A recent Forum post by DA reader, Carpline, and a response from DA reader, HankL, has uncovered a hidden gem: Susquehanna Community Bank (SCB) is offering its Eagle Premium Savings (3.00% APY) nationwide through an online application. The 3.00% APY applies to balances of $100k and above, and is guaranteed for six months. Following the initial six-month period, the APY will convert to Prime minus 3.00%, currently 2.53% APY. The minimum opening deposit is $100k, with at least $25k of new money.
The Eagle Premium Savings (EPS) has tiered APYs for lower balances:
- 0.05% APY – $0.01-$2,499.99
- 0.25% APY – $2,500.00-$24,999.99
- 0.35% APY – $25,000.00-$99,999.99
In addition to low APYs for balances under $100k, there is a monthly maintenance fee of $10 "if balance falls below $25,000.00 on any day in the statement cycle."
Not surprisingly, this great rate comes with some restrictions, which some DA readers addressed in the Forum. According to the Deposit Account Common Features and Service Charge Schedule, a
$20.00 Excess Debit Fee will be charged for any withdrawal/debit in excess of ONE debit semi-annually (January 1-June 30 and July 1-December 31). DEBITS are defined as: Checks, ACH/Automated Clearing House, POS/Point of Sale, Telephone Transfer, Online & Mobile Banking Transfers and ATM Withdrawals. ONLY the monthly compounded interest may be withdrawn.
To quote DA reader, Test 3, that last sentence is,
ambiguous but a generous interpretation is that withdrawing the interest does not count against the single allowed withdrawal. (So yeah, it's a short-term jumbo no-penalty CD.)
Test3 is correct. According to a very knowledgeable CSR, the statement about withdrawing monthly compounded interest is not tied to the $20 Excess Debit Fee statement. Listing two disparate facts together (probably dictated by space restrictions) can definitely lead to confusion. Monthly compounded interest may be withdrawn fee-free and does not count toward the one semi-annual debit withdrawal, BUT the only way the interest can be withdrawn is through an automatic transfer to another SCB account. When the EPS account is set up, the online application provides options for transferring the monthly interest.
CSR also stated that a new EPS account can be funded through ACH or wire transfer, or by check. As stated on the online application, you will need a,
U.S. Checking or Savings Account to fund your new account(s) --- required
if you choose to immediately fund your new account electronically.
While there were some initial concerns voiced in the Forum about the online application not functioning properly, Test3 opened an EPS account successfully.
I signed up on Monday afternoon. The initial test deposit and funding were pending by Tuesday. Late Wednesday, I'm now seeing the funding posted with two days of accrued interest as well.
Thanks to all the DA readers who contributed to this conversation about the Eagle Premium Savings account.
Headquartered in West Milton, Pennsylvania, Susquehanna Community Bank offers its product line to US citizens and resident aliens, 18 years or older, with a valid Social Security number.
Opening an Eagle Premium Savings account can only be done online, or at any of six Pennsylvania branches, located in Beaver Springs, Lewisburg, Mifflinburg, Northumberland, Watsontown, and West Milton.
Susquehanna Community Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.06% (excellent) based on September 30, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $6.97 million, an above average annual growth rate of 2.03%. Please refer to our financial overview of Susquehanna Community Bank (FDIC Certificate # 8421) for more details.
Susquehanna Community Bank is currently the 81st largest bank headquartered in Pennsylvania, with assets in excess of $411 million. Founded in 1920 as the West Milton State Bank, the Susquehanna re-brand occurred less than a year ago. As stated on SCB’s website,
In 2018, we were ranked 34th in the Nation as a Top Community Bank by US Banker Magazine based on the institution’s three-year average return on equity. In addition, we have finished in the top ten in the state of Pennsylvania 2012-2018 according to a leading bank performance report of 8 different performance criteria.
How the Eagle Premium Savings Compares
Because of the Eagle Premium Savings’ unique structure, making a comparison to traditional savings accounts doesn’t make much sense. Suffice it to say, the 3.00% APY is definitely the highest rate currently offered by any savings account found on DepositAccounts.com.
Given the six-month rate guarantee and the restricted withdrawal policy (complete with $20 Excessive Debit Fee), comparing the EPS to a six-month CD isn’t that far-fetched. When compared to 197 short-term CDs tracked by DepositAccounts.com that are available nationwide, Susquehanna Community Bank’s Eagle Premium Savings APY currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 2/14/2019.
To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.