Which Online High-Yield Money Market & High-Interest Savings Account is Best?
Published on - March 21st, 2007 (Modified on - June 12th, 2013) (by J.D. Roth) For the past couple of years, I've maintained this list of high-yield savings accounts by hand. That worked fine for a while, but savings account interest rates change often, and I prefer spending my time writing about personal finance.
So, now we're providing you with this tool which monitors rates from over 200 banks and displays the top 50 highest rates. These are daily rate updates to help you find the best high yield savings account rates.
Reader reviews on the best savings accounts and over 1,600 Get Rich Slowly reader comments come after the table.
| Institution | Type | Rate | APY | Min. To Earn APY | Details |
|---|---|---|---|---|---|
| Ultima Bank Rates as of Jun. 12th | Savings | 2.00% | 2.02% | $0 | SMART Savings Account - for young adults 18 yrs or younger, withdrawals prior to 18th birthday may result in a penalty |
| Washington Savings Bank Rates as of Jun. 12th | Savings | 1.50% | 1.51% | $0 | Saver Rewards, tiered rates apply, APY valid for balances between $0 to $15,000, online accounts only, requires an Interest Rewards Checking account in which you must meet monthly qualifications to earn maximum Saver Rewards APY - 12 debit card purchases - electronic statements - 1 direct deposit or ACH. Limited to Massachusetts market area. |
| Dollar Bank Federal Savings Bank Rates as of Jun. 12th | Savings | 1.20% | $0 | FreeMONEYSavings - Rate for balances below $20,000 - must maintain Dollar Bank FreeMONEY Checking or e-Checking to earn rate. Open online and mail in forms. Available in Pennsylvania, and Ohio market area. Rate collected within: 15222 (PA) | |
| AmTrust Direct Rates as of Jun. 12th | MMA | 1.04% | 1.05% | $5,000 | Earn More Money Market Account - Rate earned on balances of $5,000.00 and up-new money only. |
| MyBankingDirect Rates as of Jun. 12th | MMA | 1.04% | 1.05% | $5,000 | Earn More Money Market Account - Rate earned on balances of $5,000.00 and up-new money only. |
| Bank2 Rates as of Jun. 12th | Savings | 1.01% | $0 | Great Rate Savings - Tier Up to $35,000 - Account must be linked to Great Rate Checking Account - Available only to Oklahoma residents | |
| The Palladian Private Bank Rates as of Jun. 12th | Savings | 1.00% | 1.00% | $10,000 | Product and rate available for current customers only |
| SmartyPig Rates as of Jun. 12th | Savings | 1.00% | $0 | APY for balances up to $50,000 | |
| Biscayne Bank Rates as of Jun. 12th | Savings | 1.00% | $1 | Regular Savings - Maintain $1,000 balance each day and avoid a $25 monthly maintenance fee - Miami-Dade County, Florida market area only | |
| Doral Bank Rates as of Jun. 12th | MMA | 0.95% | 0.95% | $5,000 | Current Promotion - Money Market Account - Account must be opened in person at one of the New York branches - New money only - Limited time offer - Rate collected within: NY |
| Doral Bank Rates as of Jun. 12th | Savings | 0.95% | 0.95% | $1 | Statement Savings - Rate collected within: NY |
| Union Federal Savings Bank Rates as of Jun. 12th | MMA | 0.90% | $1 | Online Money Market Account | |
| Sallie Mae Bank Rates as of Jun. 12th | MMA | 0.90% | $0 | Nationwide - apply online | |
| Salem Five Direct Rates as of Jun. 12th | Savings | 0.90% | $0 | eOne Savings - APY on balances of $0.01-$500,000. Companion account to eOne Checking, no minimum balance, no monthly fees, free ATM card, Online applicants only, who do not have existing deposit accounts with Salem Five | |
| Barclays Rates as of Jun. 12th | Savings | 0.90% | $0 | Online Savings - APY for all balances | |
