ShoreBank Direct, a new online channel of ShoreBank, is offering an online high yield savings at 2.45%APY and an interest rate of 2.42%. Only $1 minimum deposit is required and there are no monthly fees. The bank can afford to pay this rate since depositors are managers of their own money online. Account is open to individuals age 18 and older.
Deposits are FDIC insured up to the insurance limit. The APY is accurate as of April 9, 2009, but may change at any time.
ShoreBank operates eight full-service banking centers in the Chicago area and maintains banking centers in Detroit and Cleveland.
Update July 28, 2009: ShoreBank Direct online high yield savings rate is down to 2.15%APY
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