Clear Sky Accounts is a new internet bank that's offering several competitive products including an online savings account that pays 3.75% APY. According to the bank's savings account page as of 1/05/09, the 3.75% APY is guaranteed through 3/31/09 on new accounts. The minimum balance is $1, and there are no monthly fees. Maximum balance is $250,000.
There's also a tiered-rate checking account with no monthly fees. The yields are very competitive for a non-reward checking account. As of 1/05/09 the yield is 2.50% APY for balances up to $10K, 2.75% APY for balances between $10K and $25K, and 3.25% APY for balances over $25K. Unlike the savings account, I don't see any rate guarantee. It's a paperless checking account like ING Direct's Electric Orange. So you'll have to use their free online bill pay instead of writing paper checks. They reimburse up to $20/month on ATM fees.
And the other nice product offered by this bank is an online certificate of deposit. Their CD page lists some competitive rates as of 1/05/09. These include a 3.75% APY 19-month CD, a 3.51% APY 13-month CD and a 3.40% APY 7-month CD. Minimum deposit is $5,000. I was told by the CSR that the early withdrawal penalties are 90 days of interest for terms less than a year and 182 days of interest for terms of over one year. According to the CSR, the rates are set at the time of the application.
All of these accounts can be opened online, and according to the CSR, they're available to people in any state. Also, all of the accounts can be funded via an ACH transfer (what they call an interbank transfer). After the initial funding, you can continue to initiate free interbank transfers, but their ACH transfer system has some limitations. The CSR informed me of the following limitations:
* transfers limited to $10,000 per day out and $50,000 per day in * allows up to 3 links to different banks * Interbank transfer cannot be done for a CD when it matures. They can either mail you a cashier's check or you can transfer funds to your Clear Sky checking or savings account
According to the CSR, there is not a hard credit inquiry (note, CSRs are often wrong on this).
Clear Sky Accounts are FDIC insured through Chesapeake Bank of Virginia. There's a link to the Clear Sky website on the left side of Chesapeake Bank's front page. Chesapeake Bank has been FDIC insured since 1934 (FDIC Certificate # 6862).
Chesapeake Bank's ratings for soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 9/30/08 data.
Labels: banks, certificates of deposit, checking accounts, Clear Sky Bank, hotnational, large deposits, nationally available, savings accounts
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Clear Sky Accounts is by Chesapeake Bank. Guaranteed high yield 3.75% until 3/31 for those that signed up by 02/01.
CLEAR SKY ACCOUNTS ARE NOT ACCEPTING NEW DEPOSITS -- EVEN INTO EXISTING ACCOUNTS
To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts.
Message edited by: ahecht on 2009-02-13 10:20:23 CST
Q: What are Clear Sky Accounts? A: Clear Sky Accounts are totally paperless and completely online. That means more competitive rates on FDIC-insured savings, checking and certificates of deposit than you would find at a bank that only has traditional branches. Clear Sky Accounts are a product of Chesapeake Bank, which has been serving customers since 1900.
Q: How do I know my money is secure? A: Clear Sky Accounts are backed by the strength and stability of Chesapeake Bank, a “well-capitalized” bank according to federal regulations. In 2008, it was named one of the nation's top 200 community banks by US Banker. In addition, all Clear Sky Accounts are FDIC-insured to a maximum of $250,000 per depositor. You can check out Chesapeake Bank's financial information by clicking here.
Q: How do I open a Clear Sky Account? A: It's easy to complete and submit your application online. Just go to www.clearskyaccounts.com and click on Apply. The whole process takes only 15 minutes for new Clear Sky customers and 5 minutes for existing Clear Sky customers. You'll need the following:
* State-issued driver's license or ID card, passport or military ID * Address information * Access to a valid email account
Q: How do I make my initial deposit? A: When you fill out your application, you'll be offered these choices for funding your account: 1) transfer money from an existing Chesapeake Bank or Clear Sky account, 2) transfer money from any US bank account by providing the account and routing numbers, 3) mail a check to: P.O. Box 1654, Attn: Clear Sky Accounts, Williamsburg, VA 23187-1654, or 4) make a deposit at any Chesapeake Bank branch.
