Shore Bank Promotional 3 month CD Rate – 10% APY!
Warning: The rates featured on this page are likely outdated. Visit our CD Rates Center for updated rates and special offers.
Shore Bank certainly does “get it” as far as promotional CD rates go. As of January 21, 2009 Shore Bank has an astonishing 3 month CD promotion yielding a whopping 10% APY for deposits up to $1,000. This CD rate tops BankVibe’s CD promotional rates category and will most likely remain at the number 1 spot for quite some time. Although the maximum deposit is fairly low this is still a phenomenal investment opportunity for those wishing to invest smaller amounts of money.
About Shore Bank (as seen on website):
Shore Bank is a full-service community bank, headquartered in Onley, Virginia. It is chartered in the Commonwealth of Virginia and is a member of the Federal Reserve system. Shore Bank operates eight banking offices on the Eastern Shore of Virginia and Maryland , including the Counties of Accomack and Northampton in Virginia, and Wicomico and Worcester counties in Maryland.
Since opening its headquarters in an old blacksmith shop in Accomac in 1961, the bank has continued to branch into other areas and expand service to the residents of the Eastern Shore .
Originally named Shore Savings & Loan Association, it was first chartered in 1961. In 1988, the name of the bank was changed to Shore Savings Bank. In 1992, the association converted from a Virginia-chartered savings association to a federally-chartered savings bank, and began operating under the name Shore Savings Bank, FSB. Finally, in 1998, the bank was reorganized as a Virginia charted, Federal Reserve Member, commercial bank serving as the sole subsidiary for Shore Financial Corporation, a bank holding company.
In June 2008 Shore Financial Corporation merged with and into Hampton Roads Bankshares, headquartered in Norfolk, Virginia. Hampton Roads Bankshares is a two bank holding company including Shore Bank and Bank of Hampton Roads. Bank of Hamptons Roads serves the markets of Chesapeake, Norfolk, and Virginia Beach, Virginia. Shore Bank continues to serve the Eastern Shore of Virginia and Maryland markets.
Hampton Roads Bankshares is a publicly traded company and can be found on the NASDAQ Global Select Market under the symbol HMPR.
January 25th, 2009 at 12:53 pm
Not a general offer. “Exclusively offered to residents of Wicomico, Somerset, or Worcester County Maryland and Accomack or Northampton County in Virginia”
January 26th, 2009 at 4:38 am
after going to the site, it says nothing about 10% for the CD rates only for their Grand Slam Checking account? Am I missing something?
January 26th, 2009 at 11:52 am
zach,
follow this link and look at the table titled, “Shore Bank Deposit Rates”….
shorebank.com/rates_va.asp
January 26th, 2009 at 10:43 pm
The sad thing about these high rate teasers is after the guaranteed period (90-days) in this case the bank is almost certainly going to tank the rates. Or the bank itself may tank (think WaMu).
January 27th, 2009 at 2:54 am
Why is it that only credit unions offer these type of cd rate promotions? I haven’t seen any bank offers that rival these rates. What’s the deal with that?
January 27th, 2009 at 6:08 pm
i went to your link. Its still the same. The Grand Slam introductory rate of 10% for 90 days is for the checking account not a CD.
January 27th, 2009 at 10:08 pm
Yes, it is for checking account and not CD rates. If you scroll down a bit you will see their CD rate table. It’s still pretty high for checking account though.
February 13th, 2009 at 2:44 pm
Its a checking with a 3 month term? What is that some sort of hybrid? Certificate of Checking Deposit??
May 16th, 2009 at 8:13 am
This so called bank doesn’t even offer a 10% rate and the 5% afterwards doesn’t exist either. It is called false advertisement. I called one of their local banks and Ashley said they don’t offer it. So before you open an account up do some research first. Just an FYI.