Recent Bank Findings: OnBank, ShoreBank Direct and Venture Bank

I have added a few more banks to the interest rates table the other day when I updated the list. There are three of them that I think worth mentioning because they all offer very attractive rates: 3.50% APY or more with very low minimum deposit requirement. None of them is big, well-known name. I guess that’s the reason why they can afford to give their customers a little more than the big banks do :) As an article on The WSJ said a couple of days ago, As Big Banks Converge, Depositors Find Deals At Smaller Institutions. All of them are members of the FDIC, which means that your deposits with the bank are insured up to $250,000. If a better rate is what you are looking for (I just opened a DollarSavingsDirect account for the 4.00% return), you may want to check out these accounts.

Venture Bank Direct Wise-Choice Savings

Wise-Choice Savings, like the name suggests, could make a good choice. With a $1 minimum, you can enjoy the 3.80% annual return. Here are some features from the bank’s FAQ page:

  • No account maintenance fee;
  • ACH fund transfer takes 2 to 3 business days;
  • Trail deposits account verification, no paper check required;
  • 5 business day hold period for deposits;
  • Up to 3 linked external accounts;
  • Maximum 6 withdraws per month; the first 3 are free, $1.00 fee each withdraw afterward (this is kind of weird);
  • $10,000 daily ACH transfer out limit (FatWallet.com);
  • Soft pull (more on hard pull and soft pull);
  • Routing number 125107671;
  • Bankrate.com Safe & Sound Rating: 2 Stars (out of 5) (more on Safe & Sound Rating).

Venture Bank, the parent company of Venture Bank Direct, has been insured by the FDIC since May 24, 1979 (FDIC Certificate number 22868).

OnBank Money Market Savings

OnBank is a division of M&T Bank (OK, this is a big bank).  The bank has a money market account with a rate of 3.60% APY and $1 minimum. In addition, this account also has features, including

  • No monthly service fee;
  • ACH fund transfer takes 2 to 3 business days;
  • Trail deposits account verification;
  • No check deposit; electronic only;
  • Unlimited linked external accounts;
  • $50,000 per transfer out limit, no monthly limit;
  • Maximum 6 withdraws per month; 3 of them ACH transfers;
  • Routing number 022306520;
  • $5 fee for each paper statement;
  • $10 fee if account closed within 90 days;
  • Bankrate.com Safe & Sound Rating: 4 Stars (out of 5).

M&T Bank has been insured by the FDIC since October 2, 1995 (FDIC Certificate number 34069).

ShoreBank Direct Online Savings

ShoreBank Direct is the online division of ShoreBank, which headquarters in Chicago. With ShoreBank Direct Online Savings Account, you can earn 3.50% APY with as little as $1. This account’s features include:

  • No monthly account fee;
  • ACH fund transfer takes 3 to 4 business days;
  • Trail deposits account verification;
  • Up to 6 linked external accounts;
  • Maximum 6 monthly withdraws without fee; $15 each withdraw afterward;
  • Hard pull;
  • Routing number 071004226;
  • $10 fee for each paper statement;
  • Bankrate.com Safe & Sound Rating: 2 Stars (out of 5).

ShoreBank has been insured by the FDIC since January 13, 1939 (FDIC Certificate number 15640).

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8 Responses to “Recent Bank Findings: OnBank, ShoreBank Direct and Venture Bank”

  1. Online Savings Account |  Nov 17, 2008 at 6:35 am

    Dime Direct is offering an Online Savings Account that has a 4.00% APY

  2. chris |  Dec 04, 2008 at 2:49 pm

    Great find on venturebankdirect.com. It was very easy to set up an account and I was earning interest in 1 day.

    Thanks!

  3. Marcus |  Dec 17, 2008 at 1:27 pm

    I checked out Venture Bank Direct and have been happy so far. They added an online checking account which is a big plus for me. Makes for easy access.

  4. Sarah |  Jun 17, 2010 at 4:46 pm

    ShoreBank Direct Online Savings account has updated information: http://www.sbk.com/shorebankdirect.