Savings Square keeps its savings account interest rates attractive despite the continuing downtrend of other bank offerings. The high interest savings account still earns 1.70% APY which is still very competitive in the current market.

The high yield savings account only requires an initial funding of $1 if you want to kick off this money in the bank deal. They also do not impose any monthly balance. There is also no need to worry about any monthly service fees.

Funding of the savings account can be done through an ACH facility but the limits are set quite low compared to the services of other banks. One way out of this is to send or take out funds using ACH from your other bank.

You can link as much bank accounts as you want. Money market, other savings account, and checking accounts are eligible source of funds to transfer.

Interested consumers can take advantage of the current interest rates by applying online. The bank may request for copies of identification as part of the application process. According to the bank, they do not do a hard credit pull.

Your first funding may be on hold for a few days but after that it takes 2 to 3 days for your deposits to be credited to your account.

Savings Square is operating as a division of Kirkpatrick Bank. The bank was given 3 stars by bankrate.com and 4 stars by BauerFinancial but these evaluations were based on their 2008 data. Kirkpatrick has had some problems with their real estate investments so it will be wise to stay within the FDIC limits.

The mother company is indexed with the FDIC and has certificate number 20156.