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ShoreBank High-Yield Savings Account Archived From: Finance

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   posted: Jan. 30, 2008 @ 2:46p
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The ShoreBank High-Yield Savings Account is currently paying 5.00% APY. Its been at this rate since the account was first made available on 11/12/2007.

According to bankdeals.blogspot.com:
* $1 minimum to open account and earn the top yield
* Interest is accrued daily and compounded monthly
* If you close your account before interest is credited, you will lose the accrued interest
* No ATM cards or checks
* Application process is all online
* Allows up to 6 linked accounts
* CSR wasn't sure if the credit check was hard or soft. ChexSystem is also used in the application process.
* Beneficiaries cannot be added (according to CSR)
* Your initial deposit will be available for withdrawal within 3-4 days after you confirm the two trial deposits to verify ownership of the linked account
* Subsequent deposits from your linked account will be available for withdrawal the day we receive your deposit (generally 2-4 days after the transfer was initiated)
* Funds transfered to a linked account will appear in 2-4 days (according on FAQ)
* Online statements are the default. Paper statements available with a fee.

I spoke to a CSR to see whether they allow ACH transfers initiated at another institution. Her response was not totally clear, but it appears that they block these transfers. But, on the other hand, their website says that they allow direct deposit. So who knows?

   posted: Jan. 30, 2008 @ 2:46p

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

   posted: Jan. 30, 2008 @ 2:54p
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I would be very surprised if this account was still yielding 5% next week.

https://www.sbk.com/bins/site/templates/default.asp?_resolutionfile=templatespath|default.asp&area_2=pages/HYPromo

   posted: Jan. 30, 2008 @ 3:02p
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The very, very small print on the on-line savings account page says the rate was effective 9/19/07.

Disclaimer: The Annual Percentage Yield (APY) is effective as of September 19, 2007. and is subject to change without notice. APY is valid only with a ShoreBank high-yield-savings account. The minimum balance to open an account and obtain that stated APY is $1.00. Fees could reduce earnings.


link to fee disclosure

link to disclosures inc truth in lending statement - click on high yield savings link

Dormancy Fee $5.00 (applies after 3 years of inactivity)
Excessive Transfers or Electronic Debits (more than 6 a month) $15.00/each
Account Statement (hard copy) $10.00

Other considerations:
the funds will reach your Linked Account within 3-4 business days.

Interest will begin to accrue not later than the second business day following the banking day on which the funds were deposited.

If you close your account before interest is credited, you will lose the accrued interest.

Transfer limited to $30k in and out daily, $50K in and out monthly

You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network.

   posted: Jan. 30, 2008 @ 3:17p
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There is $25 bonus burried in the disclosure link.

a quick search reveal this: link to flyer

$25 Promo code: 1DMHY (no expiration listed)

On another site there was a report that they do a hard pull and chexsystems.

   posted: Jan. 30, 2008 @ 9:23p
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I found the disclosure. It's well hidden. DreamKrusher's link does not work. You need to start applying for the account, and then click on the green "High Yield Savings" near the top of the page.

One interesting restriction that I noticed is that "a linked account is a personal checking account at another bank". It looks like they won't let you link to savings accounts.

   posted: Jan. 30, 2008 @ 9:32p
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Anybody applying for this online and getting rejected by them?

   posted: Jan. 31, 2008 @ 5:13p
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Down to %4.15 (from %5.0)

   posted: Jan. 31, 2008 @ 5:30p
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Where do you see that? I don't see any links to their rates on their website.

   posted: Jan. 31, 2008 @ 5:55p
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atikovi said:Where do you see that? I don't see any links to their rates on their website.

They sent me an email. Effective Feb 1st.

   posted: Feb. 7, 2008 @ 7:36p
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(seen on IBD)

It seems that they now have a new $25 promotion code "hy0907". link

The interesting thing is that is makes no mention of having to be a new customer etc. Perhaps an additional account can be opened for an additional $25?

   posted: Mar. 7, 2008 @ 7:54p
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The link ^^^ dont work ??

   posted: Mar. 9, 2008 @ 10:39a
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There seems to be "Dormancy Fee" associated with this account. $5

   posted: Mar. 9, 2008 @ 11:10a
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I've applied for this account. Got the $25 bonus after about a month. Their ACH system is slow. I haven't tried asking for their ABA number so I can pull from a faster external account yet.

   posted: Mar. 9, 2008 @ 12:12p
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weiwentg said:I've applied for this account. Got the $25 bonus after about a month. Their ACH system is slow. I haven't tried asking for their ABA number so I can pull from a faster external account yet.

Routing number: 071004226.

   posted: Mar. 28, 2008 @ 5:12p
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The rate has gone down again. "ShoreBank's high-yield savings account has an Annual Percentage Yield of 3.30% and an interest rate of 3.25%."

   posted: Jun. 4, 2008 @ 3:12p
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Back up to 3.5% apy.

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