Superior Savings 3%

3% savings account $10K min

Superior Savings

Yes, 3% is a good rate if FDIC insured.

Do you have any additional info? The site doesn't have much and the application form just sends your contact info to the bank.

It was advertised in today's Hartford Courant as well Page E-2
For more information call 1-877-rate-plus


Fine Print:

**Minimum deposit $10,000
**Interest will be earned and compunded daily on account balance


At our discretion we may change the interest rate and annual percentage yield on this account at any time.
*The terms and conditions for this account are contained in the "Miscellaneous deposit Information Disclosure Statement and Agreement"
*Service Charge and/or interest calculation is contained in the First Rate Deposit (FReD) Account Disclosure Statement and Agreement
**You must maintain a minumum average daily balance of $10,000 in the account for the applicable period to obtain the disclosed annual percentage ield.
**** Must maintain a minimum average daily balance of $10,000 in the account for the period commencing on the date of account opening through January 2, 2005. Thereafter, you shall be required to maintain a minimum avergae daily balance of $10,0000 for the six month period commencing on January 3rd and July 3rd of each year.


Member FDIC

mshen11 said: someone apply first
You'll never lose your cherry with that risk-averse attitude.

The street signs on the home page are the branch addresses.

I kid you not.

checked fdic.gov, and sure enough the Superior Savings bank is on the FDIC insured list.

link

Yes, Superior Savings of New England, National Association has been FDIC insured since 07/01/1960.

* The certificate number is 18244
* The main office is located at:

45 SOUTH MAIN STREET
BRANFORD , CT 06405
New Haven county
* It was established on 01/01/1889
* The primary regulator is OCC
* Community Reinvestment Act (CRA) Performance Ratings
* It has 1 branch office(s). Branch Offices
* Call/TFR Financial Information
* Financial Information
* Branch Office Deposit Information

Man that site is hokey, but the bank's been around since 1889, maybe the board only heard of the internet yesterday.

But based on the stats from Bankrate, the bank is pretty sound.

Just called. Here's the info I have.

For the initial account setup, Virtual Bank allows you to enter your account number with no check verification so it could be a savings account. So I used a money market account, which is supposed to be a no no. But it worked.

gnat said: Come to think of it, how do I initiate an ACH into a savings account? Both ING and Virtualbank require you to send voided checks to setup the links that you can ACH to and from.

Savings accounts won't give you any checks. What do you guys use?

gnat said: Come to think of it, how do I initiate an ACH into a savings account? Both ING and Virtualbank require you to send voided checks to setup the links that you can ACH to and from.

Savings accounts won't give you any checks. What do you guys use?

with E-Trade checking or MeadowsCU.com eChecking you can link accounts without sending a voided check (they send two deposits and you verify the amounts)
Meadows allows you to transfer to/from MMA accounts,
www.meadowscu.com/promo/ free checking with direct deposit (no min)
www.etrade.com/get175 (complete or value checking qualify for the promo, but they have min balance requirements after 6 month, regular checking does not qualify for promo, but no min balance requirement, min $200 direct deposit).

Just spoke to an account rep and found out two interesting pieces of info.

1) They have a no fee, no minimum balance checking account. You can open it with $1, then when you need money you can transfer from savings to checking on their telephone banking system, then write a check.

2) They are actually owned by Northfork bank, a relative large, well respected bank in NY. However, you cannot go into a Northfork bank to deposit or withdraw money (since they were maintained as two separate institutions when purchased)

gnat said: justdoit said: yahoo funds transfer

Thanks, signed up for Cashedge and I'm linking my accounts now. Superior Savings of New England is on the list of banks that you can link through Yahoo Funds Tranfser / Cashedge.

Looks like a good solution, although you're limited to $2000 per week and $5000 per month using Yahoo's service.

I couldn't find ING Direct on Yahoo's list of available institutions though. Can anyone help? What search terms should I be using?

AFAIK, you can't use CashEdge or Yahoo Transfer to transfer to/from ING, ING just doesn't allow ACH transfer from "non-linked" accounts.

However, someone else brought up www.qchex.com, which will send a check for you as long as you give it an account and routing number. I think the charge is 25 cents. So this maybe a workaround for the savings account.

SUPERIOR SAVINGS OF NEW ENGLAND, NATIONAL ASSOCIATION
BRANFORD, Connecticut
Bankrate.comSM Star Rating ****
Safe & Sound CAELSM Rating 2

Alcibiades said: tarcapone said: You can open it with $1, then when you need money you can transfer from savings to checking on their telephone banking system, then write a check.Only can do that type of xfer 6 times a month.


6 times a month should be plenty. I'll probably open a checking account with them also to move my money around.

Ok, there are four types of checking accounts available on their website.
Of those four, I'm pretty sure that we're probably considering either the (1) "Rapid Link Checking" or (2) "Premier Banking" accounts as they are the low end.

(1)
RAPID LINK CHECKING
* No minimum balance to maintain
* No monthly maintenance charges
* Unlimited check writing
* No per item charges

(2)
PREMIER BANKING
Link your personal checking account with your savings, money market, CD, IRA or Qualified Plan (and meet a combined minimum balance requirement), and forget about per-check fees and monthly service charges.
A combined statement details your linked checking account and provides you with summary information for other linked accounts, information for "at a glance" convenience. Write up to 50 checks per month without incurring transaction charges.
* No minimum to open account.
* $0.35 for each check in excess of 50 presented for payment during the monthly statement period plus.
* $10 per month maintenance fee if the average collected balance for all linked deposit accounts is below $5,000 for the monthly statement period.


When the account rep mentioned the checking account over the phone, which one of these two was it? Premier says something about linking to the other accounts. Is this what we want? Or will the Rapid Link checking with the lower requirements work also?

Will probably call tomorrow during office hours to find out, but would like your opinions. Thanks.

You do have to love their website. It's clean looking, but it probably took someone about 20 minutes to build.

Man, if only they had some sort of online banking. For some reason tele-banking just seems so archaic now.

DCU is offering 3% 11 month certificates. No minimum balance requirements.

Alcibiades said: TruthTeller said: The street signs on the home page are the branch addresses. I kid you not.I think the guy in the hard hat is a happy customer.

no kidding, who the hell put that guys mug on the website

Thanks OP, this is nice rate for flexible account; pretty much equiv to best rates
I see for 18mo CD accounts.

??? Has anyone any knowledge about very high rate "accounts" I've seen advertised in
Phoenix (AZ) local newspapers?? In current marketplace, I remember seeing 7 and 10% quoted,
but lost copy of paper I had, so never investigated to find out what the hitch in the deal is.

thank you!