Dedicated to Deposits: Deals, Data, and Discussion

5.50% Money Market Account at Superior Savings of New England ($10K+)

POSTED ON BY

Superior Savings of New England, N.A. just started to offer a money market account called the Amazing Money Market with an APY of 5.50% for balances of over $10K. The bank doesn't have this listed yet on its website, but I confirmed it by calling their toll-free number (1-877-rate-plus). For balances between $10K and $2.5K, the interest rate drops down to 2% APY. No interest is earned for balances below $2.5K and there's a $10/month fee.

In terms of features, this Amazing MMA is very similar to the Superior MMA that came out last August (see post). The account can must be opened my mail and is available to people in any state. Once the account has been established, you can access it through the online banking application. They don't offer a bank-to-bank ACH transfer service, but you can initiate transfers from your accounts at other banks.

One nice thing is that if you already have the Superior MMA, you can call and request to be upgraded to this new Amazing MMA. In the past they weren't as accommodating. Over the last year, Superior Savings has come out with a new special money market account with better rates and/or lower minimums every few months.

Note, Superior is also offering a competitive 6-month CD with an APY of 5.60%. The minimum is $500.

The bank has two branches in Branford, Connecticut and in Bronx, New York. It has been FDIC insured since 1960. It has a safe and sound rating of 4 out of 5 stars (sound) at Bankrate.com.

Thanks to the reader who emailed me news of this account.


Comments
9 Comments.
Comment #1 by Anonymous posted on
Anonymous
have you checked out millenium bank's premium cd's?

1
Comment #2 by Anonymous posted on
Anonymous
Do you earn the 5.5% on all of your money or just the amount that is over $10k ?

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
About Millenium Bank, please refer to this post.

About the 5.50% APY, it does apply to the entire balance if your balance is over $10K.

1
Comment #4 by Anonymous posted on
Anonymous
These guys do not know how to communicate.... I am not talking about the just the phone (the worst!)... even the regular mail is bad too.

I mailed mine on Dec 11. Did not hear from them for a week. I had to call and find out they needed a couple of more identification (with picture id). I faxed it next day. Waited for few days - nothing... so, I called again to see the status. I am told that I have to wait for it to start processing and for me to receive a start up packet blah blah; I requested if I can gain access to the internet as soon as my account is opened. The answer is NO. I HAVE TO WAIT FOR THAT STARt-UP PACKET and the lady does not want to listen to me any further - huh!, I called and said STOP processing my account any further. I WASTED MY TIME.

1
Comment #5 by Anonymous posted on
Anonymous
Superior Savings - 5.50% MMA ($10K min), IT IS TRUE, IT 5.5% THAT IS FOR SURE.... HOWEVER, THESE BANK CSR or ACCOUNT OPENING GUYS - THEY ARE AWFULLY RUDE!!!, PLEASE NOTE.

IF YOU CAN PUT UP WITH THE ATTITUDE AND THAT KIND OF CUSTOMER SERVICE - GOOD LUCK TO YOU.

I BACKED OUT IMMEDIATELY - AS SOON AS I NOTICED THE LANGUGAE AND TONE THEY USE.

I AM GOING TO WAIT FOR A MONTH AND I AM SURE THERE IS ANOTHER DECENT BANK THAT I AM GOING TO WORK WITH...

-- ME TOO!

1
Comment #6 by Anonymous posted on
Anonymous
Hi, I just read the negative comments about Superior Savings. I've been looking for a good interest rate for my mother (80 years old with little savings). She needs a bank that offers excellent customer service. Has anyone encountered GOOD service with Superior?

Thanks

1
Comment #7 by Anonymous posted on
Anonymous
They seem nice, but incompetent. I opened up a bunch of trust accounts, as well as a CD (Jan 8th), and they, just like the poster above said, fail to call you and tell you you are missing secondary ID. PLUS, I asked them to please contact me if there are any issues, and they didn't... It's like I'm begging them to take my money. Also, each time I call, the wait time is never below 15-20 mins. Ridiculous.

1
Comment #8 by Anonymous posted on
Anonymous
It appears that this account is no longer being offered to new customers. Their home page no longer shows the Amazing Money Market with an APY of 5.50%.

1
Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
You're right. Looks like it's no longer available to new customers.

1