Chesapeake Bank - Clear Sky Accounts Rates & Review

Chesapeake Bank - Clear Sky Accounts Review

Clear Sky Accounts are high-interest online savings and checking accounts offered through Virginia-based Chesapeake Bank.

Clear Sky Accounts is the Internet banking division of Chesapeake Bank, which has operated in Virginia since 1900. As recently as 2008, the parent bank was named by US Banker as one of the Top 200 community banks in the nation. The Clear Sky Accounts brand was launched that same year.

Banking services

A Clear Sky checking or savings account can be set up entirely online. Deposits can be made by mail, through online transfers (either bank-to-bank or from another Chesapeake Bank account), or in person at a Chesapeake Bank branch location. Withdrawals can be made using bank-to-bank transfers or at an ATM using the Visa check card offered with these accounts. Some of the additional perks offered by this bank include mobile banking, free ATM access, free identity theft protection and check card rewards.

Account options

A high-interest checking account is available in which interest is pegged to account balance. The same is true for interest rates on the savings account products offered by this bank. The bank offers a CD with either a 13-month or 30-month term. There is no money market account available through this bank.

FDIC insurance

Deposits with Clear Sky Accounts are held by Chesapeake Bank and are FDIC-insured to $250,000 per account holder with additional coverage for people who have both individual and joint accounts.