| SFGI Direct Rates as of Jun. 12th | Savings | 0.86% | $1 | ||
| EH National Bank Rates as of Jun. 12th | MMA | 0.85% | 0.85% | $250,000 | Premium Money Market - tier $250,000 and over |
| Mutual of Omaha Bank Rates as of Jun. 12th | MMA | 0.85% | 0.85% | $5,000 | Online Money Market - Rate/APY for balances between $5,000-$500,000 |
| G E Capital Retail Bank Rates as of Jun. 12th | MMA | 0.85% | $25,000 | Money Market - APY for balances $25,000 and above. | |
| FNBO Direct Rates as of Jun. 12th | Savings | 0.85% | $1 | Online Savings Act - Rated Kiplinger's Best Online Savings Account, no minimums, no monthly fees, manage accounts securely online | |
| Colorado Federal Savings Bank Rates as of Jun. 12th | Savings | 0.85% | 0.85% | $2,500 | Online Savings Account - up to 6 withdrawal transactions per month with no service fee |
| American Express Rates as of Jun. 12th | Savings | 0.85% | $0 | High-Yield Savings - Bank by phone or online only. | |
| Sallie Mae Bank Rates as of Jun. 12th | Savings | 0.85% | $0 | Nationwide - apply online | |
| Mutual of Omaha Bank Rates as of Jun. 12th | Savings | 0.85% | 0.85% | $25 | Online Savings - Rate/APY for balances between $25-$500,000 |
| G E Capital Retail Bank Rates as of Jun. 12th | Savings | 0.85% | $25,000 | High Yield Savings - APY for balances $25,000 and above. | |
| Ally Bank Rates as of Jun. 12th | MMA | 0.84% | 0.84% | $0 | Money Market Savings Account - All balances - No monthly fees - Apply online |
| Ally Bank Rates as of Jun. 12th | Savings | 0.84% | 0.84% | $0 | Online Savings - Free online transactions, no monthly fees, no minimums - Apply online |
| First Internet Bank Rates as of Jun. 12th | MMA | 0.80% | $50,000 | Money Market Savings - Rate earned on balances up to $99,999.99 - transaction limitations - apply online | |
| Customers Bank Rates as of Jun. 12th | MMA | 0.80% | $10,000 | Apply online - Limited to Pennsylvania and New Jersey market area | |
| ableBanking Rates as of Jun. 12th | MMA | 0.80% | $0 | Money Market Savings - up to 6 withdrawals are permitted per month - apply online - a division of Northeast Bank based in Maine | |
| Discover Bank Rates as of Jun. 12th | MMA | 0.80% | 0.80% | $100,000 | Money Market Tier $100,000 and up |
| G E Capital Retail Bank Rates as of Jun. 12th | MMA | 0.80% | $10,000 | Money Market - APY for balances between $10,000-$24,999. | |
| Discover Bank Rates as of Jun. 12th | Savings | 0.80% | 0.80% | $0 | Online Savings Account - Account can only be held in individual or joint ownership - Up to 6 preauthorized transfers from your Online Savings Account per statement cycle |
| ColeTaylorBank Rates as of Jun. 12th | Savings | 0.80% | 0.80% | $10,000 | Online Savings Account - $10,000 minimum daily balance requirement to avoid $10 monthly fee - Optional eStatement - Free ATM/Debit Card, Online Banking, Mobile Check Deposit - Available to residents of Illinois, Indiana, Michigan, Missouri and Wisconsin Only |
| Chesapeake Bank Rates as of Jun. 12th | Savings | 0.80% | 0.80% | $1 | Clear Sky Savings - Tier $1 - $249,999 |
| CIT Bank Rates as of Jun. 12th | Savings | 0.80% | $100 | CIT Savings - APY for daily balances below $25,000 - apply online | |
| G E Capital Retail Bank Rates as of Jun. 12th | Savings | 0.80% | $10,000 | High Yield Savings - APY for balances between $10,000-$24,999. | |
| Century Bank Direct Rates as of Jun. 12th | MMA | 0.79% | $0 | Online MM Rate - apply online | |
| Nationwide Bank Rates as of Jun. 12th | MMA | 0.76% | $1,000 | Tiered Money Market - tier $1,000 - $9,999.99 - apply online | |
| Nationwide Bank Rates as of Jun. 12th | MMA | 0.76% | $10,000 | Tiered Money Market - tier $10,000 - $24,999 - apply online | |
