Clear Sky Accounts - Savings

Average Score:

•   A Real Contender

  I was pretty interested to see Clear Sky Savings pop-up on the radar recently. They're offering a good rate, and a first visit to their website offers the potential for a legitimate internet bank. So I called them up hoping for the best.

  And it looks like they might be for real. The Savings account offers a 100% online application, online statements, their own ACH system with up to 3 linked accounts, and only a soft credit check. And with the rates that they’re offering, Clear Sky’s Savings account is a real competitor to ING’s Orange Savings.

  However, there are 2 places they fall short relative to ING - 1) Clear Sky has a max account balance of $250k per person. While this won’t affect me, nor the majority of america, I’m sure there’s a few people out there that it matters to and 2) Clear Sky has some real inconvenient limits on their ACH system - at $50k/day for deposits, and $10k/day for withdrawals. *But* - when I spoke with the csr, she informed me that if I needed to move more money - in either direction - I would just have to call in to get a temporary increase up to $250k. And given my experience with their friendly customer service and (lack of) wait times, this is not a problem for me.

  Even with a few limitations, I think Clear Sky is a new contender in the online banking world. And once they get their ACH system improved, they could shoot right to the top.
  

  Posted by SgtPepper -- March 16, 2009