ShoreBank raised the yield on its High-Yield Savings Account today from 3.30% APY to 3.50% APY. Perhaps this is their response to HSBC Direct's new 3.50% promo. Hopefully, we'll see other online banks follow.
ShoreBanks savings account is a typical no-minimum online savings account with only $1 needed to open and earn the top yield. I first reported on this savings account in November 2007 when the yield was 5% APY. It has remained one of the most competitive no-minimum online savings account. Please refer to my November review of ShoreBank's savings account for more details.