Clear Sky Accounts , a subsidiary of Chesapeake Bank, offers a high interest savings account that offers attractive interest rates. The current interest rates show that deposits from $1 to $250,000 earn a good 1.60% APY. Anything beyond the $250K line gets 0.50% APY.

Interested individuals open the savings account online. The website boasts that the whole process will only take 15 minutes for new customers and about 5 minutes for existing clients. Just make sure you have a valid ID handy like drivers license; address information; access to a valid email account.

Once you have applied for an account, you can send your funds to your high yield savings account by transferring money from your existing Chesapeake account, make a bank to bank transfer, send in a check via mail, or make drop by a branch and complete a deposit. Subsequent funds can be done through bank to bank transfers or by mailing in a check. The bank’s routing number is 051403779.

The customer service representative told us that they do not do a hard credit pull when you apply for an account. It will be wise to check with the bank if you are worried about your credit score. You can inquire through 1877-257-7594.

Clear Sky Accounts is a product of Chesapeake Bank which has a long story of banking dating back to 1900. All off the Clear Sky accounts are completely online and paperless.

Clear Sky Accounts is covered by the FDIC through its mother company headquartered in Virginia. Chesapeake Bank has been indexed with FDIC since 1934 under certificate number 6862.

Chesapeake Bank received 4 stars for its performance from both Bankrate.com and BauerFinancial. These were based on their September 2009 data.