| Nationwide Bank Rates as of Jun. 12th | MMA | 0.76% | $25,000 | Tiered Money Market - tier $25,000 - $49,999 - apply online | |
| Nationwide Bank Rates as of Jun. 12th | MMA | 0.76% | $50,000 | Tiered Money Market - tier $50,000 - $99,999.99 - apply online | |
| Nationwide Bank Rates as of Jun. 12th | MMA | 0.76% | $100,000 | Tiered Money Market - tier $100,000 - apply online | |
| TIAA Direct Rates as of Jun. 12th | MMA | 0.75% | 0.76% | $0 | TIAA Direct is not accepting new account applications at this time. Money Market - tier 0 - $9,999 |
| TIAA Direct Rates as of Jun. 12th | MMA | 0.75% | 0.76% | $10,000 | TIAA Direct is not accepting new account applications at this time. Money Market - tier $10,000 - $24,999 |
| TIAA Direct Rates as of Jun. 12th | MMA | 0.75% | 0.76% | $25,000 | TIAA Direct is not accepting new account applications at this time. Money Market - tier $25,000 - $49,999 |
| TIAA Direct Rates as of Jun. 12th | MMA | 0.75% | 0.76% | $50,000 | TIAA Direct is not accepting new account applications at this time. Money Market - tier $50,000 and above |
| TIAA Direct Rates as of Jun. 12th | Savings | 0.75% | 0.76% | $0 | TIAA Direct is not accepting new account applications at this time. High-Yield Savings, tier 0-$9,999 |
| TIAA Direct Rates as of Jun. 12th | Savings | 0.75% | 0.76% | $10,000 | TIAA Direct is not accepting new account applications at this time. High-Yield Savings tier $10,000 - $24,999 |
| TIAA Direct Rates as of Jun. 12th | Savings | 0.75% | 0.76% | $25,000 | TIAA Direct is not accepting new account applications at this time. High-Yield Savings tier $25,000 - $49,999 |
Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.
Savings Account Rates Updated June 11, 2013
Version of Original Post Below
The rates on this page are current as of June 11, 2013. Rates are low right now, but they’ll rise as the economic crisis eases. For more information about these banks, please see the 1,700+ comments that follow this list.
I’ve heard a lot of people mention their online high-yield savings account, but I’ve never bothered to look into them. It occurred to me today that it’s ridiculous to keep my “web money” in a no-yield checking account at Wells Fargo. As my blog revenue grows, I’m throwing away money by not having my savings someplace that pays. So how does one find the highest interest savings accounts?
I did some research. I searched on Google for “high yield savings account” and “money market account” and followed promising links (and ads) from the search results. Here are the offers that I was able to find with minimal digging. All of these accounts are FDIC insured and, unless otherwise noted, can link to other bank accounts (your local credit union, for example). CD Rates are maintained on a separate page.
Right now savings & money market rates are within close range of CD rates, and companies like EverBank are offering rates higher than many CD rates – without locking you in for the term of the CD. As of June 11, 2013 EverBank offers an ongoing 0.67% APY for their Yield Pledge Money Market Account.
Based on anecdotes from GRS readers, the first group of banks offer excellent customer service, great rates, and a good user interface:
- Ally Bank High Yield Online Savings Account offers a 0.84% APY (Rate as of June 11, 2013) with no minimum balance and no monthly fees. Ally Bank is the reincarnation of GMAC and was rated as “Best for Savings” by Kiplinger. They have a heavy marketing campaign going right now so you have probably seen their ads stating, “You can also depend on no monthly fees, no minimum balances or deposits, and no sneaky disclaimers.”
