A couple of days before Jacob was born, in early March, I wrote a post about our venturing into the world of online-only banking. It’s been over three months since we opened our Grand Yield Direct account with Apple Bank, and I’m happy with how easy it’s been to use. We set up a monthly automatic deposit, and I’ve also been dumping some additional funds into the account (from our local money market). When we began, the money market account at our local credit union was paying 2.4%, while the Apple Bank account yielded 3.9%. Rates have tanked, and the Grand Yield Direct account is now at 2.75% (with the credit union at 2.0%). The online account seems to be keeping about the same rates as the competition, and I’m happy about that. Well, as happy as a person can be with those rates. If I could do it again, would I pick this account? I think I’d possibly try ING Direct’s Orange savings account. Why? I don’t have a really good reason. Their rates seem to consistently be a tiny bit higher (a quarter of a percentage point) than Grand Yield Direct, and ING also gets a four out of five star rating on Bankrate.com. Plus, they’ve got a really fancy schmancy site, all covered in orange and overall lookin’ very neat-o (Apple Bank’s site looks much like you’d expect a Banker to be, all ordered and utilitarian, without a lot of fluff). We’re happy with Grand Yield Direct, but just in case anyone’s looking, Orange Savings may be a good way to go too šŸ™‚

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