Rough calculation. Assume $25,000 at 4.50% paid monthly. I used a simplied 30/360 day calculator. Thus, the formulat would be $25000*(1.045^(30/360)=25091.87 at the end of the month or interest of 91.87. Assume you close right after the interest is paid and get a penalty of $15.00, net interest would be 91.87-15 or 76.87. It get a bit tricky to calculate your annualized rate, since you are annualizing a one month holding period, but the most conservative method assuming no compounding each month is 76.87*12=922.44 annual interest divided by $25,000= 3.68%. That should be the your worst case scenario since, you take the maximum hit, in the shortest amount of time, I do not compound and importantly do it on the the minimum investment. If you raise the investment to $100,000 and then withdraw after one month and a day, the approximate yield is 4.22% instead of 4.5%. Thus, investors with upwards of $100,000 will likely find the this Superior Savings account the best alternative, while those closer to $25,000 might want to go with Emigrant Direct. However, if I rerun the calculations, assuming you can leave your $25,000 in for at least two months, the worst case yield becomes 4.04% slightly edging out the Emigrant Direct account.

It is always important to keep perspective. I did all those calcualtions and at the end of the day, you are arguing over the impact of $15.00. If you have two pennies and lose one, you have a 50% loss, but you still only lost a penny!

Happy Investing. David.

FWbargains said:bill777 said:jensenjp said:... allows incoming Electronic Funds Transfer (EFT) and incoming Automated Clearing House (ACH) transactions.

So only ACH in but not out?

Can't we just use another bank account like ING or Emigrant to PULL money OUT by ACH. Then it doesn't matter that Superior Savings cannot send money out by ACH on their online features.

The word "allows" would seem to imply that you cannot pull money out using ING, etc.

Here is a link to the application, in case you don't feel like typing your personal info

MM App

ExpatAsia said:For those who have opened the account and received the checks, could you kindly share what the routing number of Superior Savings please? Is it 211170363? If so then, accounts at Superior Savings can accept ACH pull and push from another bank. Thanks.
the number is correct

Superior Savings accounts are similar to accounts at most banks that do not have 'free ACH push/pull' feature so if you have an account at any of the 'free ACHs' banks (there is a thread listing them, I believe...CapOne, ING, ED, Virtual Bank and many others), you can deposit and withdraw funds accordingly. I prefer CapOne for moving funds among accounts since it has a decent yield for parking cash (3.75% 6 business days) and it does not require a check to establish a link which comes in handy for accounts with no check or no free check plus the account has no minimum balance requirement so usually a balance of $1 is sufficient to keep the account open just to be safe.

bill777 said:ExpatAsia said:If so then, accounts at Superior Savings can accept ACH pull and push from another bank.

how did you know?
thanks.

You can check yourself from here
http://www.fedwiredirectory.frb.org/

There you can see Fedwire (for wire transfers) and FedACH (for ACH). So if a routing number is listed in FedACH that means accounts with that particular routing number can "accept" ACH pull and push. Whether the account can "initiate" ACH push or pull is another story.

zuttopretear said:ExpatAsia said:For those who have opened the account and received the checks, could you kindly share what the routing number of Superior Savings please? Is it 211170363? If so then, accounts at Superior Savings can accept ACH pull and push from another bank. Thanks.
the number is correct
Confimed. I now have an open account!
Checks are #93 - 98, standard temp. check packet. Six checks, use wisely...
3 postage paid envelopes, 2 seperate deposit slips and 2 copies of their telebanking brochure, standard disclosures. An application for the next account... Everything as it should be.

bluegenie said:Cheap said:zuttopretear said:ExpatAsia said:For those who have opened the account and received the checks, could you kindly share what the routing number of Superior Savings please? Is it 211170363? If so then, accounts at Superior Savings can accept ACH pull and push from another bank. Thanks.
the number is correct
Confimed. I now have an open account!
Checks are #93 - 98, standard temp. check packet. Six checks, use wisely...
3 postage paid envelopes, 2 seperate deposit slips and 2 copies of their telebanking brochure, standard disclosures. An application for the next account... Everything as it should be.

They didn't send withdrawal slips? FYI, the only way to get interest that hasn't posted when closing an account is to fill out a withdrawal slip checking the "Close account" box.
No withdrawl slips. For what it is worth, with my FReD account, I called up on the first of the month to close it (to get the full months interest) and they gave me a credit for the interest for that day (the 1st).

giantmet said:ACH to superior works. linked hsbc to them as mma savings, the trial deposits went right in

Now only if ACH out-of superior also works.....

On the online application for superior savings money market : what are they talking about when they say
Future Funding ; direct deposit , payroll check , misc. etc. ???????????????????????????