Average User Rating:3 star rating based on 3 reviews.
Clear Sky Accounts
Clear Sky Accounts Locations|
97 North Main Street Kilmarnock, VA 22482 877-257-7594 www.clearskyaccounts.com  |
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Clear Sky Accounts is headquartered in Kilmarnock and is the 33rd largest bank in the state of Virginia. It is also the 1,054th largest bank in the nation. It was established in 1900 and as of March of 2013, it had grown to 184 employees at 13 locations. Clear Sky Accounts' savings rates are 54% higher than the national average, and it has a 4-star health rating.
Related Posts
Replacing Savings Accounts with an Interest Checking Account - 12/27/2012
I was recently asked about some ways that one could simplify banking arrangements. One thing that came to mind was to consolidate liquid bank accounts into just one account. Reducing the number of acc ...
Clear Sky Savings Rate Drop (Forum) - 1/5/2012
Clear Sky Savings drops from 1.04% APY to 1.00% APY.
Clear Sky Accounts Rate Drop (Forum) - 8/24/2011
Clear Sky Accounts savings has dropped to 1.04% APY from 1.10% APY.
Clear Sky Drops Savings Rate (Forum) - 6/14/2011
Clear Sky saving rate drops from 1.15% APY to 1.10% APY.
2011
- 3/9 - Rate Drop At Clear Sky (Forum)
- 2/9 - Clear Sky Accounts Savings Yield Falls To 1.25% (Forum)
2010
- 10/23 - Great Rate! $1.00 To Open MMA. 1.29% (Forum)
- 9/22 - Internet Checking Accounts with the Best Interest Rates
- 7/29 - Clear Sky Accounts Cuts Savings And Checking Account Rates (Forum)
- 7/22 - Five Best Regular Interest Checking Accounts Available Nationwide
- 6/11 - Clear Sky Account Rates Fall (Forum)
- 5/6 - Competitive Savings, Checking and CD Rates at Clear Sky Accounts - Available Nationwide
2009
- 8/10 - Update on Clear Sky Account's Competitive Savings and Checking Accounts - Available Nationwide
- 2/13 - Clear Sky Stops Accepting New Customers and Deposits from Existing Customers
- 1/31 - 3.75% Savings Account at Clear Sky May Be Ending Soon
- 1/5 - New Internet Bank - Clear Sky - 3.75% Savings Account Guaranteed through 3/31/09
See Rates for: Checking | Savings | CD
Clear Sky Accounts Checking Account Rates
Clear Sky Accounts Savings Account Rates
Clear Sky Accounts CD Rates
Rates updated: 6/19/2013
Data for Q1 2013
Institution Statistics
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Institution Health
Overall Score:
4 out of 5 
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They May Close Your Account At Will
- dd - Monday, November 22, 2010 - 10:47 PMThey closed my account because I did too many ACH transfers and "alway left one dollar behind."
I am not a rate chaser. Their rate is not the highest and I have had a savings account with them for more than two years. Over periods of time, I have kept most of my liquid money with them. When they lowered the rate to below 1.6%, I moved to a reward checking at another bank. Since that bank does not allow initiating ACH transfers, I have been using the clearsky account for the transfers. The frequency is about once per week. This is below the 6 outgoing transfer per month limit. I was just two weeks away from maxing out the reward checking account limit. My plan was to start filling the clearsky account after that even if they dont have the best rate.
One week ago, they told me that I could no longer do transfers and leave one dollar behind. As far as I know, this is not written anywhere. The only reference I can find is the 6/month limit and the $1 minimium balance requirement. When questioned about this, the CSR admited that this was not a written rule. I decided to go by their rule anyways and build up the balance by depositing $100 every Friday (pay day). This would only last for two weeks as my reward checking is approaching max.
Incidentally, I had a CD maturing on Tuesday. So I moved it to the other bank on Thursday and the $100 deposit arrived on Friday. They told me the next Monday that they would close my account because I had a $1 balance on Thursday! My average balance during that entire week is more than $10k.
I bet if I had both accounts with them and always kept the account with the lower rate at $1, they wouldn't mind it at all. It would have given them a chance to charge overdraft fees.
So in two weeks, I would be parking my liquid money elsewhere with a better rate. There are plenty of choices elsewhere.
7
Thank You For Your Help!
- rockyrm2003 - Wednesday, March 23, 2011 - 11:46 AMThank you for telling me why you closed my account!!
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I Opened A CD
I opened a CD, Savings account, and Checking account with Clear Sky Accounts in early 2009, although sadly too late to take advantage of the special high interest rates they offered as a limited-time promotion. Nevertheless, the rates available when I opened my accounts were very good, and I have had no problems with this bank in the roughly 14 months that I have been banking with them. No problems, and only three very minor criticisms, which I will describe next.
First, I was unhappy that they repeatedly lowered their rates over the past year -- but that same complaint also applies to just about every other bank.
Second, the process for opening accounts as a new customer was awkward and convoluted: I had to create a login and a password at the Clear Sky Accounts website in order to provide all the information needed to open my accounts, but then create a different login and password at the separate ChesBank.com website for all subsequent tasks.
My final criticism is about the on-line interface: The Clear Sky Accounts website is not quite as "elegant" or well-designed as those of Ally Bank or ING Direct, although I must emphasize that I have had no problems in accessing account information or performing transactions.
On the plus side, the ACH system for making bank-to-bank transfers seems to work very well, and there seems to be less of a delay than I've experienced with other banks when pulling money from linked external accounts. For example, when I make a deposit into either of my Clear Sky accounts by transferring funds from my linked account at Wells Fargo Bank, the deposits seem to be credited to my Clear Sky account later that same day or on the next business day, depending on how late in the day I initiate the transfer. By contrast, Wells Fargo routinely takes two or three days to post the debit.
One last thing: When I have contacted Clear Sky/Chesapeake Bank by telephone, I have always found their Customer Service representatives to be friendly, helpful, knowledgeable, and easy to understand. I would recommend banking with Clear Sky Accounts.