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.
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