4.50% APY ($25k min) - Superior Savings of New England's Superior Money Market

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.

A very small bank (23 reported employees) with one branch, but rated 5-stars.

Geezers (over 50) might be entitled to "Preference 50" perks.

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.

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

KwadGuy said:

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)

didYOUsearch said: KwadGuy said:

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)

Here comes the spoon :)

Just for comparison, how is it compare with this Text for 24 months 5k min

KwadGuy said: didYOUsearch said: KwadGuy said:

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.

I could care less about some star ratings

didYOUsearch said: KwadGuy said: didYOUsearch said: KwadGuy said:

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.

I could care less about some star ratings

You mean to say of course you COULDN'T care less.

What's to become of proper English when people unthinkingly use such meaningless expressions in copycat fashion? Another example - the inane phrase, "that said."

So you cant access ANY of your money inside of 6 months without paying a $15 fee ?

Hurts the deal I think.


Cheap said: AugustFour said in the rate thread:

Received this reply from Superior Savings:

Question: On your website, you mention penalties will be imposed for early withdrawal for the Money Market account (4.50%). Could you please explain the details of this clause (not included in your FAQ)?

Thank you or your e-mail. If withdrawals are made before 6 months there will be a penalty of $15. If you have any further questions regarding this information, you may contact Superior Savings at 1-877-728-3758. Thank you and have a pleasant day.
This matches the documentation for the other account that I had with them and what I was assuming but for a early close fee not just a withdrawal. Strange for an account that comes with checks...

kwad can you please explain what you meant about serious money, why multiple accts for more FDIC coverage is a game, and how a 5* bank account with uninsured deposits over 100k is safer than a 1* bank with multiple accts so all assets are FDIC protected?

im still not following your comments on that one

I'd say that Superior Savings should be taken off the list. If SalemFive was not put on the list because you couldn't take your money out for the first six days without penalty, then a $15 fee for anytime in the first 6 months surely qualifies as a disqualifier.

Kwad
That deal is even worse than a CD. At least with a CD you can take your monthly interest with no penalty. Should be taken off list as this might be a bait and switch account where they lower rates soon after they suck a bunch of money in

didYOUsearch said: this isnt bait and switch- these people have been in business over 100 years.

Ok, Maybe bait and switch is the wrong term. But I have been burned by small banks in the past. Like the time I did a CD where you were allowed one bump up to their current 24 month CD rate. 24 month CD did not change once but they suddenly started offering higher CD's with odd term lengths like 23 and 19 months that were higher than their 24 month. Would have no problem with Superiors offer if that $15 fee was for closing or falling below a minimum and I just park money anyway so would not even be a problem for me. More it's the point they should not be able to call this a savings account with that restriction.

didYOUsearch said: This is currently the highest yield liquid acct and I cant believe people are complaining about it. When you desire is highest yield, there are tradeoffs, and their terms are reasonable

Agreed. This deal is solid and may not be for everyone but those bashing it for the $15 fee are stupid. If you have the min of $25k, it will pay you an extra $125 in interest over an Emigrant account in the next year (assuming nothing changes). I can't even buy a pair of socks for $15, so stop whining.

Ok, I apologize about previous comments. Now that the facts are clear this seems like a pretty standard MM and a good deal at that

IMO: In My Opinion?
zjts said: Anyone have a weblink to T&C? Sorry, but what does IMO stand for?
tylr said: Spoken to a CSR this morning regarding fees:
$15 - close account within 6 months
$10 - balance below $2500, if balance falls below $25,000 there would be no interest on balance but no fee would be imposed against account.
Specifically asked about withdrawals, since it's a MM account the standard 6 withdrawals and 3 checks limit applies but you can definitely withdaw from the account. These conditions and fees are fairly standard IMO. Have had accounts with promotion rates with this bank before and so far it's not a bait and switch.

So for a quick way to get money from ED to here without forfeiting interest, would printing on check stock / using qchex with ED's routing number + your account numer fly?

Just throwing an idea out there, any others are welcome.

HI
I think there could be some mis information in this thread, so I wrote the bank and asked:

Concering the 4.50% MM account
Is there a minimum time I must have the account open?
Are there any fees associated with the account or closing it?
Can I transfer money to and from it via an ACH (ACH from another institution)?

and got back:

Thank you for your e-mail. The minimum balance to open the Superior Savings Bank Personal Money Market account is $25,000 and the maximum deposit for this account is $500,000. If the account is open less than six months there is an early closing fee of $15.00. If the account balance is less than $2,500 on any day during the monthly cycle there is a $10.00 monthly service charge that will be applied. The Personal Money Market account allows incoming Electronic Funds Transfer (EFT) and incoming Automated Clearing House (ACH) transactions. A Personal Money Market account disclosure will be mailed to the address that you have provided. If there are any additional questions, please contact the Superior Bank Telebanking Center at 1-877-728-3758.

Sincerely,
Deborah
Internet Banking Team