Quote:
Originally Posted by poorgradstudent
So I got an email from Chesapeake Bank 2 days ago saying that they were overwhelmed by the amount of people that signed up for their Clear Sky Savings accounts. I won't paste the whole email, but this paragraph pretty much sums it up.
"To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts."
Those that do have money in there are guaranteed 3.75% until March 31st.
See what happens then I guess.
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Sounds like they did not do their market research before diving into online banking. I am glad I did not get around to opening an account. I am sticking w/ Century Direct as they have one of the top rates just over 3% APY, the latest rate barrier the market leaders are trying to stay just over. I think Century Directs MMF was higher at one time, but now the online savings is the way to go as not only is the rate higher, but it minimum is only 100 USD vs 1k USD for the MMF. I am tired of chasing rate, it just is not with the effort as such low APY levels.