yield Direct, with The Apple Bank (out of New York). This savings account has a good rate (currently 3.9% versus the 2.4% we’re getting out of the local money market account), it’s insured by the FDIC, and Apple Bank received a good rating (4 out of 5 stars) from Bankrate.com. Even thought we could have earned a slightly greater, fixed rate by putting these funds into a local CD, we went with the online savings account because of the liquidity benefits. Transfer times are a bit slow, but just fine for our needs (a once-a-month transfer). I’m excited to test this account out and see how it does, perhaps adding more funds later from our current money market account. I’ll let you know how things go! If you’ve had experience with any other online-only accounts, let me know how it went 😉

Advertisements