security savings bank 5.40% savings account

jdgay22 · #1 (**permalink**) 07-07-2006, 10:16 AM

does anyone use this savings account. it say only $100 to open. and has the highest yield i have seen. 5.40%

http://www.bankplace.com/

jdgay22 · #2 (**permalink**) 07-07-2006, 10:17 AM

http://www.bankplace.com/ratesheet.pdf

the rate sheet

sweeps · #3 (**permalink**) 07-07-2006, 10:37 AM

Bankdeals has some information on this account. (Link) Security Savings has no online banking, so Banking Guy recommends linking it to another account so you can make ACH transfers. Other than that, seems like a good deal.

JoyJoy · #4 (**permalink**) 07-07-2006, 03:36 PM

Thanks for alerting us to this jdgay22 and thanks for the research Sweeps! 5.40% is the highest I have seen too.

gavinmccallister · #5 (**permalink**) 07-07-2006, 09:30 PM

Quote:

Originally Posted by jdgay22

does anyone use this savings account. it say only $100 to open. and has the highest yield i have seen. 5.40%

http://www.bankplace.com/

I saw on their website that they compound interest daily but only credit it quarterly, so I take it if you close the account before the quarter you lose your interest. Is it better to have a bank that compounds daily and credits monthly?