I had fairly good experiences with their FReD account. The only bad part was they never raise their rates to keep up with market conditions, they just introduce another account. They have had FRed, Superior Savings Amazing Money Market, and now their Superior Money Market. 4.50% might be worth dealing with that though.
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
FAQs
What is the minimum balance requirement to open this Superior Money Market account?
There is a $25,000 minimum balance requirement to open this account.
Is the interest rate for the Superior Money Market account locked in or fixed for a definite period of time?
No. As is true with most Money Market Accounts, the interest rate and annual percentage yield is subject to change at any time.
What happens if my balance falls below the minimum opening deposit of $25,000?
If the balance in this account falls below $25,000 on any day, the account will earn no interest that day.
Is there a monthly service charge for the Superior Money Market?
There is a monthly maintenance fee of $10.00 if the balance falls below $2,500 on any day during the statement cycle. Other fees may apply.
How can I access the funds in the Superior Money Market account?
Once your account is opened, you will receive a small package of complimentary checks and deposit slips. When you need additional checks or deposit slips, simply mail the completed order form enclosed in your package or call our TeleBanking Center, 877-RATEPLUS (877-728-3758). There is a fee for check and deposit slip orders.
Will I receive a monthly statement with this account?
Yes. Each month we will send you a statement to the address on file for this account.
I have never heard of Superior Savings of New England. Are you FDIC insured?
Yes. Superior Savings is an FDIC insured with roots in Branford, CT since 1889. Superior is a wholly owned subsidiary of North Fork Bancorporation, a $60 billion asset holding company headquartered on Long Island.
North Fork acquired Branford Savings in 1998, changing the name to Superior Savings of New England, N.A. Superior is a nationally chartered Bank with branch locations in Branford CT. and the Bronx, NY offering clients the opportunity to handle many of their banking needs over the phone with deposit products earning some of the highest rates in the country.
Message edited by: colebert on 2006-01-07 14:42:04 CST
didYOUsearch said:sounds reasonable to me, and 4.5% for 25-100k or more (all FDIC protected) is great place to park liquid funds, no DD requirements or anything!@
if youre hovering right at the 25k line, ED at 4% with no mins may be better for you.
I don't think Presidential Premier Savings requires DD so that would be better than ED.
Any good ideas on getting money in/out electronically without having to print checks?
ken76 said:dudetheobscure said:A very small bank (23 reported employees) with one branch, but rated 5-stars.
Any idea why BauerFinancial has it at 5 stars but Bankrate.com only has it at 3 stars?
Different criteria and/or different weight assigned to relevant criteria. Also, ED is also 3 stars according to bankrate.com. FWIW, am comfortable w/ a range of 3-5* as a minimum as long as bauer and bankrate do not vary greatly into the less than 3 ratings. Given that banks report on a quarterly basis and one needs to take the reported data with a grain of salt in addition, the difference between 3* and 4/5* is nitpicking and pointless. JMO ofcourse.
The FAQ for this money market account only lists telebanking access. Since it's Sunday and I can't call to ask, does anyone know if the Superior Money Market account is accessible via the web?
Thanks OP. Its amazing what you can find out by glancing at the FW Finance forum occassionally. This is a better rate than the 6-month CD's I was getting excited about.
FWbargains said:I just check on the FDIC list that this is a legit bank. Been around a long time. fdic list linkyeah it was already checked out in the prior thread linked in the OP
stfs said:ken76 said:dudetheobscure said:A very small bank (23 reported employees) with one branch, but rated 5-stars.
Any idea why BauerFinancial has it at 5 stars but Bankrate.com only has it at 3 stars?
Different criteria and/or different weight assigned to relevant criteria. Also, ED is also 3 stars according to bankrate.com. FWIW, am comfortable w/ a range of 3-5* as a minimum as long as bauer and bankrate do not vary greatly into the less than 3 ratings. Given that banks report on a quarterly basis and one needs to take the reported data with a grain of salt in addition, the difference between 3* and 4/5* is nitpicking and pointless. JMO ofcourse.
Spoken like someone who doesn't have a lot at stake. Trust me: If you are looking to park cash in excess of the FDIC limits, there is a BIG difference between 3* and 4/5* banks.
Spoken like someone who doesn't have a lot at stake. Trust me: If you are looking to park cash in excess of the FDIC limits, there is a BIG difference between 3* and 4/5* banks.
