1.70% APY best savings interest rate with ShoreBank
ShoreBank is still pushing for their high yield savings account called ShoreBank Online Savings Account which earns 1.70% APY. The current interest rate is effective as of December 31, 2009.
The best savings account with ShoreBank can be opened with an initial deposit as low as $1. Despite the drop, the current interest of 1.70% APY is still very competitive in today’s market. The small fonts on the promo page of the bank suggest fees may reduce earnings of your savings.
One plus thing about this online savings bank is their approach to combine good financial management with social responsibility. They aim to help the community build wealth, promote for a greener environment, and to be a profitable business. Some of the
Interest rates accrue on a daily basis and compounded every month. The savings account will start earning as soon as the bank receives your initial funding.
Interested consumers may use the online application form on their website to open this money in the bank deal. ShoreBank will send you an email to confirm that your account has been approved. The bank may request for identification or additional information in case you provided them with insufficient data.
The bank will need to perform trial deposits so they can properly establish your identity and the source of funding. Once verified, you can send in your first deposit. You can link up to five bank accounts to your online savings account.
You can send you funds from any chartered United States bank. You just need to provide the bank routing numbers and your account number so the money can be transferred via wire without any glitch. The routing number of ShoreBank is 071004226.
Excessive electronic debits and outbound transfers will cost you a bit at $15 per transaction. You have 6 allowable free transactions per month. The bank charges $10 if you opt for paper statements over e-statements. You really don’t have to worry about these fees if you are careful in managing your savings account.
ShoreBank is headquartered in Chicago, Illinois. It is covered by the FDIC with certificate number 15640. You can call 888-864-972 if you need more help in opening the account.
As of 1/31/2010, ShoreBank has not only lowered their interest rate to that of ING, but now discriminates against smaller savers by lowering FURTHER our rate (to 1.08%) for balances of less than $100,000.00! I am in the process of moving my money out.
I agreed with their “social mission statement” until they showed that it only applies to loan applicants and businesses, not to depositors.
Comment by Pinky's Brain — February 1, 2010 @ 2:20 pm