- Barclays Online Savings Account offers a 0.90% APY . (Rate as of June 11, 2013) Barclays requires no minimum balance, and there are no monthly fees. They also advertise that they compound interest daily. Barclays is large bank, that has been around for over 300 years, and operates in 50 different countries.
- FNBO Direct High Interest Online Savings Account offers a 0.85% APY, the minimum balance to open an account is $1.00 and no monthly fees. FNBO was named best online savings account by Kiplinger’s Personal Finance magazine. FNBO has also been rated as one of the safest of the major online banks according to a study by bankrate.com. Rate as of June 11, 2013.
- EverBank Yield Pledge Money Market Account offers, for first time account holders, a 1.10% for the first six months, and a first year APY currently at 0.89% up to $50k then an ongoing APY currently at 0.67% APY on their Yield Pledge money market account. EverBank is an online-only bank that has been named “Best of the Web” for 5 consecutive years by Forbes.com and was also named “Best of the Breed” for online banks by Money Magazine. EverBank has a $1,500 initial-deposit requirement. Rate as of June 11, 2013.
- CIT Bank offers 0.80% APY for all deposits between $100-$24,999 and 0.85% on any deposit of $25,000 or above for their savings account. Henry Ittleson founded CIT in 1908 to provide financing for businesses. Throughout the 20th century, CIT continued to grow, expanding into many business sectors. CIT Bank is an FDIC-insured institution, and offers CDs, savings accounts and custodial accounts to small businesses and consumers. Rate as of June 11, 2013.
- Capital One 360 offers 0.75% APY on their Savings Account with no minimum balance and no monthly fees. Rate as of June 11, 2013.
- SallieMae Online High Yield Savings Account offers a 0.85% APY with no minimum balance and no monthly fees and daily compounded interest. SallieMae is best known for originating, servicing and collecting on student loans, and while they have a very competitive rate on the SallieMae high yield savings account, they also stay close to their education focus by providing a 10% match on UPromise earnings. Rate as of June 11, 2013.
- Mutual of Omaha Bank offers 0.85% APY on its online money market account, which comes with free online banking and bill pay, as well as a national network of free-to-use ATMs. Rate as of June 11, 2013.
This second group of banks is also worth considering. They tend to have stiffer requirements, more hoops to jump through, or lower customer reviews. (Note: E*Trade savings accounts are being sold to Discover, as Joe noted in the comments, and they have been removed from the list):
- Savings Square Savings Account offers 0.55% APY. $1 minimum to open. Electronic interface only. I’ve had a couple readers tell me setting up an account at Savings Square is a nightmare. Rate as of June 11, 2013.
- Presidential Online Bank Savings Account offers 0.50% APY on balances up to $35,000. Balances in excess of $35,000 earn 0.25% APY. Why rates drop as your balance goes up is a bit of a mystery. No fees, ATM access, web interface. $5,000 minimum to open. Rate as of June 11, 2013.
- Emigrant Direct Savings Account offers 0.50% APY, no fees, web interface. No minimum. GRS readers like Emigrant Direct. Rate as of June 11, 2013.
- Lending Club is another option, but its not like a bank. Lending club works by people requesting personal loans between $100-$25,000, while others fund (fully or partially) them based on criteria provided by Lending Club. Although this option isn’t as safe as a traditional bank as it lacks some of the protections afforded to traditional savings accounts by FDIC insurance, lending club offers yields above today’s deposit rates.
You can also seek to find the best high interest savings account through exploring numerous bank rates blogs, such as RateAPY.com, which cover different bank deals on a near-daily basis, from both local as well as national banks.
The rate of personal savings has been increasing recently, even despite low rates. A reader sent in a story about online banks last November, but that discussion was specifically about customer service. I’d like to hear from people who use one (or more) of these banks and can tell me more about the features. Which one should I choose and why?
