Offer at a glance
- Interest Rate:Â 3.00% introductory rate for 6 months, after that 2.53% APY (prime minus 3%)
- Minimum Balance:Â $100,000
- Maximum Balance:Â ?
- Availability:Â Nationwide
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Unknown
- Credit card funding:Â None
- Monthly fees:Â None with $25,000 minimum balance
- Insured:Â FDIC
- Early Termination Fee: $10 if closed within 90 days
The Offer
- Susquehanna Community Bank a 3.00% APY introductory rate for 6 months on their Eagle Premium Savings account.
- After introductory period, rate will revert to Prime minus 3%, currently 2.53% APY.
The Fine Print
- $100,000 minimum deposit to open account
- $25,000 new money required
- You may make unlimited deposits into your account
Avoiding Fees
- $10.00 Maintenance Fee if balance falls below $25,000.00 on any day in the statement cycle.
- $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 ONLY the monthly compounded interest may be withdrawn on a recurring basis without penalty.
- Early account closing fee of $10 if closed within 90 days of account opening
- Popmoney transfer fee of $.50/ transaction when initiated from Susquehanna Community Bank
- Popmoney transfer limit of $5,000 per transaction
Our Verdict
For those with large cash balances, this account is the best available: it’s regular rate of Prime minus 3% seems to be the same or better than the other best rates available, and the introductory 3.00% rate is a sweet bonus (around $250 gain from the bonus rate per $100k deposited). I also like that they tie the rate to Prime which should mean that it increases automatically as interest rates increase. Of course it’ll also decrease as rate decrease.
The big thing to keep in mind is the $20 Excess Debit Fee mentioned in the fine print which basically limits you to just one free withdrawal every six months, sort of like a no-penalty CD. You’d have to pull out all funds in one shot either by transferring to another account at the bank or with a transaction initiated from an external bank.
Hat tip to Depositaccounts
