About a year ago, I wrote about a 39-month Promo CD (3.50% APY) offered by Pennsylvania-based Sharon Bank. In that blog post, I noted that the Bank’s High Yield Money Market had an introductory 2.15% APY guaranteed for six months. While the rate on the 39-month Promo CD has been cut in half (1.75% APY), the High Yield Money Market is still earning 2.15% APY on balances of $25k+ for six months following account opening.
The minimum opening deposit to earn the stated APY is $25k. Balances below the $25k minimum earn substantially lower rates and don’t bode well for the 2.15% APY, following the six month guarantee period.
- 0.025% – $.01-$4,999.99
- 0.10% – $5,000.0 to $9,999.99
- 0.15% – $10,000.00 to $24,999.99
According to CSR, there is no checking writing or ATM/debit card available during the six month rate guarantee period, with transactions limited to ACH transfers and automatic payments. There is a $10 Money Market Excess Activity Fee for each transaction beyond the six allowed per month.
Kasasa Cash and Kasasa Saver
Sharon Bank’s Kasasa Cash and Kasasa Saver accounts were added to the product line about four months ago and are available to a larger market area through an online application.
The Kasasa Cash earns 3.00% APY on qualifying balances up to $10k. Qualifying balances of $10k+ earn 0.40% APY, with non-qualifying balances earning 0.02% APY.
|3.00*%||-||$10k||Sharon Bank||Kasasa Cash Checking|
|OTHER TIERS: 0.40% → $10k+|
The qualifying requirements are fairly standard:
- At least 12 POS debit card transactions
- At least one ACH credit or ACH payment transaction
- Enroll in and log into online, and receive eStatements
While there is no minimum balance requirement, the Kasasa Cash does require a minimum $100 opening deposit. Nationwide ATM fees will be reimbursed up to $25 per statement cycle if the qualifying requirements are met.
The Kasasa Saver earns a low 1.00% APY, but the balance cap is a healthy $50k. Like the Kasasa Cash account, the Kasasa Saver requires a $100 minimum opening deposit.
Headquartered in Darby, Pennsylvania, Sharon Bank is a community bank with a brick-and-mortar market area that includes Delaware County and the greater Philadelphia metropolitan area.
Opening a High Yield Money Market with Sharon Bank must be done in-person at the any of the five southeast Pennsylvania branches, located in Aston, Darby, Philadelphia, and Springfield (2).
The Kasasa Cash and Kasasa Saver accounts can be opened online. or at any of the above mentioned branches. Residents of the following counties are eligible to apply online.
- Pennsylvania – Philadelphia, Bucks, Delaware, Montgomery, Chester
- New Jersey – Burlington, Camden, Gloucester, Mercer
- Delaware – New Castle
Sharon Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.57% (excellent), based on September 30, 2019 data. In the past year, Sharon Bank has increased its total non-brokered deposits by $14.4 million, an excellent annual growth rate of 11.82%. Please refer to our financial overview of Sharon Bank (FDIC Certificate # 28793) for more details.
Founded in 1873 as the Sharon Savings and Loan Association, the Bank has provided 147 years of service as a community bank. The Sharon Bank re-brand occurred almost two years ago and according to a March 2018 press release,
We feel that this small but positive name change preserves our rich history and identity as a Community Bank, while better reflecting our continuing expansion into new lines of business products.
In addition to the name change, we’re adopting a new logo and the new tag line “Moving forward since 1873,” indicating that we will continue to add new financial products and services well into the future.
How the High Yield Money Market Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available in the market area, Sharon Bank's High Yield Money Market APY currently ranks third, regardless of minimum balance requirements.
The above rates are accurate as of 1/23/2020.
To search for the best Money Market Account rates, either nationwide or state specific, please refer to DA’s Money Market Account Rates Table page.