I signed up for this internet bank around 5 months ago. Since then I haven't had any major overall issues, but I have had some issues using the website. Sometimes the website would be kind of slow and unresponsive. Now usually I would eventually get into my account to check everything but one time I was unable to access my account for nearly a whole day. I called customer service and they told me that they where having some server issues, and was happy to work with me to get the information that I needed. The website over the past few weeks has gotten more responsive, so it looks like they've got a new server as of late. Otherwise the rates are pretty standard, and they seem pretty trustworthy and secure.
I opened a CD, Savings account, and Checking account with Clear Sky Accounts in early 2009, although sadly too late to take advantage of the special high interest rates they offered as a limited-time promotion. Nevertheless, the rates available when I opened my accounts were very good, and I have had no problems with this bank in the roughly 14 months that I have been banking with them. No problems, and only three very minor criticisms, which I will describe next.
First, I was unhappy that they repeatedly lowered their rates over the past year -- but that same complaint also applies to just about every other bank.
Second, the process for opening accounts as a new customer was awkward and convoluted: I had to create a login and a password at the Clear Sky Accounts website in order to provide all the information needed to open my accounts, but then create a different login and password at the separate ChesBank.com website for all subsequent tasks.
My final criticism is about the on-line interface: The Clear Sky Accounts website is not quite as "elegant" or well-designed as those of Ally Bank or ING Direct, although I must emphasize that I have had no problems in accessing account information or performing transactions.
On the plus side, the ACH system for making bank-to-bank transfers seems to work very well, and there seems to be less of a delay than I've experienced with other banks when pulling money from linked external accounts. For example, when I make a deposit into either of my Clear Sky accounts by transferring funds from my linked account at Wells Fargo Bank, the deposits seem to be credited to my Clear Sky account later that same day or on the next business day, depending on how late in the day I initiate the transfer. By contrast, Wells Fargo routinely takes two or three days to post the debit.
One last thing: When I have contacted Clear Sky/Chesapeake Bank by telephone, I have always found their Customer Service representatives to be friendly, helpful, knowledgeable, and easy to understand. I would recommend banking with Clear Sky Accounts.
They closed my account because I did too many ACH transfers and "alway left one dollar behind."
I am not a rate chaser. Their rate is not the highest and I have had a savings account with them for more than two years. Over periods of time, I have kept most of my liquid money with them. When they lowered the rate to below 1.6%, I moved to a reward checking at another bank. Since that bank does not allow initiating ACH transfers, I have been using the clearsky account for the transfers. The frequency is about once per week. This is below the 6 outgoing transfer per month limit. I was just two weeks away from maxing out the reward checking account limit. My plan was to start filling the clearsky account after that even if they dont have the best rate.
One week ago, they told me that I could no longer do transfers and leave one dollar behind. As far as I know, this is not written anywhere. The only reference I can find is the 6/month limit and the $1 minimium balance requirement. When questioned about this, the CSR admited that this was not a written rule. I decided to go by their rule anyways and build up the balance by depositing $100 every Friday (pay day). This would only last for two weeks as my reward checking is approaching max.
Incidentally, I had a CD maturing on Tuesday. So I moved it to the other bank on Thursday and the $100 deposit arrived on Friday. They told me the next Monday that they would close my account because I had a $1 balance on Thursday! My average balance during that entire week is more than $10k.
I bet if I had both accounts with them and always kept the account with the lower rate at $1, they wouldn't mind it at all. It would have given them a chance to charge overdraft fees.
So in two weeks, I would be parking my liquid money elsewhere with a better rate. There are plenty of choices elsewhere.
|FDIC Certificate #||6862|
|Return on Assets - YTD||1.09%|
|Return on Equity - YTD||9.72%|
|Annual Interest Income||$31.0MM|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$716.5MM$674.4MM|
|Loans||Q4 2016vs Q4 2015||$475.0MM$432.3MM|
|Deposits||Q4 2016vs Q4 2015||$611.3MM$567.5MM|
|Equity Capital||Q4 2016vs Q4 2015||$77.9MM$75.0MM|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$6.4MM$6.6MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$6.3MM$8.0MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$1.3MM$2.1MM|
Always verify rates and promotions with the bank or credit union. We are not Clear Sky Accounts; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.90%*||-||$250k||Clear Sky Savings|
|OTHER TIERS: 0.25% → $250k+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.70%*||$25k*||$250k||Clear Sky Checking|
|OTHER TIERS: 0.25% → $250k+ | 0.45% → Up to $10k | 0.50% → $10k - $25k|
Clear Sky Accounts is an Internet only bank and does not have branch locations. Its headquarters is located at 97 North Main Street - Kilmarnock, VA 22482