Dedicated to Deposits: Deals, Data, and Discussion

New Account Bonus for ShoreBank's 5% Savings Account

POSTED ON BY

ShoreBank
Update 3/07/09: The rate has fallen. Please check the bank's website for the latest rates.

Update 3/27/08: A reader has reported that the bonus is no longer available for new signups.

ShoreBank is offering a $25 new account bonus for opening its new High-Yield Savings Account. It doesn't seem to be listed on the bank's website. A reader mentioned seeing it in an ad, and he attached a scan of it. Here's a copy of the scan. The code is 1DMHY, and it should be entered into the online application. I called their toll-free number (888-864-4972) and was told that there is a $25 bonus and there's only a $1 minimum deposit to earn this. I think the $1,000 minimum mentioned in the ad refers to the CD. The bonus should be credited within 2 months.

I wrote a review of this new online savings account in this November post. The yield is still 5% APY on all balances. With the latest Fed rate drops, this might not last much longer. But with this being a new account, the bank may keep it higher to help promote it.

Thanks to the reader who mentioned this promo and provided a link to the scan in the comments.

  Tags: ShoreBank, savings account

Related Posts

Comments
Comment #1 by Anonymous posted on
Anonymous
hard or soft pull?

1
Comment #2 by Weiwen Ng (anonymous) posted on
Weiwen Ng
Shorebank is a community development credit union, like Self-Help. Shorebank is based in Detroit, Cleveland, and Chicago; Self-Help is based in North Carolina. you can feel good about putting money down here.

1
Comment #3 by Anonymous posted on
Anonymous
Wouldn't you be told during the application process that you authorize a credit check if they so do one? I know that they look at your credit report of identity purposes. Is this the same as a hard pull?

1
Comment #4 by Anonymous posted on
Anonymous
Although Shorebank does specialize in socially responsible banking, it is not a credit union.

It is a state chartered bank.
FDIC certificate 15640.

1
Comment #5 by Anonymous posted on
Anonymous
These guys want WAY too much info for a simple Savings account. DL#, Employer, how you earned the money used to fund the account, what are the funds considered as (gift, payroll, etc.) I stopped after the second page of the app.

1
Comment #6 by Anonymous posted on
Anonymous
They do a hard + chexSystem pulls for lousy account.

No thanks, I will skip it...

1
Comment #7 by Anonymous posted on
Anonymous
A shame about the hard pull. It's an easy $25.

1
Comment #8 by Anonymous posted on
Anonymous
Dear BankGuy,

Thanks for this.

A question for you: The scanned ad is almost illegible and I'm concerned about that $1000 minimum. How certain are we that the $1000 requirement is for the CD and NOT for the savings account for which the $25 is promised?

Thanks for your help!
HeroMom

1
Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
The only mention I see in the ad regarding the $1,000 minimum is in the small print that's associated with the double asterisk. The double asterisk was used after the sentence right above the $25 bonus line that mentions their CDs. Here's an image scan that has a little better quality.

1
Comment #10 by Anonymous posted on
Anonymous
I don't like the whole it takes 3 days to get to the destination account sham these banks pull. They pull it on day requested and place a hold anyway so they know the funds are good. Don't mind the total vs available balance difference. This practice is deceiving as it technically effects APY on the savers end. Citibank, HSBC, and Shorebank utilize this strategy. All the emails tracking the transaction can be irritating as well.

1
Comment #11 by Moe (anonymous) posted on
Moe
I just got the $25 bonus after only opening with $1. There is no $1000 minimum like the cd.

1
Comment #12 by Banking Guy (anonymous) posted on
Banking Guy
Thanks Moe for the update. Glad they delivered on the bonus. When did you first apply?

1
Comment #13 by Anonymous posted on
Anonymous
Has anyone tried initiating an ACH pull (or push) initiated from another account? I tried asking a CSR and was unable to get an answer that I understood. The website says that they accept direct deposits, so I imagine that they will allow a push.

1
Comment #14 by Anonymous posted on
Anonymous
They told me there is no bonus and unfortunately I already signed up and verified the initial deposits so I am have ****ed can anyone help me
tkleinhenz@yahoo.com

1
Comment #15 by Banking Guy (anonymous) posted on
Banking Guy
It appears they ended this bonus. Sorry about that. I don't know when they ended it. I've updated the post with this info. You may want to print out the scan (the link to the scan is in the post above). Perhaps mentioning this ad may get them to honor it.

1