Kwadcare to explain what you are talking about? Whats the BIG difference ? Your comments seems to be spoken like someone who doesnt have a clear grasp of FDIC insurance.
and why would anyone with deposits over 100k NOT structure accounts to increase FDIC coverage for the full amount of the deposit? Its extremely simple to expand FDIC coverage way beyond 100k (search this forum or the net)
Spoken like someone who doesn't have a lot at stake. Trust me: If you are looking to park cash in excess of the FDIC limits, there is a BIG difference between 3* and 4/5* banks.
Kwad I agree, As an example Umbrella bank is offering a decent MM, but I would not go with a 2* bank even under FDIC limit. I would rather have over $100,000 in a 5* bank like Capitol One or a very large bank like Citizens. Figure their has to be some very rich people out there who put millions into a bank.
Spoken like someone who doesn't have a lot at stake. Trust me: If you are looking to park cash in excess of the FDIC limits, there is a BIG difference between 3* and 4/5* banks.
Kwadcare to explain what you are talking about? Whats the BIG difference ? Your comments seems to be spoken like someone who doesnt have a clear grasp of FDIC insurance.
and why would anyone with deposits over 100k NOT structure accounts to increase FDIC coverage for the full amount of the deposit? Its extremely simple to expand FDIC coverage way beyond 100k (search this forum or the net)
Spoken like someone who doesn't have a lot at stake. Trust me: If you are looking to park cash in excess of the FDIC limits, there is a BIG difference between 3* and 4/5* banks.
Kwadcare to explain what you are talking about? Whats the BIG difference ? Your comments seems to be spoken like someone who doesnt have a clear grasp of FDIC insurance.
and why would anyone with deposits over 100k NOT structure accounts to increase FDIC coverage for the full amount of the deposit? Its extremely simple to expand FDIC coverage way beyond 100k (search this forum or the net)
I have a very clear grasp of FDIC insurance. I know you can get a few multiples of $100K if you open additional accounts (but not many if you're single). But even with all those multiples, you aren't going to cover your entire deposit if you have serious money. If you think that by playing games you can get full FDIC insurance for what I'd consider a "Big" deposit, then you and I have very different ideas of what a "big" deposit is.
Not to mention: Who wants to go through the hassle of setting up a ton of different accounts if you can avoid it and get basically the same rate?
Spoken like someone who doesn't have a lot at stake. Trust me: If you are looking to park cash in excess of the FDIC limits, there is a BIG difference between 3* and 4/5* banks.
Kwadcare to explain what you are talking about? Whats the BIG difference ? Your comments seems to be spoken like someone who doesnt have a clear grasp of FDIC insurance.
and why would anyone with deposits over 100k NOT structure accounts to increase FDIC coverage for the full amount of the deposit? Its extremely simple to expand FDIC coverage way beyond 100k (search this forum or the net)
I have a very clear grasp of FDIC insurance. I know you can get a few multiples of $100K if you open additional accounts (but not many if you're single). But even with all those multiples, you aren't going to cover your entire deposit if you have serious money. If you think that by playing games you can get full FDIC insurance for what I'd consider a "Big" deposit, then you and I have very different ideas of what a "big" deposit is.
Not to mention: Who wants to go through the hassle of setting up a ton of different accounts if you can avoid it and get basically the same rate?
Kwadim still lost - Maybe we do have different ideas of what a "big" deposit is -what do you define as "BIG or serious money"? (this deal is capped at $500k).
Are you just talking in theory, or are you truly looking for a place to keep over $500k liquid? I cant believe that, if you have balances of that size, you dont want to go through the "hassle" of setting up multiple accounts - you'd rather have deposits UNINSURED above 100k by having 1 account at 5* rated bank, than have the entire balance fully insured via multiple accounts, even if theyre at a 1* BANK? How is that safer?
Multiple account titles certainly IS NOT PLAYING GAMES WITH FDIC coverage. Every bank and even the FDIC explains how to maximize coverage using these strategies. Your ED link shows you understand this, so how is it a game?? Per your lik, you see how simple it is to get $600k FDIC insured, Superior Savings limit on this deal is 500k. As long as you have a trusted family member with whom you structure the accounts, the entirety is FDIC protected.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
