There is no minimum balance requirement, but a balance of at least $0.01 must be maintained for the account to remain open. There is a $3 fee for withdrawals in excess of six per quarter.
The fine print on the promotion page states:
Exceeding these federally-established withdrawal limits could cause us to
move your account to a checking account, which allows unlimited withdrawals.
Thanks to DA reader, Sperry8, for the Forum post on this deal.
Headquartered in Virginia Beach, Virginia, Bank of Hampton Roads' market area includes Virginia, North Carolina, and Maryland.
As mentioned earlier, the eSavings account is only available online, but other Bank of Hampton Roads products can be opened by visiting any of seven North Carolina branches located in Elizabeth City (2), Edenton, Kitty Hawk, Moyock, Plymouth, and Raleigh, or 20 Virginia branches located in Chesapeake (6), Emporia, Norfolk (3), Richmond (3), Suffolk, and Virginia Beach (6).
The three branches located on Maryland’s Eastern Shore operate under the Shore Bank brand, just as some of the North Carolina branches conduct business as Gateway Bank.
Bank of Hampton Roads (FDIC Certificate # 27125) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 20.34% (above average) based on September 30, 2015 data. In the past year, Bank of Hampton Roads has increased its total deposits by $16.11 Million, an above average annual growth rate of 1.19%. Please refer to our financial overview of Bank of Hampton Roads for more details.
Bank of Hampton Roads was established in 1987 and through two mergers (Gateway Bank & Trust Co. in 2008 and Shore Bank in 2015) has grown to be the 12th largest bank in Virginia, with assets in excess of $1.6 Billion. The Bank’s holding company, Hampton Roads Bankshares, Inc. (Nasdaq:HMPR), is the largest financial center in Southeastern, Virginia.
How the eSavings Account Compares
When compared to the 195 Savings Accounts tracked by DepositAccounts.com that are available to Virginia/North Carolina/Maryland residents, Bank of Hampton Roads’ eSavings APY currently ranks fifth.
The above rates are accurate as of 1/28/2016.