How long do these guys take to open an account ? It has been 2 weeks since i sent my check in and the
funds have not been withdrawn yet.

nymgiants said:...it took an additional week for the check to clearBest news I've heard all day. Thanks!

If you try to sign up for Internet Banking they require an ATM card number which you have to apply for. Instead of this just call the customer service number and ask them to enable your Internet Banking. You'll need to wait for them to snail mail you your password.

Do it now. Your account may be funded and ready to use in January.

They pay well, but they're very slow to open new accounts and have a "mom and pop" feel to them. I'm still waiting to get my online access enabled with my new Superior MM account. I'm just glad they finally added online access; they didn't have online access when I signed up for their 3.04% Superior Savings account.

if you read this thread, you will see this bank doesnt move rates if rates increase, they just start a new promo acct program

I've had 100 k with them for awhile , no problems

davidaexp1 said: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.

Man thanks for doing this. I was going to chime in with a "it's easy to figure out if it's worth it, and no matter what $15 is no big deal for high rollers like Kwad"

BTW, if you have one of the older accounts with a lower rate, call customer service, for a deposit they'll upgrade you to the new account/rate.

Called twice, and both times were denied an upgrade. They said the only way is to start a new application. I guess I'll fill out the paperwork, since 4.50's a pretty good rate.

Think I'll need to close this account. What's the best way to get the remaining 25k out with no penalties, and no lost interest. I know there's a $15 charge to close the account.

You can upgrade account to new 5% rate if you have 100,000 - do not have to open a new account in order to get the new rate.