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Clear Sky Online Savings Account 3.75% APY

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Clear Sky Accounts by Chesapeake BankReader Jeff, which did a considerably amount of research on the FDIC insurance of Dollar Savings Direct, recently emailed me a brand new online savings account offering 3.75% APY – Clear Sky Accounts. With a $1 minimum and the top rate amongst online banks, it’s certainly going to be a hit amongst personal finance enthusiasts. I wouldn’t shift my online savings to Clear Sky from other high yield savings accounts, the transportation time reduces the effective rate tremendously, new funds might find a comfortable home there, especially since they will stand by that 3.75% APY rate through the end of March.

But, a high rate is not enough… is it a reputable bank?

Clear Sky Accounts is offered by Chesapeake Bank, a Kilmarnock, VA bank that is FDIC insured under FDIC Certificate #6862. According to the FDIC, Chesapeake Bank has been in business since January 1st, 1900 and insured since the start of FDIC insurance in 1934. They have a four star rating under Bankrate’s Safe & Sound rankings and their memorandum on the bank shows they are in solid financial standing (strong earnings, high asset quality, etc).

Jeff, in his research, did find one little “catch:”

A possible “catch” to some. I’ve heard – although I have yet to find it in the small print – that Clear Sky/ Chesapeake has posted a limit of $10,000 per day on external ACH transfers. When I telephoned the Bank (877-257-7594) to ask if this were true, the representative said in effect: “Yes, that is our posted policy, but if you telephone us and ask us to waive that limit for you on a given occasion, we’ll try to accommodate you.” Put otherwise, the Bank is reserving the right to limit its depositors to $10,000 a day, and it says, in a non-binding way, that it won’t necessarily insist on enforcing that policy.

They also have very competitive checking accounts (2.50% APY – 3.25% APY) and competitive certificate of deposit rates (3.30% APY on a 13 month CD would make it one of the “short-term” best CD rates available). If you haven’t opened an online bank account anywhere, give Clear Sky from Chesapeake Bank a look. Do your own due diligence and see if it’s a good choice for you.

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9 Responses to “Clear Sky Online Savings Account 3.75% APY”

  1. Start-Up says:

    I was going to open a DSD savings account even though they dropped the rate to 3.5% because it was still at the top of the list. Now I’ll be looking into Clear Sky Online for not only the savings account, but also the checking account. Are there other checking accounts with high interest rates?

  2. Jim says:

    Not regular checking accounts, there are a few reward checking accounts that have high rates.

  3. Jeremy says:

    Hah, when I first read that graphic, I thought it said “Brought to you by Cheapskate Bank” not Chesapeake :D

  4. Alan Z says:

    what’s to say that their APY doesn’t drop like a rock comes march? all they give you is a variable and a 2 month guarantee on that 3.75% rate. Almost not even worth the trouble…

  5. 1uscs says:

    For those sitting on the fence whether to open up a Clear Sky 3.75 account, I just did it today, Friday the 30th, however, I was advised the rate will drop to 3.15 percent on Monday, Feb. 2nd. So you have until midnight Sunday, Feb. 1st, to open up online and lock in the 3.75 until end of March. Question is, will the 3.75 drop to 3.15 at that time. Decisions, decisons. I will probably keep bulk of my online money in the 3.50 DollarSavingsDirect I just opened and put other money from Capital One/Costco account which has dropped to, I think 2.6, in this new Clear Sky account to see what happens end of March.

    • Jeff says:

      I just got off the phone with a helpful Clear Sky representative. From our conversation, my understanding is that for those who open a Clear Sky account today (Friday) — and *perhaps* through tomorrow (Saturday) or Sunday (February 1st) — the Bank will stand by its currently posted rate (3.75% APY) for the currently posted duration (through March 20, 2009). For those who open their account later, the rate will be 3.15%.

      Put otherwise, there is a premium (.60%) on acting promptly. Tempus fugit, people.

      Jeff

  6. 1uscs says:

    I see Clear Sky Online is now at 3.05 which is down from 3.15 a week and a half ago. I got locked in at 3.75 till end of March, but will not move bulk of $ from Dollar Direct which is at 3.20. The higher rate from Clear Sky till end of March is probably not worth it to offset the lost Dollar Direct interest for the time it takes to go from Dollar Direct to my bank and then to Clear Sky.

  7. 1uscs says:

    Clear Sky emailed me Feb. 13th and advised that due to overwhelming response to their 3.75 online savings account, that they are no longer able to accept any new accounts and that those with accounts already open would not be able to add to those accounts. But those who opened with the 3.75 percent rate would keep it until end of March.

  8. .1uscs says:

    The Clear Sky rate just changed March 1st to 2.85 percent from 3.05. Still ahead of DollarSavingsDirect’s 2.65. But for how long? This is worse than Las Vegas.


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