ShoreBank in Chicago has joined the list of banks offering a high-yield online-only savings account.
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The ShoreBank Direct account, which the ShoreBank Corp. unit started offering Wednesday, offers an interest rate of 5%. The bank said it would use the deposits to fund its community development lending, including its plan to refinance the loans of roughly 10,000 Chicago homeowners who are at risk of foreclosure.
The $2 billion-asset ShoreBank, the nation's largest community development bank, is launching its largest-ever advertising campaign to promote the savings account.
