Today on Smart Savings 101 we are going to highlight a regional bank that has started to offer Internet only high interest savings accounts.  The bank in the spotlight today is ShoreBank.  This article will provide an overview of ShoreBank and and overview of the ShoreBank high interest savings accounts.

Overview of ShoreBank

ShoreBank was started as a community development and environmental banking corporation.  ShoreBank’s goal is to help build communities in an environmentally friendly way.  ShoreBank is the first and largest community development financial institution.

The ShoreBank headquarters is located in Chicago, Illinois.  Shorebank locations can be found in Chicago, Detroit, Cleveland, Ilwaco, Washington; and Portland, Oregon.  ShoreBank also has Northern Initiatives which focus on business development in the upper penisula of Michigan.  ShoreBank also has an international focus with offices in Washington, D.C and London, England.

ShoreBank High Interest Savings Accounts Review

The reason why we have chosen to highligh ShoreBank’s high yield savings account is because it is offering one of the highest interest rate savings accounts in the United States.  The ShoreBank high yield savings account is paying 3.50% APY with an interest rate of  3.44%.

ShoreBank starts to accrue interest on the very same day your deposit is made.  Additionally, they calculate interest daily and compound interest monthly.  This is why the savings account interest rates are 3.44%, but the APY is 3.50%.

Rest assured, they Shorebank savings accounts are FDIC insured.  Your deposits will be insured up to the federal maximum of $100,000 for individual accounts and up to $200,000 for joint accounts.  If you are going to put money into a savings account, make sure that it is FDIC insured.

The ShoreBank online banking website is available 24 hours a day.  If you don’t mind doing your banking online, the ShoreBank online banking features are robust for a smaller bank.  You can link three other accounts to your Shorebank savings accounts.  This makes it easy to transfer money from one account to another.

Hopefully, you have found this review of the Shorebank high interest savings accounts helpful.  If you have any questions about the ShoreBank savings accounts, please ask them in the comments below.