ShoreBank Savings Account

ShoreBank’s High-Yield Savings Account has many pluses such as a high annual percentage yield. This great rate is possible because these accounts are opened and managed completely online.
It has a few advantages such as:

Manage savings online by making electronic deposits and withdrawals

Online access to bank statements

No monthly fees
$1 minimum deposit
Being able to make email inquiries – (in order for ShoreBank to provide such a solid rate, they are pushing customer service to online support)
Ally Bank

Deposits at ShoreBank are FDIC-insured to the insurance limit which means individual and joint accounts are covered separately so those who have a ShoreBank joint account and a single account will receive the maximum FDIC coverage which is $500,000.

It’s also good to note that the online savings account application must be approved.

For more information about this online savings account, visit ShoreBank.

First Trade Union – High and Mighty Savings Account

Current APY: 3.04% – 3/31/2009
First Trade Union Bank is offering a high rate savings account. The rate is one of the highest online but comes with some caveats. The bank is solid and has a good reputation for customer service. Their online experience isn’t top tier but the high rate more than makes up for it.

Perhaps the most unattractive feature of the Mighty Savings Account from Union Bank is that the rate is tiered. Union Bank requires that you keep a minimum balance of $2,500 to keep the high rate. Fall below that minimum balance and you’ll receive a measly .50% APY.

Fall below $250 and monthly fees apply. In addition, first deposits must be made by check (what a hassle). Online transfers are limited but capabilities look to be there in mid-2009. The bank is FDIC insured and has options for business, personal loans and high yields.

For those that don’t mind the initial hassle of mailing in a check and a cumbersome online process but love APY’s, the High and Mighty Savings Account is right for you.

Along with the great APY, they offer such conveniences such as free online banking (limited capability), an ATM card and synergy with other First Trade Banking Services.

-Minimum balance of $250 to avoid $2.50 monthly fee
-Minimum balance of $2,500 to get high interest rate
-FDIC Insured
-Limited Transfer Capability
-First Deposit Must be made by check

You can open the savings account