DanversBank is pushing for their high yield savings account online that has a current interest rate of 1.50% APY. This high interest savings account needs at least $1 of funding to open.

Interested individuals can easily open an account online. One good feature about the application process is that it involves certain security questions to protect consumers from fraud and identity theft.

The interest that we have here is still posted as of February 15 but it can be changed any time without notice.

According to the website, you can send an initial fund of as much as $100,000 via ACH for the first time. Moving forward, you can make additional deposits any time.

Take note that you cannot fund this savings account from a credit card. You need to send them via ACH from your existing Danversbank account or from another bank. Internal transfers usually complete the next business day while ACH transfer from another bank takes about 3 business days.

If you have questions about the product or the application process, you can contact the bank’s customer service hotline through 1800-771-8200.

DanversBank is a well funded institution with about $171 million of capital during its initial public offering in 2008. The bank also did not participate in any subprime mortgage loans.

It seems that this offer is nationwide. DanversBank is headquartered in Massachusetts but it has several offices spread across other major cities in the United States.

The bank is index with the FDIC through certificate number 90185.