Golf Savings Bank Review – Hard times hit the banking industry as well

Golf Savings Bank is now Sterling Savings Bank. They offer a wide range of interest earning deposit accounts in order to meet the needs of their customers. In these tough economic times, they have had to make some changes in their traditionally ‘high interest rates – low fee’ way of doing business. Please read further if you would like to find out if these changes will affect the growth of your money enough to cause further consideration. Golf Savings Bank is FDIC insured, so your money is safe.

Golf Savings Bank Savings Account–

With a minimum deposit of $300, you can open an account with Gold Savings Bank. As long as you keep this minimum in your account, you will avoid the monthly service fee and you will be able to watch your account grow over time. Gold Savings Bank does have tiered accounts, however as the economic times have been rougher than expected, the interest rates have all been reduced to a bare minimum. Presently, as far as highest savings account rates are concerned, they are keeping pace with Bank of America and Chase bank.

Money Market Account at Golf Savings Bank –

Gold Savings Bank Money Market accounts are not doing much better. The only real differences between the money market account and the regular savings are: 1) The minimum deposit to open is higher ($1K instead of $300) and, 2) The money market account has check writing privileges. Only allowed 6 withdrawals /month but you do have easier access to your money in this account.

Certificates of Deposit at Golf Savings Bank still receive High Interest Rate –

Gold Savings Bank has fared better with their CDs where competitive rates are concerned. The minimum deposit is $10K to open, however they are looking to be able to reduce this to $1K within the next 6 months in order for more of their customers to gain access to these high rate cds. These APY rates are slightly better as interest is compounded daily and credited monthly. If you take the interest out early, you will not get the quoted APY as this is figured into their equation.

Golf Savings Bank Checking Account –

The interest bearing checking account can be opened with the same nominal minimum deposit as their regular members checking; however, in order to stay the monthly service fee, a much greater amount is required to keep as a daily balance. Would you be willing to have a large amount of money sitting in an account with minimal return, or would you rather have your money be working at the best interest rates available?

IRA –

Golf Savings Bank offers competitive rates IRA accounts including Traditional and ROTH that can be transferred or rolled over. Again, when they say competitive, who are they comparing? If you are going to be saving for retirement, wouldn’t you want the highest yield interest account out there, or would you be satisfied with comparable to banks on the lowest end of the spectrum?

Summary of Golf Savings Bank

Working through these tough economic times is a challenge felt at Golf Savings Bank. Their website is geared for new customers to make a phone call as detailed information, like interest rates and the different tiers for deposit accounts. One phone call and you will talk with a live person who will answer your questions. However, Golf Savings Bank does not offer the highest interest rates, nor do they offer the best terms for your money. Keep an eye on them for now, but you might do better if you shop around. Please visit our website at www.banktruth.org to find the best rates and compare.