Shorebank High Yield Savings Account Review
Posted by Best Bank Rates under [ Savings ] on November 12, 20072 Comments
Shorebank recently launched a new high yield savings account with a rate of 5% APY. The minimum deposit on this account is $1. With all of the recent rate cuts, 5% is a fairly attractive rate. In addition, Shorebank claims to have a focus on socially responsible business practices:
Unlike conventional banks, ShoreBank strives to meet three objectives simultaneously: to build wealth for all in economically integrated communities; to promote a healthier environment; and to operate profitably.
Here’s some information from the FAQ:
- $1 minimum to open account and earn the top yield
- No ATM cards or checks
- Allows up to 3 linked accounts
- Interest is accrued daily and compounded monthly
- If you close your account before interest is credited, you will lose the accrued interest
- Paper statements require a fee
Bankrate.com‘s bank review gives shorebank a 2/5 rating. Shorebank is based in Chicago, Illinois, and is FDIC insured.
Bank rates may be out of date. Please check bank websites for current rates. Find & compare the best CD rates, savings accounts, and bank deals!
$200 Bonus, 5% Cashback - Chase Freedom 
APY Savings Account at Ally (12/9/11)
2 Comments on “Shorebank High Yield Savings Account Review”
I love my ING Direct account. It doesn’t have the highest APY but you won’t get better customer service anywhere else. Also, their online interface is just easy and awesome.
I opened a Shorebank account and closed it a month later – the online interface is terrible, each of the 8 or so steps take 3 days EACH and the customer service isn’t very good. I opened an HSBC account instead and it seems much faster and smoother. I understand that Shorebank is a small bank with a good community focus, but they are a nightmare for the online customer.