ShoreBank Offers Environmentally-Friendly 5% APY Online Savings Account

10.15.07 | Online Savings Accounts | 0 Comments | by junger

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Green banking isn't just about going paperless.


At least, that's the mantra of ShoreBank, "a community development and environmental bank that enjoys a proud heritage of serving Chicago, Cleveland and Detroit."

The bank has recently launched its own high-yield online savings account, offering up a 5.00% APY (pretty high considering all the recent rate drops) with no minimum balances or monthly fees (though there is a "dormancy fee").

Money and Values describes how ShoreBank goes green with your money: "ShoreBank's environmental lending funds the construction and renovation of energy-efficient homes and businesses, clean-up of contaminated sites, financing changes in business processes to improve energy efficiency and decrease waste, and much more. In 2006, $202 million (35% of their loans) were for these purposes."

If you're looking to be an environmentally-conscious investor, ShoreBank sounds like a slam dunk.

Even if you're not looking for a "green" bank, the 5.00% APY is outperforming many of the bigger players, including HSBC, ING Direct and Emi rant Direct.

Are you using ShoreBank? Let us know what you think about them with a comment.

(Although I hadn't planned a story for Blog Action Day, this one fell on my lap!)

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