ShoreBank Direct’s Online Savings Account Review

August 10, 2009 No Comments »

Update – ShoreBank was closed by the FDIC in 2010. Urban Partnership Bank has taken over all bank deposits. Urban Partnership Bank is based out of Chicago, Illinois and has 14 branch locations in the region. You can contact them for updated interest rate information at Upbnk.com or by calling them at (800) 905 – 7725.

Interest rates in general are likely to remain low throughout 2014 according to the most recent FED statements. Despite this fact, however, we have begun to see a bit of competition amongst online savings accounts and money market accounts on the interest rate front.  Compare today’s APY’s in our rate tables.

- Offer from Archive -

ShoreBank Direct is currently offering one of the best rates for online savings accounts. Today, with a minimum deposit amount of only $1, you can earn a phenomenal APY of 2.15%. To put this rate in perspective, the average interest rate for money market accounts currently sits at roughly 1.20% APY.

ShoreBank was founded in 1973 and claims to be one of the industry leaders in community development and environmentally conscious banks in the United States. They were originally formed in Chicago by a group of four friends and now control over $2.2 billion in assets. With a primary mission in building communities and pursuing energy-efficient renovation, they fund their philosophy with the deposits they secure from high interest savings account offerings.

Online Savings Account features through ShoreBank:

(Visit ShoreBank.com for updated rates, terms and conditions.)

  • $1 minimum balance requirement. No monthly fees.
  • 2.15% APY on all balances
  • Online account management
  • Available nationwide
  • your money is reinvested into community and environmental projects

What you will need to open an account:

  1. Your Social Security or Tax ID Number.
  2. Your Driver’s License or ID card issued by a state DMV.
  3. Information about any loans or mortgages that you may have to help us confirm your identity.
  4. For instant funding, you will need your current bank account and routing numbers.
  5. If applying for a joint account, you will need the Secondary Applicant’s name, Social Security or Tax ID Number, and Date of Birth.

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