Dedicated to Deposits: Deals, Data, and Discussion

5.25% 13-Month and 7-Month CD at Superior Savings of New England

POSTED ON BY

Update 1/25/08: The 7-month CD rate is down to 4.25% APY. The 13-month 5.25% CD has also ended.

Even though Superior Savings of New England has removed the 5.25% APY 7-Month CD display from their home page, they are still offering this special. I just called and confirmed this. The CSR also said they're offering a 5.25% APY 13-month special that hasn't been advertised. All that is necessary to lock in this rate is to call and provide your name and address. You then have 14 days for them to receive your application with the check and copies of your IDs. The CSR said that you're under no obligation to send in the application when you provide your name or address. So it seems like there's no reason not to call if you're thinking about one of these CDs.

They also require copies of two forms of ID. The first can be either your driver's license or passport. The second can be a major credit card, utility bill or an employee badge with picture.

The CSR said that these specials could end at any time. Since they've removed the 5.25% 7-month special display, I wouldn't be surprised to see it change tomorrow.

Branches are located in Branford, Connecticut and Bronx, New York. It has been FDIC insured since 1960 (Certificate # 18244). Bankrate.com gives the bank a rating of 3 out of 5 stars (performing) based on 9/30/07 data. This is down a little from last year when it had a rating of 4 out of 5 stars.

Thanks to the readers who mentioned this 13-month CD in the comments along with the info on the rate lock.
  Tags: CD rates

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Comments
13 comments.
Comment #1 by Anonymous posted on
Anonymous
What phone number do you call? I tried calling the only number on their web-site and get no where.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I did use the one listed (1-877-728-3758),

I think they close at 5:00 EST, so you may need to try again tomorrow.

But I should have mentioned the problem that I had when I called earlier in the day. It kept asking for my SSN which I had no intention to disclose. I was finally able to connect with a service rep by repeatedly pressing 0.

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Comment #3 by Anonymous posted on
Anonymous
Thank you, banking guy. That is the same problem I had when I called earlier today. But I guess I wasn't persistant enough. Will try again tomorrow morning.

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Comment #4 by Anonymous posted on
Anonymous
Thanks, Banking Guy. It's a great deal and that 14 day funding period is a lifesaver. Only God knows what rates will be 14 days from now. The Fed meets again next week and I'm expecting another quarter point drop.

1
Comment #5 by Anonymous posted on
Anonymous
A word of warning: Superior is being acquired by Capital One.

Any time you talk to a CSR at Superior, make sure you write down their name and the date and time of the call so you can tell them who made a promise or provided information. They're really good at "oh no, we don't do..."

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Comment #6 by Anonymous posted on
Anonymous
I want to add:

1. Open also rapid link checking for $1.
2. They don't have ACT at their end but allow from your local banks.
3. Send ALL applications for rapid checking and cds in the same envelope. I did POD with two bene, in case the bank falls flat. I sent check for $10 for rapid.
4. Can fund by ACH to checking, and call to fund the CD within 14 days.
5. When the CD matures, you can pull the funds from your other bank.

I did today, sent the letter to lock the cds at the rate.

Thanks, Ken.
-Ram

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Comment #7 by Anonymous posted on
Anonymous
I tried calling this morning, and the 7-month is down to 4.25%. Bummer.

1
Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. I was worried that it may fall by today.

1
Comment #9 by Anonymous posted on
Anonymous
how about rate for13-month cd?

1
Comment #10 by Anonymous posted on
Anonymous
Called this morning. the 13 month rate at 5.25% no longer available.

1
Comment #11 by Anonymous posted on
Anonymous
I am very MAD at this bank. I called Wednesday and they said I had 14 days to submit my application and that was that. They did not ask for a name, address, or anything. I also sent a message to inquire about the account on thier online form and they did not call me back. I called them on Friday, Jan. 25 and they said there is nothing I can do and the only rate I can get is 4.25%. I believe that is for both the 7 and 13 month CD. So, I LOSE again! Why are banks trunning me down all the time with superior credit rating?

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Comment #12 by Anonymous posted on
Anonymous
If you HAD submitted the application, you do not have to worry - even if they did not record your name/address. You have 14 days to fund the account. All this, of course, if you had already posted.

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Comment #13 by Anonymous posted on
Anonymous
Continued comment posted on 1/25/2008 at 8:24AM:
Nevermind, they did call me back today, Friday! They informed me since I inquired on their site about the rate, they will honor my request as long as I have my form postmarked in time! Finally, some good news this week long 4 day (8 days for me) week! Thanks everyone and thanks Banking Guy; you are the best!

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