You may also be interested to learn about rewards checking accounts. Also, Canadian readers should check out this article about Canadian high-interest savings accounts.
You can use the EDIE calculator to check on which types of accounts at which banks and for which amounts are FDIC insured. Do your homework and choose an online savings account that works for you.
Have you been able to find savings or money market account rates that are even better than the ones listed here? If so, please let us know. Don’t forget to include all the details: name of the bank, state, rate, when you opened this account with this rate and whether one can you open an account online or have to come in person. I’d like to find the best possible savings account rates and money market rates to share with Get Rich Slowly readers. 2013. Rates are low right now, but they’ll rise as the economic crisis eases. For more information about these banks, please see the 1,700+ comments that follow this list.
GRS is committed to helping our readers save and achieve your financial goals.Savings interest rates may be low, but that’s all the more reason to shop for the best rate.Find the highest savings interest rate from Ally Bank, Capital One 360, Everbank, and more.
This article is about Choices, Odds and Ends, Savings
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Discover is a paid advertiser of this site. Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
SEARCH FOR RECENT ARTICLES
Ally introduced its No Penalty CD (@2.15%) last year and I engaged some funds in it, now I feel I took a right step then
loading....
1% is high yield. Ouch. Talk about being killed by inflation. It’s only good for emergency money, but it’s NOW WAY to get rich, slowly or at all. It’s 1% better than using the mattress. To preserve my car replacement fund, I have invested in GLD, and I am wondering if I shouldn’t invest my long-term emergency fund in GLD too. I’ll let it be eaten by the inflation monster because I don’t want to rely on the stock market at all when I need my long-term emergency money.
loading....
Regarding the Capital one offer, it does seem good on that base rate alone. Min Balance is $2500 to get the 1.55% rate. Also, if you have a personal Capital One credit card, you can qualify for the bonus with one transaction on that card per month if you don’t have the $15k balance. Business cards do not qualify (I asked). The fine print also reports that the bonus is not credited to your account until 4-8wks after the end of the quarter.
loading....
a few nationally available savings accounts are still offering at or very close to 2% straight up.
I prefer a straight 2% like that over 1.55% plus another circumstantially awarded 0.155
loading....
Has anyone seen this 10% bonus offer at Capital One online? They basically add a 10% bonus, based on your interest earned, to your balance if it is $15K or above. That seems pretty enticing, especially when you consider they offer 1.55% right out of the gate, which is higher than my AmEx personal savings at the moment. Could be worth a look for folks with savings over $15K.
loading....
Everbank has a minimum monthly balance or you are charged $8.95.
“In any month that your average monthly balance falls below $5,000, an $8.95 monthly fee applies. Fees may reduce earnings. Interest rates and APYs mentioned are accurate as of 1/15/2010 12:00:00 AM.”
loading....
Shorebank just dropped their rate paid to almost half of what they were recently – 1.09% for accounts under 100k
loading....
I had an ING Direct account for several years, but I recently cancelled because they don’t allow OFX direct connect. I am looking for an online savings account with OFX connection support so I make use of automatic downloads. Does anyone have a recommendation?
loading....
Shorebank is dropping from 1.95 to 1.70 tommorrow
loading....
I mailed ING a check last Thursday and it showed up in my savings account Monday morning, so it’s pretty quick, but as far as I know ING doesn’t offer postage free envelopes, gotta put a stamp on it myself. Since I don’t get many checks the lack of convenience and cost of a stamp is acceptable for me.
loading....
@ ybl. The most common way to make deposits it through bank-to-bank Automated Clearing Houre (ACH) transfers. You link your funding account to your savings account and can then initiate transfers betwween linked accounts. ACH transfers generally take 3-4 business days to process. Another option is to do it the old-fashioned way and mail your deposits in the form of a paper check. Many banks provide prepaid envelopes for mailing deposits. Given that ACH transfers take 3-4 days, mailing in a deposit wouldn’t really add that much time to the process.
loading....
