Savings Square Online Savings Account
Article Submitted By: BankMan
Savings Square, a division of Kirkpatrick Bank offers a competitive online savings account that is FDIC insured.
Savings Square, a division of Kirkpatrick Bank offers a competitive online savings account that is FDIC insured.
Account Application
The application process is all electronic and your identity is confirmed via questions about your monthly mortgag payment, or car payment or other debt payment taken from an Equifax check system report. This eliminates the need to send a paper signature card in the mail speeds up the account opening process.
Funding
Funding can be done via check or ACH. To confirm the funding source, they will either ask you to enter the banking credentials (username or password) or send two trial deposits that you must confirm on their site. This ensures that you do indeed have access to the account you are withdrawing from. Standard transfer tims are 3 days.
Square Savings also has a nice premium transfer feature available at no additional costs to customers once they have signed up and funded the account. Once in the program, users who transfer funds before 5pm, will see the debit or credit show up in their account the following business day.
Minimum Balance & Fees
There is a $1 minimum balance to open the account and up to $100,000 can be deposited initially. After the first deposit, you can put in as much money as you want (although we recommend staying below FDIC limits). There are no fees.
Interest
Interest is calculated daily and compounded monthly.
About Savings Square
Savings Square is a division of Kirkpatrick Bank. Kirkpatrick Bank is headquartered in Edmond, Oklahoma, serving both Oklahoma and Colorado with branches in Edmond, Oklahoma City, Colorado Springs and Castle Rock. Originally chartered as American Bank and Trust in March 1970 in Edmond, Oklahoma, the bank was acquired by the Kirkpatrick family in May 1988, one of Oklahoma’s leading families in the energy industry.
Kirkpatrick Bank is FDIC insured and has a Baeur Rating of 4 out of 5 Stars(Very Good) for its safety and soundness.
Comments
Frederick Chopin, July 02, 2009
Rate has dropped to 1.90% as of 7/2/09.
Frederick Chopin, April 01, 2009
Interest rate drops to 2.10% apy as of 4/01/09.
Andy, March 31, 2009
For the people that have the low limits, I'd suggest sending them an email asking them to increase your transfer limits. I did this and they increased my premium transfer limits to 20k daily and 50k monthly, and my standard transfer limits to 100k daily and 300k monthly. I'd also highly recommend this bank as they've been extremely helpful with any questions that I have and have been by far the easiest to sign-up with.
Tony, March 16, 2009
I've had a SavingsSquare account for about 6 weeks. The transfer limits have been a big deal to me. The incoming limits are $2000 daily and $5000 monthly. The "daily" limit is in effect while the transfer is occurring - 6 business days on average so far. By the time I get my money moved into the account I'll probably need to take it out. Rate has also been dropping like a rock, although they're still fairly competitive.
townsend, February 24, 2009
As of 2/23/09, Savings Square's rate dropped to 2.60%. They actually e-mail you when the rate changes.
townsend, February 11, 2009
One caveat about savings square: You can choose any one of the following service types to meet your online money movement needs: Premium to transfer funds (up to $2000 daily limit, $5000 monthly limit) within the next business day. Standard to Transfer Funds (up to $15000 Daily Limit, $25000 Monthly Limit) within 3 Business Days I don't see a problem as long as you have 25,000 or less in this account. However, if you have more, then it will take you more than a month to move your money out. Hardly optimal. Frankly, I don't care for such limits but I may use it for balances of 25,000 or less.
townsend, February 06, 2009
I agree w/ James L about this being an excellent bank. One of the smoother sign up processes. However, they are playing the same rate drop game as everybody else. Several weeks ago, they were at 3.60%. Then they dropped to 3.30%. I remember talking to the representative, who said they had never dropped below 3.00% in the history of the bank. I thought certainly they will stay at 3.30% for at least a month. No such luck . . . as of 2/5/09, they dropped to 2.90%. I'm am now thinking we are lucky if we can get 3.00%.
JamesL, January 29, 2009
This is an excellent bank to work with. I just signed up and the process was very easy. Their customer service is outstanding and very friendly. I highly recommended this bank. You won't be disappointed when you sign up. Yes, they are FDIC insured.
