Saving Money

ShoreBank has updated their online savings account to 2.15% APY, previously their savings account rate was at 2.05% APY. Although their previous rate was already quite competitive the bank is looking to raise an additional $10 - $30 million in capital, a review from the Chicago Tribune states that U.S. and state banking regulators asked the bank to "boost its capital levels, improve its asset quality and earnings, and develop a liquidity plan."

Similar to many banks around the nation, ShoreBank was hit by bad loans. They had faced profit lost of $2.4 million in their first quarter, while a year ago their profit was $3 million in the respective period. As well as $9 million in bad loans - a hefty 500% increase in bad loans from $1.5 million. Despite all this, ShoreBank is considered by regulators as "well capitalized."

For more details on this qualifications and requirements check out the previous post on ShoreBank's 2.05% APY savings account rate.

Are you a Costco member? If you are not and you're looking for a good savings account rate to build your wealth you may want to open a Costco account now, because currently Capital One is offering their InterestPlus Online Savings to all Costco members. The InterestPlus Online Savings offers a 1.85% APY savings rate for balances with more than $5,000 , in addition to the 1.85% APY, if you hold a balance over $15,000 you would also qualify for an additional 10% quarterly bonus on interest earned. So if you have the money to put into this account - this is a great opportunity to build your wealth, however, only if you have over $5,000 because any amount below that does not earn any interest.

As it stands, Capital One is the only bank offering this extra bonus. If the rate 1.85% APY does not go away (being that it is a variable rate and can change at any time) - combining the 10% APYquarterly bonus will technically be equivalent to earning about 2.04% APY.

Other details on this account are as follows:

• Withdrawals are limited to 6 online transfers per month only
• This account only allows eStatements

For more Savings Account Rates offers don't forget to browse Go Banking Rates.

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The general...

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