Dedicated to Deposits: Deals, Data, and Discussion

2.75% Money Market Account for 6 Months at ShoreBank in Chicago, Cleveland & Detroit

POSTED ON BY

ShoreBank
ShoreBank is having a money market promotion with a 2.75% APY for balances of at least $25,000. The rate is guaranteed for 6 months. This money market account is different than their online savings account. This promotion doesn't seem to be listed at the bank's website, and it appears to be a branch offer. A reader mentioned this promotion in the comments, and I just called for additional details. According to the CSR, this offer is scheduled to end on Friday, 5/15/09. And according to the CSR, it can be opened by phone in addition to at a branch. I wasn't connected with the account opening CSR so I don't know all the details and I don't know if there would be any complications in opening this account and qualifying for this promotion by phone. If you receive more details, please leave a comment.

Features of their money market account are described in this account comparison chart (pdf). It requires a $2,500 minimum balance to avoid a $15/month fee.

ShoreBank Direct continues to offer a very competitive yield on its online savings account. As of 5/13/09, the rate is 2.45% APY on all balances. Unlike the money market account, there's no monthly service fees, and it can be opened online (see account review).

ShoreBank is based in Chicago. It also has branches in Cleveland and Detroit.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/08 financial data. It has been FDIC insured since 1939 (Certificate # 15640).

Thanks to the reader who mentioned this promotion in the comments.
  Tags: money market accounts, Illinois, Michigan, ShoreBank, Ohio

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Comments
6 comments.
Comment #1 by walt (anonymous) posted on
walt
ShoreBank is well known for its progressive lending policies. With FDIC insurance you having nothing to lose.

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Comment #2 by walt (anonymous) posted on
walt
I phoned today and they sent application by email. Must be mailed with id copies and deposit check by 5/15.

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Comment #3 by Anonymous posted on
Anonymous
I filled out my online application last night -- and they already deposited the trial amounts and I have verified them!

So now I await an e/m telling me how to register and fully fund my new account.

Thanks for the link!

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Comment #4 by Anonymous posted on
Anonymous
I live in Chicago and called one of the branches (the only one on the north side). I can't make my deposit until Tuesday (5/19). The account representative I spoke to asked the manager if that would be OK and he approved it. I am going to be making a large deposit - hundreds of thousands - so I don't know if that affected the decision. (A joint account, all under the FDIC limit.) They seemed very polite and competent.

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Comment #5 by Anonymous posted on
Anonymous
BankingGuy indicated this was a "local only" deal but said a CSR seemed to leave open the possibility of opening it by phone, which might make it not completely "local only". Has anyone opened it by phone, without having to visit a branch? And if so, did they seem to require that you have a Chicago-area zipcode to open? (I'm in central IL.) Thanks.

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Comment #6 by Sandra (anonymous) posted on
Sandra
"We are pleased to announce that ShoreBank is raising the rate on your ShoreBank Direct High-Yield Savings Account to 2.15% APY* (2.13% Interest Rate), effective Tuesday, July 28, 2009."

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