Dedicated to Deposits: Deals, Data, and Discussion

4.00% Online Savings Account at Beverly National Bank


Update 3/29/08: The rate has fallen from 4% to 3.75% APY.

Beverly National Bank has an online savings account called e-Success Savings Account that still has a yield of 4.00% APY. There's a minimum opening deposit of $5,000, and it requires a minimum balance of $5,000 to avoid a $15 monthly fee.

I called the bank this morning and confirmed it's available to people in any state. The CSR said that they've been offering this savings account for over a year. I'm not sure what their rate history has been. The CSR did not know when the rate may change. She sounded surprised that it didn't drop after last Tuesday's Fed rate cut.

The two main downsides of this account is the $5,000 balance requirement to avoid a $15 monthly fee and the lack of an ACH bank-to-bank transfer service. The CSR said they expect to have an ACH transfer service by the third quarter of this year.

Below is a summary of the account features based on the bank's FAQ and my conversation with the CSR:
  • $5,000 minimum to open
  • $5,000 minimum balance to avoid $15 monthly fee
  • No ACH bank-to-bank transfer service
  • Deposits can be made mail on by ACH initiated by another institution
  • Withdraws can be done by requesting a check via their secure online message system. CSR said that checks will be mailed the same day to your address, and there's no fee for these checks.
  • Accounts cannot be opened with a beneficiary
  • No hard credit inquiry. There's just a soft pull and a ChexSystem verification (according to CSR)

The bank also offers 6 and 12-month online CDs with a minimum deposit of $10,000. However, the current rate is low at 3.25% APY. This may not be a good sign for the future savings account rate.

Beverly National Bank has an "Open Account Online" link on the top right of their page, so this confirms the ownership of this online bank page. Beverly National Bank has a 4 out of 5 star rating (sound) at based on 9/30/07 data and a 5 out of 5 star rating (superior) at BauerFinancial based on 12/31/07 data. So if you're looking for a high yield savings account from a strong bank, this may be a good choice. The only problem is that there's no guarantee that the rate will stay competitive.

The bank has been FDIC insured since 1934 (Certificate # 2557).

For other high yield liquid bank accounts, please see my last week's bank deals recap.

Thanks for the reader who mentioned this savings account in the comments.

  Tags: savings account

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Comment #1 by scott (anonymous) posted on
Good luck getting that account opened. I did the application the other day and got denied, tried again the next day and same thing. So I called and was told they pull through Chex Systems and if you opened any new account in last year it denies you. She told me they were trying to work around it so they could open manually, But then called me back next day and said there is no way for me to open. Maybe this is some new way to keep rate chasers away?