Shorebank Direct pushes for their high yield online savings account that pays 3.50% APY. The account only requires a minimum deposit of $1 to open and earn interest.

Only individuals can open an account. There are several products of the bank that can address the need of businesses and non-profit organizations.

The interest for this account is accrues daily and compounded monthly. The gains are added to the account by the end of each month.

Withdrawal from the account through outbound transfer or electronic debits is limited to six times per month. A fee of $15 per transaction will be charged once the account holder exceeds this limit.

This account has the convenience of online access 24/7 from any computer.

Online application can be accomplished. The consumer will receive an email from the bank if the account is approved. Funds can be transferred from any other banks of the account holder. There is also an option to do trial deposit to verify the authenticity and accuracy of the routing information provided by the consumer.

Six other accounts of the consumer can be linked to the savings account with Shorebank Direct. Transfers and direct deposits can be easily established using their online banking facilities.

Shorebank Direct is an online division of Shorebank. They have a declared asset of $2.2 billion. They have offices in Chicago, Cleveland, and Detroit.

The bank is insured with the FDIC with certificate # 15640.