If you bank with Ing or another online bank, how do you make deposits? Ing has 35K+ ATMs, but few (if any?) accept deposits.
loading....
“I don’t want to give out their name…”
I found it anyway and opened an account. Thanks for the heads up. Let’s hope they keep their rates at 2% (or higher!)
I’m in, you cant hide Mike.
loading....
“I don’t want to give out their name…”
I found it anyway and opened an account. Thanks for the heads up. Let’s hope they keep their rates at 2% (or higher!)
loading....
I am completely disappointed at FNBO. I joined them when they where offering 3% rates and rode them down all the way to 1.4%. I finally made the switch to a credit union that has been offering competitive rates throughout its history. Right now they’ve kept their rates steady at 2%. I don’t want to give out their name because I don’t want a bunch of new customers joining and allowing them to lower the rates.
loading....
Sadly, 1.70 looks good to me right now. I’m at FNBO, which is down to 1.40%. I’m watching to see if anyone else has thoughts on AMEX.
loading....
I had Amex at 1.85. When they dropped to 1.70 I withdrew everything. At the moment, I have Capital 1 High interest savings at 1.75. Has to be opened at a branch. Some limitations on external tranfers.
loading....
Hi,
Does anyone has experience with AMEX high yield savings account. They seem to be offering 1.70% currently.
http://personalsavings.americanexpress.com/savings-product.html
Please let me know
George
loading....
Just navigated over to SFGI to check and noticed they’re down to 1.85% too. Bummer.
loading....
RLK, to calculate the interest you will earn, multiply your savings by the APR and divide by 100. For example…
Shorebank $1000 x 1.95% /100 = $19.50 per year
SFGI $1000 x 2.25% /100 = $22.50 per year
The above example are for $1000 and aren’t accounting for compound interest, but it gives you the idea that if you have $1000, then you will only get about 25 cents more per month by moving.
loading....
I had just opened an account at shorebank (within the last month), but now that they dropped their rate, I’m wondering if I should leave. I don’t have a large amount of savings to move (under a couple thousand) so is it worth it to go from 1.95% to SFGI at 2.25%?
(I’m not sure how to calculate the difference in actual interest paid, so I’m not sure if the difference will be in cents or dollars…) Any advice would be appreciated!
Thanks!
loading....
I’m keeping my savings at ShoreBank. Even at 1.95% they are still among the top rate payers and, over the past two years, consistently have been.
loading....
wow talk about short notice. oh well time to dump them anyway.
loading....
Shorebank dropping their rate to 1.95 on 11/4
loading....
Arrgh. Recently left ING for AmEx and they just lowered their rate. Time to change again I guess.
loading....
JL: read the following, including the comments that follow them
http://bankdeals.blogspot.com/2009/07/competitive-online-savings-account-at.html
http://bankdeals.blogspot.com/2009/09/alliant-credit-union-increases-cd-rates.html
loading....
TJ, thanks for the link. Has anyone dealt with either SFGI direct or Alliant CU?
loading....
JL: Not nearly everyone
http://www.fatwallet.com/forums/finance/783099/
These are national options. You may well have local options as well
loading....
I’m still happy with ClearSky….currently 1.75% APY with a $1 minimum. Open up a Checking account with them too, and you get an ATM card for access to your money (either account)…and they reimburse up to $20 in fees monthly. You can link up to 3 banks with them. Free billpay, too.
loading....
TJ- Thanks for your response and I agree. The thing is I have been online bank “hopping” for a while now. The last being Shore. I got nervous about the warnings but they continue to be the highest. Just for principle, I will take your advice and move out of Amex….but to where? Everyone is 1.7 or less now.
loading....
@TJ… You are 1000% correct. It isn’t personal with those guys, they just attempt to maximize profits as is THEIR job. That is the same reason I go to the store and buy what is on sale. I figure when I see oranges at $1.49 a lb, I’ll just wait until they fall to $.49 a lb before I buy any. To do otherwise (like leaving money in a now poorly-paying account) just encourages them to think that the market will bear them taking more profits. Not from me.
loading....
