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5.00% APY ($100k min) - Superior Savings of New England's Incredible Money Market account

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I just updated in Best current APRs thread, Superior Savings of New England has a new account which is paying 5.00% (minimum $100,000).

There seems to be information in the rate thread as well as the Superior Money Market thread so I thought I would start this thread to have one place for the Incredible Money Market account.

Check out their site.

I had fairly good experiences with their Superior Money Market and FReD accounts. 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, Superior Money Market and now their Incredible Money Market.

FWF thread on their Superior Money Market account
FWF thread on their old FReD account

scott1961 reports in the rate thread, "The interest rates for balances between $25K and $100K are not posted on the website. From a call to the customer service, I was told it's 3.50% APY."

ExpatAsia reports in the rate thread, "Below $100,000. interest is 3.44% APY"

newgrannie reports in the rate thread, "Superior Savings is now allowing accounts to be upgraded to the new 5% rather than having to open a new account as they did previously."

INCREDIBLE MONEY MARKET
FREQUENTLY ASKED QUESTIONS
What is the minimum balance requirement to open this Incredible Money Market account?

There is a $25,000 minimum balance requirement to open this account.

How do I earn the advertised interest rate and yield for the Incredible Money Market Account?

A minimum balance of $100,000 must be maintained in this account each day during the statement cycle. Lesser balances will earn interest at lower rates.

Is the interest rate for the Incredible 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. In addition, there is a monthly maintenance fee of $20.00 if the balance falls below $25,000 on any day during the statement cycle. Other fees may apply.

Is there a monthly service charge for the Incredible Money Market?

There is a monthly maintenance fee of $20.00 if the balance falls below $25,000 on any day during the statement cycle. Other fees may apply.

How can I access the funds in the Incredible 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.

If I wire transfer money in or out of this account, is there a charge?

Yes. Our incoming wire transfer fee is $15.00. Our outgoing wire fee is $25.00 and our cable transfer (foreign) fee is $50.00.

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.

alert mods    

"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, superior Money Market and now their Incredible Money Market"

Except now you can just upgrade your existing account by calling them and requesting an upgrade

alert mods    

Wish they would increase rates on current accounts instead of offering more new accounts.
I am more likely to move money out of my 4.50% APY money market account than
add funds to it to get it over 100K. Adding higher rate tiers at 50K and 100K
to current account would have been better, IMHO.

alert mods    

Can someone clarify for me. Do they pay 5% on the entire balance if you're over 100K or just on the portion over 100K. If htat's the case, then you are saying they pay 3.44 on the first $99999?

in other words If I deposit $100,001

do I earn $100,001 *.05 in the first year or

($99,999.99 * .0344) + ($1.01 * .05)?

Thanks in advance!

alert mods    

Over 100K in a single account? I'd look twice. FDIC insurance
is only up to a certain amount unless it is a jointly held
account.

I research this further to be safe. Cheers!

alert mods    

Bluezy said:Over 100K in a single account? I'd look twice. FDIC insurance
is only up to a certain amount unless it is a jointly held
account.

I research this further to be safe. Cheers!

Joint is not the only option, Just list two beneficiaries and you get 200k insured

alert mods    

Is this sucka still stuck at 5.00% APY ?

alert mods    

so this is a great deal, when you can get 5% at Amboy, HSBC, Emigrant, Citi, etc...with no balance requirement at all?

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it used to be a great deal, they are probably slow to raise since they have to make back the money somehow

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