Dedicated to Deposits: Deals, Data, and Discussion

ShoreBank Raises Savings Account Yield to 3.50%

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

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.
  Tags: ShoreBank, savings account

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Some regions of the country such as Chicago and California and other markets seem to be getting very high rates from their local banks!

I feel that NYC is now losing its substance in the banking market since its rates tend to be slightly inferior than other markets right now.

HSBC is still the best bank in NYC however at this time to date.

But remember, APY differences are very small and for the same time it takes to shop rates you can be making alot more money.

1
Comment #2 by www.uscheckingaccount.com (anonymous) posted on
www.uscheckingaccount.com
i have an account with hsbc offshore bankin account in south east asia.

1
Comment #3 by Anonymous posted on
Anonymous
uscheckingaccount.com sounds fishy and like a scam to me. There is NO REASON WHATSOEVER for any American or non American to pay for an account.

Not sure what HSBC Offshore has to do with this forum. But yes HSBC Offshore bank has a url at:

http://www.offshore.hsbc.com/1/2/home

There are reasons why one would use an offshore account but not if you live and work in the USA like I do.

1
Comment #4 by Shane (anonymous) posted on
Shane
Shorebank is still one of the best at 2.8% - compared to GMAC's 2.25%. So I opened an acct. The initial opening process was smooth - and all went well. I used trial deposits to verify my acct and initially transfer funds. After joining, I went into their system to transfer add'l funds... and BAM, they made me re-enter my checking acct info and trial deposits again! Absurd. So now, I'm waiting for the process to repeat itself. All this for an extra .55%... but hopefully after this it gets easier.

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Comment #5 by Sandra (anonymous) posted on
Sandra
New Rate as of Apr 9, 2009: 2.45%APY

From emailed message:
"As the economic climate changes in unprecedented ways, your deposits at ShoreBank continue to help rebalance our economy and create a healthier environment. To pursue this mission despite these tumultuous times, effective April 9, 2009, ShoreBank will lower its interest rate on your High-Yield Savings Account to 2.45% APY* (2.42% Interest Rate)."

1
Comment #6 by Anonymous posted on
Anonymous
Hi, I heard that ShoreBank does NOT permit ACH debits initiated from other banks (though they naturally allow credits). Has anyone tried to withdraw funds by external 'pulls' and got rejected?

1