JL – that’s exactly what they hope you do – leave your money with them simply because you have given up, no matter how low they drop that rate
The best thing you can do to fight this is to vote with your feet. Take your money – every cent of it – elsewhere – to one of several better rate payers. Otherwise, you help create incentive for said bank to CONTINUE to drop rates
Think about it. Let’s say you are the CEO of a big bank, and your profit margin goes up when the rate you pay on savings goes down. You then drop the rate a little, and note over the next 30 days that few if any depositors are pulling their deposits. Your job is to maximize the banks profitability, so why wouldn’t you drop the rate again and see if you still keep virtually all of your deposits?
Anyone who wants banks to keep rates competitive needs to be willing to send the signal “you lower your rate, you lose my money”. Only when enough depositors send this signal will the race to the bottom stop.
loading....
Transfered my funds from Shore to Amex. By the time my first deposit cleared they dropped their rate just like everyone else has done…….I give up!!
loading....
hey shore!
we would have been happy with just a rate bump.
loading....
hey shore! how about just a rate bump?
loading....
FYI — ShoreBank has a new web site and still a great rate.
Dear Customer,
We are delighted to announce that we are transforming your ShoreBank online resources to empower your wealth of possibilities. When you visit us online at http://www.sbk.com, shorebankdirect.sbk.com, or log on to ShoreBank personal online banking on Tuesday, October 27, you will see a fresh look with new features and navigation all in one website!
Your new features include ways for you to:
Log on to online banking. You can now log on to online banking from any page on http://www.sbk.com. Just locate the ‘Log on to online banking’ section under our logo, select ‘Personal / ShoreBank Direct’ from the menu and click ‘Go.’ Then enter your User ID and Password, and ‘Log On.’
Discover nearby ATMs and branches. Did you know ShoreBank is part of a national network of ATMs? Try our new mapping feature and find the most convenient banking location for you.
Manage your account. In one click, order checks, request debit cards, electronic statements, enroll for online banking or for online bill payment.*
Learn more about ShoreBank’s unique mission. We are the first bank in the country founded with an express social mission. Now you can grow wealth while seeing, through customer stories, how we are increasing the wealth and well being of communities.
Get Connected. Read our blog for tips and information that will help you redefine what is possible for your finances and for your future.
Find anything else. Quickly find what you want with our easy-to-use search bar.
Please note that you may experience temporary disruption on our websites as we release these new features to you. We apologize for any inconvenience.
Thank you for your continued partnership with ShoreBank in our triple bottom line mission.
Sincerely,
Your ShoreBank Online Team
loading....
Once again everyone, the moderator no longer has us post stuff here on rewards checking accounts, specifically the ones that have the “rules” in order to get those rates. This is because those are simply not equally comparable to regular ol savings accounts. There is a whole other blog for that now.
The point of THIS blog is looking for the best rate for just a regular savings account with pretty much no requirements other than maybe a minimal opening deposit or ongoing balance. See:
http://www.getrichslowly.org/blog/2008/11/17/making-the-most-of-your-checking-account/
loading....
Locally, I’ve been able to find very high rates on rewards checking accounts at credit unions and banks that beat the best savings account rates. An added benefit is that you only have to keep one account instead of a separate checking and savings. I’ve used Communication Federal Credit Union for the past year and the rate has been very stable and easy to attain. Here are a few deals I’ve found locally:
4.25% APY: http://www.comfedcu.org/services/checking.asp (scroll down to Free Performance Checking Account)
4.10% APY:
http://www.rcbbank.com/index.cfm?objectid=30166C10-F8C6-E230-84355E38B48BF108
3.71% APY:
https://www.fnbba.com/InterestChecking.aspx
loading....
np folks — whichever decision you make re:Shorebank. I just figured you should have the info to make an informed decision. It is a very good rate compared to the rest of the market, to be sure.
good to see you are still checking in here, Brad – thought we had lost you.
loading....
