Dedicated to Deposits: Deals, Data, and Discussion

3.75% Savings Account at Clear Sky May Be Ending Soon

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Clear Sky Accounts
A reader just reported that Clear Sky is scheduled to lower the rate on its online savings account to 3.15% APY starting Monday February 2, 2009. So your chance to lock in 3.75% APY through 3/31/09 may be nearing an end. Here's what the reader posted:

From another website:

Just opened a Clear Sky Account today, Friday, Jan. 30th, to lock in the 3.75 and was advised via phone contact with a Chesapeake Bank rep handling Clear Sky that effective Monday, Feb. 2nd, the Clear Sky online rate will drop to 3.15. So you have through Sunday, Feb.1st, to open up and lock in the 3.75 until end of March when it will reset to ?, the new 3.15?

I can't confirm this, but it would be reasonable considering the rate cuts that have been going on.

For details about this savings account and Cleary Sky, please refer to my Clear Sky Account review.

Related Pages: Clear Sky Accounts, savings account

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
I've had a couple conversations with Clear Sky as I've opened up multiple Savings and a Checking account with them (thanks to learning about them here). It's getting harder to find these 4 star banks giving such good rates. So many of the old standbys are at the 1 and 2 star level (Emigrant, HSBC,etc.)

Clear Sky's customer service has been outstanding so far, by the way. They were so busy Friday when I finished setting up the Checking account that they had the program manager answering phones too!

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Comment #2 by Anonymous posted on
Anonymous
That is difference of .6% interest. For $100,000 that would come out to an extra $600 annual interest (if it holds throughout the year though). Since it is only good for 2 more months, that comes out to an extra $100 over that period.

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Comment #3 by Anonymous posted on
Anonymous
The following question is not particularly related to clear sky. But if you could read on, it'd be greatly appreciated.

I am deeply disappointed with all the debacles that have taken places with the nation's major banks (including the one I use), and am thinking about alternatives, including credit union.

I'd like to know your opinion on what you think of a CU that says to be one of the largest in the nation but at the same time is not covered by bank rate's safe and sound rating or Bauer Financial's rating when I checked today? I thought it is a bit odd. But I have never used a CU before.

BTW, the CU is Patelco. Figure that in the age of Madoff, it doesn't hurt to check a bit more.

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Comment #4 by Anonymous posted on
Anonymous
Whoops, I am anonymous #3, I forgot to say thank you!

Thanks for reading my question! Any information you share will be greatly appreciated.

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Comment #5 by HustlerMoneyBlog (anonymous) posted on
HustlerMoneyBlog
Hopefully this is not true, great bank to open an account.

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Comment #6 by Anonymous posted on
Anonymous
To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts.

Jeff Szyperski
President and CEO
Chesapeake Bank

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