Q: How can I make subsequent deposits? A: Once your Clear Sky Checking and/or Clear Sky Savings account is funded, you can make future deposits by transferring money from another bank account (interbank transfer). The routing number is 051403779. Or mail a check to: P.O. Box 1654, Attn: Clear Sky Accounts, Williamsburg, VA 23187-1654.
Q: How can I withdraw money? A: You can withdraw money from your Clear Sky Checking account by using your VISA® CheckCard at any ATM or by interbank transfer. You can withdraw money from your Clear Sky Savings account by interbank transfer. If you have both Clear Sky Checking and Clear Sky Savings, and have linked your Clear Sky Savings account to your VISA® CheckCard, you also can make savings withdrawals at ATMs.
Q: What is my Clear Sky routing number? A: The Clear Sky routing number is 051403779.
BrusselsAddict said:Does anyone at least have experience w/ their parent bank? Would give a hint of how they would handle their online only bank.
Since OP quoted the BankDeals article (in its entirety), you might as well go to the comments at BankDeals to see what others have experienced (15 comments so far).
Hey, I'm an old fart, I don't know what to do with it. Do you think somebody's kid would like it or would they just laugh?
Received the same welcome pack today. Initial funding went through fine, but I'm still waiting for full online access to the account (vs. application status). Anyone have experience with how long it takes to get full access?
Hey, I'm an old fart, I don't know what to do with it. Do you think somebody's kid would like it or would they just laugh?
Received the same welcome pack today. Initial funding went through fine, but I'm still waiting for full online access to the account (vs. application status). Anyone have experience with how long it takes to get full access?
???
I didn't have any trouble. I started from the e-mail instructions, (yes, I clicked the link) which took me to more instructions, which I had to print. Following them was almost as much fun as some video game, but it was all doable if you were very careful.
I had it setup and working a couple of days before I received the welcome pack.
Finding the account number was tricky and you can get it wrong. I found one starting with three letters and some numbers. I believe that's wrong. I found a couple of others on ACH slips. I think that's best left to the point where you're instructed to signup for e statements to avoid monthly fees (that set I printed out has that) Shortly after that you get an e-statement with your account number. That one looks right.
I'm currently linking up accounts. They allow three. And linking the other way from a couple of others, now that I have the correct account number.
Treffen said:java007 said:Treffen said:So far so good.
My welcome pack came with a $15 iTunes gift card.
Hey, I'm an old fart, I don't know what to do with it. Do you think somebody's kid would like it or would they just laugh?
Received the same welcome pack today. Initial funding went through fine, but I'm still waiting for full online access to the account (vs. application status). Anyone have experience with how long it takes to get full access?
???
I didn't have any trouble. I started from the e-mail instructions, (yes, I clicked the link) which took me to more instructions, which I had to print. Following them was almost as much fun as some video game, but it was all doable if you were very careful.
I had it setup and working a couple of days before I received the welcome pack.
Finding the account number was tricky and you can get it wrong. I found one starting with three letters and some numbers. I believe that's wrong. I found a couple of others on ACH slips. I think that's best left to the point where you're instructed to signup for e statements to avoid monthly fees (that set I printed out has that) Shortly after that you get an e-statement with your account number. That one looks right.
I'm currently linking up accounts. They allow three. And linking the other way from a couple of others, now that I have the correct account number.
Thanks. I called and had the information emailed. The original email was either not sent, ended up in a spam folder, or was otherwise missed. Have access now and am waiting for my first linked account (the one I initially funded the Clear Sky Account with) to be confirmed and usable.
Yesterday afternoon(a Tuesday) my application for a savings account was not approved. I went through several steps with no problem but got stopped before I was allowed to fund the account. Instead a page opened up with my application and the account was classified as "referred". When no email arrived Wednesday morning,I did a chat with one of the CSR who said I was not approved. Odd since my credit score is in the 800s. The rep asked for my email and said she'd look into the no approval status and email me with an explanation. Since no bank has ever turned me down, this is really odd. Ah well.
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