TJ
thanks for the reply!
loading....
@TJ: You can only warn some folks so much. Thanks for the research…. I’m keeping my funds with ClearSky…it’s a bank I want, not a social program on the ropes with a nice FDIC takeover DELAY to be expected when my money is needed.
loading....
@ TJ. The research you cited regarding Shorebank appears sound. However, I choose to “take the risk” and keep my savings at Shorebank. I can only speak for myself, but my reason for doing so is that I choose to support organizations that have a focus on social concerns. Shorebank claims to support community development and environmental issues. Getting a higher return on my savings is the icing on the cake. Since deposits are FDIC insured, the only risk is having to set up an new account at a different bank — something easily done with a few keystrokes. I’m not jumping ship just yet.
loading....
Shorebank has a ZERO star rating at Bauer Financial – this is their lowest possible rating
http://www.bauerfinancial.com
Bankrate.com has it at a one start rating, the lowest rating given by Bankrate. In it’s summary, it describes the bank as in “significantly below average financial condition.”. You should read the full report found there.
http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?fedid=141734
Bankdeals mentions that they likely raised their rate in late July in order to raise capital that regulators asked them to raise.
http://bankdeals.blogspot.com/2009/07/shorebank-direct-online-savings-account.html
Check out the steady increase in the troubled asset ratio for Shorebank at http://banktracker.investigativereportingworkshop.org/banks/illinois/chicago/shorebank/
In July, the State of Illinois and the FDIC sent a cease and Desist order to Shorebank, ordering them in essence to stop unsafe and unsound banking practices.
http://www.fdic.gov/bank/individual/enforcement/2009-07-07.pdf#
There’s more, but I think the point is made.
loading....
TJ and others
where are you getting all this bad news about shore bank, I just don’t see it. Please respond asap have an interest.
loading....
TJ Jackson – where are you reading “all the warnings” about Shorebank? I have one account there and I’ve really liked them so far. I found it smooth the whole way through.
I set up another account at Tennessee Commerce Bank when they had 2.3% and they’re still paying it to current account holders even as you continue to put more money into your account. But they’re not taking any new clients for that rate. The website is horrible but the account is paying!
loading....
Not sure if you Shorebank account holders have read all the warnings about Shorebank – I will not be surprised to read they’ve gone belly up any day now. Could go either way, but even if they had decent service and interface to go with their very good rate paid, I would not myself be willing to take the risk of having to go through the process of setting up with yet another bank after the FDIC gets around to mailing me the check for my funds, and the loss of many days if interest
loading....
I have accounts at Ally and Shorebank. Both were very easy to setup, and both are easy to manage on-line. I transferred almost all of my funds into the Shorebank account because it pays more interest than Ally (almost half a point). Not sure why Ally went from 2.25 down to 1.7 in a couple of weeks, almost like a version of bait-and-switch. Shorebank is currently the best at 2.15.
loading....
Has anyone set up an acct with either Clear Sky or Ally Bank lately? I have an acct with Shorebank, but it really wasn’t that easy. Altho it’s the firt time I opened an acct online. Just looking to set up another savings account and don’t want to go with Shore Bank at this time. Thanks.
loading....
Turns out the fellow who posted the claim about the 3% savings rate runs his own personal finance blog. I left him a message on the blog asking for details, so we’ll see. If I am wrong here, I will be very happy to be wrong
loading....
I changed to Everbank about a year ago with a recommendation from my cousin after HATING Bank of America for screwing me over multiple times. This month I’m actually closing all Bank of America accounts as they’re charging me to take my own money out of my savings account, and then more just to have my checking account open!
I do really like Everbank, their rates are AWESOME, but they are only online. deposits need to be mailed in (they provide prepaid envelopes) but they also refund atm fees so you can get to your money whenever at $0!
the website’s http://www.everbank.com
loading....