Savings Square?

[m3racer]

Here's a personal update. I finished opening my account with Savings Square and they had my initial deposit available within 10 business days. Their security features are excellent IMO. Most importantly, their customer service is great. I've had all my questions answered in a timely fashion and the person that I've spoken to Patti is very courteous. I'll give another update when I get a chance to use them a little bit longer.

[aafin]

savings square

I am actually an account holder of savingssquare.com and I love it. I don't like to mess with a lot of "stuff" i just want my interest and to perform the basics. It is easy to set up, easy to use and i get my payments. No complaints! I also like that if i have a question i can actually speak to a person not a machine. I know that banks can't get away with paying really high rates with the fed moving the way they have been lately, but they have maintained their high rate through the recent drops.

[savingtaker]

digital insite

Shore Bank uses Digital Insight as well. I wonder if you can pretty much expect the same experience with any bank that uses Digital Insight. Takes the guesswork out of what a online bank is like if they're using DigiInsite.

[mike42]

Also, you might have local banks that match or exceed the internet savings accounts. I have a checking account that I get 6% on up to $25,000 and all I have to do is have 10 electronic transactions a month (direct deposit, bill pay, ATM withdrawals, all count). This is now my bill paying checking account and my savings/emergency fund, and I have mine set up to do the 10 automatically or within the course of the month paying the regular bills. I have another checking account for my "slush" money, (gas, food, clothing, everything else not a direct monthly bill) so I don't accidentally spend my savings.

I'm in Kansas, and my bank, Equity Bank, covers Kansas or Missouri. I've heard of others in different parts of the country on this forum...

My credit union just started offering 6% checking too (balances over $25K get an extra 0.5%). The requirements are pretty much the same.

I'm in Florida with Eastern Financial, which I believe is pretty much available statewide.

[krayziebone33]

Yeah I have checked out his amazing list...that's where I found out about UFB and SS. I like the idea of signing up with ING or HSBC because of the great reviews, but I just can't justify signing up for 1% less than what SS is offering. (and it FDIC)

I know it's pretty new, I was just wanting to see if anyone here has used SS and if it is worthwhile.

Rates are continuing to drop. Its nice that there are online banks, and even some brick-and-mortar banks, that are still offering above 5%. However, this will probably not last too much longer. In fact, UFB was at 5.22% just a week ago, but they are at 5% now. You can expect that to drop a little more in the future. I'd say to go with the more reputable online account like HSBC. UFB is solid as well. I have accounts with both, and I must say that I have really enjoyed my experience with HSBC thus far (over 1 year). Chasing rates right now really does not make any sense, in my opinion.

[m3racer]

Personal update.....I've transferred funds into the account and it takes on average 7 business days to complete. It's a tad bit slow but I'll stick with it for now due to their interest rates.

[Broken Arrow]

Personal update.....I've transferred funds into the account and it takes on average 7 business days to complete. It's a tad bit slow but I'll stick with it for now due to their interest rates.

Yeah, I was a bit flustered with that as well, but that time frame is only for your initial deposit. After that, transfers between external accounts are made within 3 business days, and if you meet their minimum balance requirement (which I think is $750), then you can use their next business day transfer.

[m3racer]

Yeah, I was a bit flustered with that as well, but that time frame is only for your initial deposit. After that, transfers between external accounts are made within 3 business days, and if you meet their minimum balance requirement (which I think is $750), then you can use their next business day transfer.

I'll have to call them because the transfers were not regarding my initial deposit. Also, the next day business transfer is not even an option for me although my account has the minimum balance requirement.

[Broken Arrow]

Oh? You ARE with Saving Square right? I think it took like 10 business days (2 weeks) before my initial deposit cleared, but after that, I had the choice of 3 business day and 1 day business day transfers to select whenever I wanted to move the money in or out. Or did the policy just recently change?

[m3racer]

Oh? You ARE with Saving Square right? I think it took like 10 business days (2 weeks) before my initial deposit cleared, but after that, I had the choice of 3 business day and 1 day business day transfers to select whenever I wanted to move the money in or out. Or did the policy just recently change?

Yeah, I only have the standard transaction available.

[savingtaker]

Anyone know off hand what their transfer limits are? I'm talking in dollar amounts....

[Broken Arrow]

I'm trying to remember this off the top of my head, so I could be wrong.

However, I think you can transfer up to $2000 a day using next business day transfer, and up to $15000 per day using the 3 business day transfer. The next business day transfer is only available if you have a minimum balance of $750.

[m3racer]

What happened to their bankrate rating? It disappeared. I hope this does not mean anything bad.