Comments on: Savings Square Added to High-Yield Accounts List

By: juggler314

juggler314 — Fri, 01 Feb 2008 12:35:27 +0000

Per the usual ING has been lightning fast to change rates. APR changed from 2.47 to 2.23, with corrosponding APY changes of 2.50 down to 2.25 on checking and the savings APY went from 3.65 to 3.4.

By: Allison

Allison — Thu, 31 Jan 2008 18:43:36 +0000

Hello! I’m the girl to wrote to Flexo about Savings Square. I have to say that I haven’t experienced any transfer problems, other than the initial set up (and that was because my personal bank and Savings Square coded some things differently). I tranfer money from my regular bank to SS at least twice a month, and most of my transfers occur within three days. I think the only time it’s been longer is when I scheduled it near a weekend, but that’s the norm with any online bank tranfer, I think. Anyway, I’m super pleased with them!

By: Flexo

Flexo — Tue, 29 Jan 2008 23:52:49 +0000

Quarterly crediting of interest means that you can lose significant money if you close your account at the “wrong time” (i.e., right before interested is credited). I’ve heard horror stories of customer service there… I do not have an account there, and the extra interest isn’t worth the hassle for me.

By: diane

diane — Tue, 29 Jan 2008 23:46:55 +0000

I wonder about that Unity Gold E-Savings at OneUnited at the top of the list. That is 1% better than Emigrant where I am now, which translates into $500/year. Have you heard anything about it? If I understand the website correctly they only credit the account quarterly. Anyone have any dealings with it?

By: Flexo

Flexo — Tue, 29 Jan 2008 18:24:30 +0000

ChristianPF: It’s probably wrong to call any investment completely risk-free, but as far as reasonable people are concerned, a savings account (aka. money market account) is as risk-free you’re going to get in a financial institution. Former customers of NetBank might disagree, but there should generally be no worries with leaving your money in a savings account (other than inflation).

By: ChristianPF

ChristianPF — Tue, 29 Jan 2008 18:08:04 +0000

from looking at their tagline on their site… “no mins, no fees, no risk, FDIC insd” I think it is bold of them to say “No risk” with a Money market account… I agree, that there is minimal risk compared to many other investments – but, would you say “no risk”?